By MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – The Canadian dollar was stronger Monday morning, due to gains in crude oil.
As of 8:42 CDT, the Canadian dollar was at US$0.7642 or C$1.3085, compared to Friday’s close of US$0.7606 or C$1.3147.
Benchmark crude oil prices were higher Monday morning, just as OPEC+ began a series of meetings to discuss what action on oil production the alliance should pursue. Saudi Arabia, Russia and Algeria are proposing to extend production cuts into 2021 as the second wave of COVID-19 threatens global demand.
Brent crude oil gained US$1.58 at US$44.36 per barrel. West Texas Intermediate (WTI) rose US$1.65 at US$41.78 per barrel. Meanwhile Western Canadian Select (WCS) was up six cents at US$32.22 per barrel.
At the start of trading, the TSX/S&P Composite Index was up 80.32 points at 16,175.87, due to hopes of a coronavirus vaccine. Based on interim data, the Moderna vaccine rated 94.5 per cent effective.
Gold was relatively steady with an increase of 13 cents at US$1,889.34 per ounce.
