By Commodity News Service Canada
WINNIPEG, December 7 The Canadian dollar weakened against its US counterpart on Monday as crude oil futures took a nose dive.
At 8:50 a.m. CST the Canadian dollar was at US$0.7411, or C$1.3493, which compares with Friday’s North American close of US$0.7476, or C$1.3377.
New York Mercantile crude oil futures lost US$1.41 a barrel to sit at US$38.56 at 8:50 a.m., after an Organisation of Petroleum Exporting Countries meeting on Friday. OPEC participants were not able to agree on a notional ceiling for production.
There was no significant economic data released by Statistics Canada on Monday.
The TSX was weaker in early activity, down 99.45 points at 8:50 a.m. CST to sit at 13,497.39.
