Canadian Financial Close: Oil rises, stocks tumble

WINNIPEG, March 4 (MarketsFarm) – The Canadian dollar was relatively steady against the United States dollar on Thursday while oil prices rose and stocks went down in the face of surging U.S. Treasury bond yields.

The loonie finished at US$0.7913 or US$1=C$1.2637, compared to Monday’s close of US$0.7917 or US$1=C$1.2631. On the U.S. Dollar Index, the greenback moved upward by 0.67 at 91.620 points.

Benchmark crude oil prices spiked on Thursday after a surprising decision by OPEC+ and its member nations not to change their planned oil output until April. There had been speculation the organization could decide to immediately increase production.

Brent crude oil rocketed by US$3.05 at US$67.12 per barrel. West Texas Intermediate (WTI) crude oil gained US$2.88 at US$64.16/barrel. Western Canadian Select (WCS) crude oil breached the US$50 mark, rising by US$2.84 to US$52.65/barrel.

After comments by U.S. Federal Reserve Chair Jerome Powell failed to calm investors worried about rising bond yields, the TSX Composite Index tumbled on Thursday, losing 194.95 points at 18,125.72.

Gold dropped by US$11.98 at US$1,699.25 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.25
Linamar Corp. dn $ 2.84 at $ 70.93
Maple Leaf Foods dn $ 0.23 at $ 25.25
Nutrien Ltd. dn $ 2.10 at $ 67.38
Ritchie Bros Auctioneers Inc. dn $ 1.18 at $ 64.82

(All figures are in Canadian dollars.)


Stories from our other publications