WINNIPEG, Feb. 16 (MarketsFarm) – The Canadian slightly inched upward on Tuesday morning as oil prices continued to rise after extremely cold weather hit most of North America over the weekend.
As of 8:32 a.m. CST, the Canadian dollar was at US$0.7880 or US$1=C$1.2688, compared to Friday’s close of US$0.7867 or US$1=C$1.2711.
After a brutal cold snap extending as far south as Mexico, benchmark crude oil prices made their ascent as demand increased and refineries either reduced or halted capacity due to the frigid temperatures.
Brent crude oil decreased US$0.20 to US$63.10 per barrel. West Texas Intermediate (WTI) crossed a threshold, rising US$0.55 to US$60.02/barrel. Western Canadian Select (WCS) jumped by US$0.87 at US$47.55/barrel.
The TSX/S&P Composite Index is anticipating another long rally, going up 67.22 to 18,460.21.
Gold tumbled by US$29.08 at US$1,789.78 per ounce.
