By MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – The Canadian dollar was approaching 74 United States cents on Thursday morning, due to gains in crude oil prices and despite strength in the U.S. dollar.
As of 8:34 am CDT, the loonie was at US$0.7394 or C$1.3524, compared to Wednesday’s close of US$0.7388 or US$1=C$1.3535. On the U.S. Dollar Index, the greenback gained 0.442 of a point at 103.535.
Benchmark crude oil prices were higher on Thursday morning, fueled by a larger than expected draw on U.S. crude inventories and the strong likelihood Saudi Arabia will extend its production cuts into October. However, China’s underperforming economy weighed on values.
Brent crude oil added 95 cents at US$86.81 per barrel, West Texas Intermediate increased US$1.24 at US$82.87, and Western Canadian Select rose US$1.44 at US$65.08.
Shortly after Thursday’s open the TSX/S&P Composite Index climbed 87.77 points at 20,418.09.
Gold lost US$1.80 at US$1,971.20 per ounce.
