Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – The Canadian dollar was virtually unchanged on Thursday morning in a balance between a stronger United States dollar and increases in crude oil prices.
As of 8:47 CDT, the Canadian dollar was at US$0.8052 or C$1.2422 compared to Wednesday’s close of US$0.8053 or C$1.2417.
The U.S. Dollar Index saw the greenback rise 0.367 at 94.220 points, making it stronger against other major world currencies.
Benchmark crude oil prices were higher on Thursday morning amid growing tensions between the OPEC+ and the U.S. that has witnessed President Joe Biden accuse the alliance of keeping prices high. While OPEC+ is poised to increase oil production by 400,000 barrels per day, the U.S. reportedly wants a boost of 600,000 to 800,000 BPD.
West Texas Intermediate (WTI) gained US$2.20 at US$83.06 per barrel. Brent crude oil increased US$2.22 at US$84.21 per barrel. Western Canadian Select (WCS) jumped US$3.37 at US$65.50 per barrel.
The TSX/S&P Composite Index gained 43.18 points at 21,308.28.
Gold was up US$29.80 at US$1,793.70 per ounce.
