By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar was slightly higher on Thursday morning, buoyed by a small retraction in its United States counterpart and a nudge up in crude oil prices.
As of 8:40 am CDT, the loonie was at US$0.7293 or US$1=C$1.3711 compared to Wednesday’s close of US$0.7281 or C$1.3734. On the U.S. Dollar Index, the greenback inched lower 0.076 of a point at 105.350.
Benchmark crude oil prices were relatively steady on Thursday morning due as support came from increased demand from China and a larger than expected draw on U.S. inventories. However, speculation of OPEC+ increasing its output limited further increases.
Brent crude oil tacked on four cents at US$83.62 per barrel and West Texas Intermediate was up nine cents at US$79.08.
Shortly after Thursday’s open the TSX/S&P Composite Index climbed 77.67 points at 22,336.83.
Gold turned around to dip 30 cents at US$2,322.00 per ounce.
