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Canadian Dollar and Business Outlook: Crude prices push up loonie

Markets expect reduced U.S. oil inventories

By MarketsFarm

WINNIPEG, Jan. 12 (MarketsFarm) – The Canadian dollar was higher Tuesday due to increases in crude oil prices.

As of 8:42 CST, the Canadian dollar was at US$0.7833 or C$1.2766, compared to Monday’s close of US$0.7820 or C$1.2788.

Benchmark crude oil prices were higher Tuesday morning, on expectations that United States oil inventories will be down for a fifth-consecutive week and on Saudi Arabia’s production cut coming in February. Concerns over the rising number of COVID-19 cases stymied further gains.

Brent crude oil gained 55 cents at US$56.21 per barrel. West Texas Intermediate (WTI) was up 45 cents at US$52.70 per barrel. Western Canadian Select (WCS) rose 72 cents at US$38.43 per barrel.

At the start of trading, the TSX/S&P Composite Index was up slightly by 18.54 points at 17,952.99.

Gold was up 60 cents at US$1,844.50 per ounce.

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