Canadian Dollar and Business Outlook: Oil creates small gain for loonie

By MarketsFarm

WINNIPEG, Dec. 12 (MarketsFarm) – The Canadian dollar rose slightly Thursday morning, as world benchmark crude oil prices inched upward.

As of 8:44 CST, the Canadian dollar was at US$0.7588 or C$1.3176. That compares to Wednesday’s North American close of US$0.7575 or C$1.3201.

Crude oil prices were slightly higher Wednesday morning, as OPEC’s forecast for an oil supply deficit in 2020 edged out increased oil stocks in the United States.

Brent crude oil gained 22 cents at US$63.94 per barrel and West Texas Intermediate was up 16 cents at US$58.92 per barrel. However, Western Canadian Select was down 62 cents at US$36.82 per barrel.

The TSX/S&P Composite Index opened higher by 10.76 at 16,950.37 points, due crude oil prices.

Gold was up US$13.70 at US$1,488.70 per ounce.

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