Canadian Financial Close: Growing fears of global recession

Trump tackling crude oil price war

By MarketsFarm

WINNIPEG, April 1 (MarketsFarm) – The Canadian dollar was slightly lower on Wednesday, as losses on the Toronto Stock Exchange countered small gains for crude oil.

The dollar finished the day at US$0.7034 or US$1=C$1.4217, compared to Tuesday when it closed at US$0.7049 or US$1=C$1.4187.

The TSX Composite Index dropped 502.38 points to close at 12,876.37, due to rising fears of a major global recession caused by the economic impact of the COVID-19 pandemic.

Benchmark crude oil prices were mixed on Wednesday, as United States crude oil inventories incurred their largest one-week jump since 2016. The U.S. Energy Information Administration reported inventories increased by 13.8 million barrels last week. The markets received positive news in that U.S. President Donald Trump will try again to broker a settlement in the Saudi Arabia/Russia crude oil price war.

Brent crude oil lost US$1.27 to close at US$25.08 per barrel. West Texas Intermediate (WTI) crude oil was up 41 cents at US$20.89 per barrel. Western Canadian Select (WCS) gained 21 cents at US$5.29 per barrel.

Gold was up US$11.87 at 1,589.05 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 2.95
Linamar Corp. dn $ 1.24 at $ 27.89
Maple Leaf Foods up $ 0.15 at $ 25.67
Nutrien Ltd. dn $ 3.15 at $ 44.96
Ritchie Bros Auctioneers Inc. up $ 0.19 at $ 48.39
Rocky Mountain Dealerships Inc. unchanged at $ 4.00
(All figures are in Canadian dollars.)

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