Canadian Dollar and Business Outlook: Crude oil tumbles after Saudi announcement

The Canadian dollar eased off slightly Thursday morning.

The loonie was at US$0.7423 or US$1=C$1.3472 as of 8:34 a.m. CDT, compared to US$0.7428 or US$1=C$1.3462 on Wednesday. The United States Dollar Index was virtually unchanged at 100.90.

Crude oil continued its roller coaster of a week after Saudi Arabia announced today it plans on raising output and abandoning its unofficial price target of US$100 per barrel.

Brent crude oil fell US$2.44 at US$71.02 per barrel. West Texas Intermediate (WTI) lost US$2.49 at US$67.20/barrel.

The TSX/S&P Composite Index grew by 129.29 points at 24,035.17.

Gold advanced US$5.30 per ounce at US$2,690.00.