By MarketsFarm
WINNIPEG, April 16 (MarketsFarm) – The Canadian dollar was unchanged Thursday morning, as there was little movement in crude oil prices.
As of 8:45 CDT, the Canadian dollar was at US$0.7099 or C$1.4086.
Crude oil prices were slightly higher Thursday morning, following an announcement from ConocoPhillips that it’s cutting production by 125,000 barrels per day in the United States and by 100,000 BPD in Canada. However, in a new monthly forecast from OPEC, the cartel expects global demand for crude oil to fall by 6.9 million BPD in 2020.
Brent crude oil gained 72 cents at US$28.41 per barrel and West Texas Intermediate (WTI) rose 42 cents at US$20.29 per barrel. Western Canadian Select (WCS) was up seven cents at US$7.55 per barrel.
The TSX/S&P Composite Index opened with a gain of 66.21 points at 14,024.79.
Gold was up US$9.57 at US$1,726.60 per ounce.
