By MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – The Canadian dollar was slightly higher Monday morning buoyed by stronger crude oil prices.
As of 8:55 CST, the Canadian dollar was at US$0.7608 or C$1.3141. That compares to Friday’s North American close of US$0.7601 or C$1.3157.
Crude oil prices were slightly stronger as well Monday morning, following Sunday’s announcement by Saudi Arabia that its oil company, Saudi Aramco, will be listed on the Saudi Stock Exchange beginning in December. Valued between US$1.6 trillion to US$1.8 trillion and with a 2018 net income of US$111 billion, the initial public offering is expected to be the world’s largest on record.
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Brent crude oil gained 83 cents at US$62.52 per barrel and West Texas Intermediate was up 78 cents at US$56.98 per barrel. Meanwhile, Western Canadian Select rose 97 cents at US$35.59 per barrel.
The TSX/S&P Composite Index was up 61.49 points Monday morning at 16,655.56, following the lead set by United States stock markets.
The U.S. markets were up on positive sentiment towards the United States/China trade agreement after U.S. Treasury Secretary Wilbur Ross met with Chinese President Xi Jinping.
The Dow Jones rose 139.55 at 27,486.91 points. The NASDAQ gained 61.46 at 8,447.86 and the S&P 500 was up 16.91 at 3,083.82 points.
Gold was up US$1.30 at US$1,512.70 per ounce.
