The Canadian dollar was higher on Friday as crude oil prices sharply rose.
The loonie was at US$0.7320 or US$1=C$1.3661 as of 8:35 a.m. CST, compared to Thursday’s close at US$0.7312 or US$1=C$1.3677. The United States Dollar Index increased by 0.10 of a point at 99.41.
Crude oil prices continued to rise amid the Middle East conflict. Qatar’s energy minister warned that in the coming days, all oil and gas production in the Gulf region could come to a halt due to the war.
West Texas Intermediate rose US$6.82 at US$87.83 per barrel. Brent crude oil climbed US$4.71 at US$90.12/barrel.
Inflation fears and an underwhelming U.S. jobs report sunk the TSX/S&P Composite Index, losing 577.23 points at 33,032.74.
Gold increased US$34.20 per ounce at US$5,112.90.
