Canadian dollar and business outlook

By Commodity News Service Canada

WINNIPEG, November 13 The Canadian dollar weakened against its US counterpart Friday morning as the outlook for crude oil prices was weighed down by new information from the International Energy Agency.

At 8:45 a.m. CST the Canadian dollar was at US$0.7506 or C$1.3323 which compares with Thursday’s North American close of US$0.7506, or C$1.3282.

At 8:45 a.m. New York mercantile crude oil futures had lost US$0.34 to sit at US$41.41 a barrel.

The International Energy Agency said in its monthly report that stockpiles are sitting at a record three billion barrels, which fueled concerns about a global supply glut.

In Canadian domestic data, Canadian refineries received 8.7 million cubic metres of crude oil in August, up 3.7 per cent compared with the same month in 2014, Statistics Canada said in a report on Friday.

According to StatsCan, refinery receipts of domestic crude oil increased 3.3 per cent from the same month a year earlier to 5.8 million cubic metres in August.

The TSX was stronger in early activity, up 5.36 points at 8:45 a.m. CST to sit at 13,132.54.