By MarketsFarm
WINNIPEG, Aug. 1 (MarketsFarm) – The Canadian dollar was lower at market close on Thursday, as crude oil prices tumbled.
The loonie finished the day at US$0.7566 or US$1=C$1.3217, which compares with Wednesday’s close of US$0.7606 or C$1.3148.
Benchmark oil prices plummeted Thursday, after United States President Donald Trump announced he would hike tariffs on US$300 million of imports from China by 10 per cent on Sept. 1. Crude prices were already weakened from the U.S. Federal Reserve’s move to cut interest rates by 25 points, which boosted the U.S. dollar, but made exports more expensive.
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Brent crude oil slid US$3.92 to close at US$61.13 per barrel. West Texas Intermediate (WTI) crude oil dropped US$4.08 to close at US$54.50 per barrel.
As of Wednesday, Western Canadian Select (WCS) crude oil was up US$1.29 at US$45.20 per barrel. On July 31, the WCS/WTI price differential narrowed 76 cents at US$13.38 per barrel.
The TSX/S&P Composite Index was down 29.52 to close at 16,377.04 points.
In the U.S., the Dow Jones lost 280.85 to finish at 26,583.42 points. The NASDAQ was down 64.30 to close at 8,111.12 and the S&P 500 was down 26.82 to end the session at 2,953.56.
Gold was up US$18.80 on Thursday to close at US$1,456.60 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries dn & 0.08 at $ 2.80
Linamar Corp. dn $ 1.90 at $ 42.80
Nutrien Ltd. dn $ 1.19 at $ 71.17
Ritchie Bros Auctioneers Inc. dn $ 0.34 at $ 47.31
Rocky Mountain Dealerships Inc. up $ 0.03 at $ 7.22
(All figures are in Canadian dollars.)
