By MarketsFarm
WINNIPEG, April 21 (MarketsFarm) – The Canadian dollar lost more than a half cent Tuesday morning, due to weak North American crude oil prices.
As of 8:50 CDT, the Canadian dollar was at US$0.7046 or C$1.4185, compared to Monday’s close of US$0.7099 or C$1.4086.
Benchmark crude oil prices remained weak Tuesday morning, as global production continues to out strip storage capacity, especially in the United States and Canada. Yesterday marked the first time in history that the benchmark West Texas Intermediate (WTI) crashed into negative territory as traders exited out of the May contract before it expired.
The WTI May contract climbed out of negative territory at US$1.65 per barrel with a US$39.28 jump. The June contract was down US$5.79 at US$14.64 per barrel.
Brent crude oil dropped US$5.91 at US$19.66 per barrel.
Western Canadian Select (WCS) lost US$1.90 at US$9.22 per barrel.
At the opening the TSX/S&P Composite Index fell 222.02 points at 14,166.26.
Gold was down US$18.22 at US$1,677.44 per ounce.
