By MarketsFarm
WINNIPEG, March 22 (MarketsFarm) – The Canadian dollar was weaker Friday morning as crude oil prices decline.
At 8:43 CDT Friday morning the Canadian dollar was at US$0.7462 or C$1.3399, which compares with Thursday’s North American close of US$0.7482 or C$1.3366.
Benchmark crude oil prices were down Friday morning as a lack of substantial progress in United States/China trade talks have been continuing to weigh on values. Declines were tempered by tighter global oil supplies and U.S. sanctions on Iran and Venezuela.
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West Texas Intermediate crude oil was down 74 cents at US$59.24 per barrel Friday morning. Brent crude oil was down 83 cents per barrel to US$67.03 per barrel.
However, crude oil price might shoot up during the course of 2019, as Saudi Arabia announced plans to further cut its oil production, according to Reuters. Saudi Arabia, the de facto leader of OPEC, hopes to push prices to US$70 per barrel.
The TSX/S&P Composite Index was down 59.22 points Friday morning at 16,185.37 points.
United States President Donald Trump said Friday that a trade deal with China “probably will happen,” stated Reuters. Recently, Trump said tariffs on imports from China might stay in place as a means to assure China abides by the agreement. That was taken as a sign negotiations were in trouble.
U.S. Trade Representative Richard Lighthizer and U.S. Treasury Secretary Steven Mnuchin will travel to China next week for trade talks. Afterward, Chinese Vice-Premier Liu He will come to the U.S. for further negotiations.
Gold was up US$3.40 Friday morning to US$1,310.70 per ounce.
