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Canadian Dollar and Business Outlook: Loonie finds strength in crude oil

By Commodity News Service Canada

WINNIPEG, Feb. 12 (CNS Canada) – The Canadian dollar is up Tuesday morning as the global supply of oil is tightening up.

At 8:41 CST Tuesday morning the Canadian dollar was at US$0.7540 or C$1.3258, which compares with Monday’s North American close of US$0.7522 or C$1.3294.

The TSX/S&P Composite Index opened up 33.52 points Tuesday morning at 15,602.37 points.

Oil prices are up Tuesday morning as the global supply is shrinking with OPEC and Russian production cuts plus United States sanctions against Iranian and Venezuelan crude oil.

West Texas Intermediate crude oil is at US$53.88 per barrel after closing Monday at US$52.41 per barrel. Brent crude oil is up US$1.69 per barrel this morning to US$63.20 per barrel.

Gold is up US$3.00 Tuesday morning to US$1,312.20 per ounce.

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