Canadian Dollar and Business Outlook: Oil price differential affecting loonie

By Commodity News Service Canada
WINNIPEG, Feb. 11 (CNS Canada) – The Canadian dollar is down Monday morning as the price differential between Western Canadian Select (WCS) crude oil and West Texas Intermediate (WTI) crude oil has become rather narrow.
At 8:55 CST Monday morning the Canadian dollar was at US$0.7523 or C$1.3291, which compares with Friday’s North American close of US$0.7536 or C$1.3270.
The TSX/S&P Composite Index opened up 11.69 points Monday morning at 15,645.02 points.
Oil prices are down Monday morning, as WTI crude oil is at US$51.54 per barrel after closing Friday at US$52.72 per barrel. Brent crude oil is down 57 cents per barrel this morning to US$61.53 per barrel.
As of late last week, the price differential between WCS crude oil and WTI crude oil shrunk to $10.30 per barrel, making it much less profitable to ship WCS by rail to refineries in the United States.
Gold is down US$9.20 Monday morning to US$1,306.70 per ounce.

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