Canadian Dollar and Business Outlook: Loonie up more than a half cent

OPEC+ pressing ahead with conference

By MarketsFarm

WINNIPEG, June 2 (MarketsFarm) – The Canadian dollar was higher on Tuesday morning as crude oil prices were making small gains and the Toronto Stock Exchange opened higher.

As of 8:45 CDT, the Canadian dollar was at US$0.7392 or C$1.3534, compared to Monday’s close of US$0.7337 or C$1.3630.

Benchmark crude oil prices were slightly higher Tuesday morning as the OPEC+ alliance will press ahead with their video conference to discuss further production cuts. Expectations are the current production cuts, 10 per cent of global output, will be extended to September 1. Yesterday, the conference was postponed due to the strained relations between the United States and China.

Brent crude oil gained 68 cents at US$39.00 per barrel. West Texas Intermediate (WTI) rose 44 cents at US$35.88 per barrel. Western Canadian Select (WCS) was up 45 cents at US$29.51 per barrel.

At the opening, the TSX/S&P Composite Index gained 85.05 points at 15,321.26.

Gold was up US$4.61 at US$1,744.16 per ounce.

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