By MarketsFarm
WINNIPEG, Sept. 9 (MarketsFarm) – The Canadian dollar was up slightly Monday morning, as crude oil prices were on the rise.
As of 8:41 CDT, the Canadian dollar was at US$0.7599 or C$1.3159. That compares to Friday’s North American close of US$0.7591 or C$1.3174.
Crude oil prices were higher Monday morning on news that Saudi Arabia’s new oil minister is committed to further production cuts. Prince Abdulaziz bin Salman, the son of King Salman and the country’s long-time delegate to OPEC, helped create the cartel’s alliance with Russia and other oil producing countries to reduce their output.
West Texas Intermediate crude oil was up 93 cents at US$57.45 per barrel and Brent crude was up 70 cents at US$62.24. Western Canadian Select crude was up 38 cents at US$44.67 per barrel.
At the start of trading on Monday, the TSX/S&P Composite Index was up 6.54 points at 16,514.87.
Gold was up US$3.40 at US$1,518.90 per ounce.
