By MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – The Canadian dollar was lower Tuesday morning, despite small recoveries in the global markets.
As of 8:42 CDT, the Canadian dollar was at US$0.7313 or C$1.3675, compared to Monday’s close of US$0.7354 or C$1.3598.
Crude oil prices have partially bounced back on Tuesday morning, after yesterday’s stunning losses from the Saudi Arabia/Russia price war. Russia indicated that talks with Saudi Arabia regarding oil production cuts may still be possible. However, Saudi Arabia said it’s prepared to boost its oil production from the current 9.7 million barrels per day to 12.3 million. Meanwhile, United States President Donald Trump said his administration could provide an economic stimulus package to counter the ill effects of the coronavirus on the U.S. economy.
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Brent crude oil gained US$2.82 at US$37.18 per barrel and West Texas Intermediate rose US$2.48 at US$33.61 per barrel. Western Canadian Select was up US$2.43 at US$20.23 per barrel.
The TSX/S&P Composite Index opened higher by 465.47 points at 14,979.71, after losing more than 10 per cent of its value yesterday in one of its largest single-day losses.
Gold dropped US$21.36 at US$1,659.12 per ounce.
