Canadian Financial Close: Weaker crude oil weighs on loonie
OPEC cuts outlook, crude prices drop
By Glen Hallick
Glacier Farm Media MarketsFarm – The Canadian dollar took another step back on Tuesday, losing about two-tenths of cent due sharp declines in crude oil.
The loonie closed at US$0.7353 or US$1=C$1.3599, compared to Monday’s finish of US$0.7374 or US$1=C$1.3561. On the U.S. Dollar Index, the greenback tacked on 0.080 of a point at 101.240.
Benchmark crude oil prices fell back on Tuesday, hitting three-year lows after OPEC cut its 2024 demand estimate to 2.03 million barrels per day from 2.11 million in August.
Brent crude oil lost US$2.33 at US$69.51 per barrel and West Texas Intermediate retreated US$2.61 at US$66.10.
The TSX Composite Index dipped 24.06 points on Tuesday to close at 23,003.09.
Gold added US$13.10 at US$2,545.80 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.40 Farmers Edge Inc. unchanged at $ 0.345 Linamar Corp. dn $ 0.46 at $ 59.54 Maple Leaf Foods up $ 0.65 at $ 21.92 Nutrien Ltd. dn $ 0.96 at $ 61.55 RB Global Inc. up $ 1.10 at $114.32
(All figures are in Canadian dollars)
