By MarketsFarm
WINNIPEG, August 21 (MarketsFarm) – The Canadian dollar was stronger Wednesday morning as crude oil prices were making gains.
As of 8:43 CDT, the Canadian dollar was at US$0.7538 or C$1.3265. That compares to Tuesday’s North American close of US$0.7506 or C$1.3323.
Crude oil prices were higher Wednesday morning on news that United States inventories dropped by 3.5 million barrels for the week ending August 16, according to the American Petroleum Institute. However, gains were tempered by continuing fears of a global recession due to the U.S./China trade war.
West Texas Intermediate crude oil was up 84 cents at US$55.97 per barrel and Brent crude gained US$1.16 at US$61.19. Meanwhile gains for Western Canadian Select crude were not as strong with an eight-cent increase to US$43.45 per barrel.
At the start of trading on Wednesday, the TSX/S&P Composite Index was up 44.32 points at 16,257.63, on the strength of Statistics Canada’s inflation report. The agency reported inflation in July was at two per cent, unchanged from June.
Gold was down US$6.63 at US$1,500.56 per ounce.
