By MarketsFarm
WINNIPEG, Oct. 23 (MarketsFarm) – The Canadian dollar was slightly higher at market close on Wednesday, as crude oil prices made gains.
The loonie finished the day at US$0.7642 or US$1=C$1.3086, which compares with Tuesday’s close of US$0.7637 or C$1.3094.
Benchmark oil prices were stronger on Wednesday, as United States crude stocks dropped by 1.7 million barrels and gasoline stocks fell 3.1 million barrels last week, according to the Energy Information Administration.
Also further production cuts by OPEC, Russia and their oil-producing allies, known as OPEC+, provided support. OPEC+ vowed to maintain cuts of 1.2 million barrels per day until March 2020.
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Brent crude oil jumped US$1.34 to close at US$61.04 per barrel, while West Texas Intermediate (WTI) climbed US$1.32 to close at US$55.80 per barrel. Western Canadian Select crude rose US$1.18 at US$38.80 per barrel.
The TSX/S&P Composite Index was down 55.59 points on Wednesday to close at 16,335.93 points as shares in Rogers Communications fell to their lowest levels in almost four years.
The price of gold was up US$6.90 on Wednesday to close at US$1,494.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 3.64
Linamar Corp. up $ 0.65 at $ 43.30
Maple Leaf Foods dn $ 0.24 at $ 29.92
Nutrien Ltd. dn $ 0.36 at $ 63.30
Ritchie Bros Auctioneers Inc. dn $ 0.83 at $ 52.05
Rocky Mountain Dealerships Inc. up $ 0.04 at $ 6.88
(All figures are in Canadian dollars.)
