Canadian Financial Close: Loonie dips, crude oil falls

WINNIPEG – The Canadian dollar eased off slightly on Thursday as crude oil prices slid further down.

The loonie closed at US$0.7755 or US$1=C$1.2895, down from US$0.7762 or US$1=C$1.2883 on Wednesday. Statistics Canada reported on Wednesday that inflation rose to 8.1 per cent in June, the highest level seen since January 1983.

The United States Dollar Index lost 0.35 of a point to 106.73.

Crude oil prices were lower on Thursday amid recession fears and increased output from Libya. Brent crude oil dropped US$2.89 per barrel at US$104.03. West Texas Intermediate (WTI) crude oil fell US$3.46 at US$96.42/barrel. Western Canadian Select (WCS) decreased US$3.35 per barrel to US$75.96.

The TSX/S&P Composite Index added 42.18 points at 19,062.85.

Gold recovered from Wednesday’s plunge, gaining US$18.50 at US$1,718.70 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Ind. unchanged at $ 2.39
Farmer’s Edge Inc. up $ 0.03 at $ 1.50
Linamar Corp. up $ 0.38 at $ 58.17
Maple Leaf Foods up $ 0.23 at $ 26.35
Nutrien Ltd. dn $ 0.91 at $101.98
Ritchie Bros Auctioneers Inc. up $ 0.99 at $ 87.56

(All figures are in Canadian dollars.)