Canadian Financial Close: Loonie, crude oil jump

WINNIPEG – The Canadian dollar made more gains on Thursday due to higher crude oil prices and a weakening United States dollar.

The loonie closed at US$0.7841 or US$1=C$1.2753, up from US$0.7819 or US$1=C$1.2789 on Wednesday. The U.S. Dollar Index eased off 0.02 of a point to 105.18.

Crude oil prices rallied on Thursday as the International Energy Agency (IEA) forecast increasing demand for the rest of 2022. Brent crude oil surged US$2.10 per barrel to US$99.50. West Texas Intermediate (WTI) crude oil grew US$2.24 at US$94.17/barrel. Western Canadian Select (WCS) moved upward US$2.48 per barrel to US$74.23.

The TSX/S&P Composite Index jumped 105.94 points at 19,991.98.

Gold subtracted US$12.10 at US$1,801.60 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind. dn $ 0.12 at $ 2.17
Farmer’s Edge Inc. up $ 0.10 at $ 1.20
Linamar Corp. up $ 6.39 at $ 66.58
Maple Leaf Foods dn $ 0.37 at $ 22.55
Nutrien Ltd. up $ 0.16 at $115.62
Ritchie Bros Auctioneers Inc. dn $ 0.61 at $ 89.35
(All figures are in Canadian dollars.)