By MarketsFarm
WINNIPEG, April 17 (MarketsFarm) – The Canadian dollar was stronger on Friday as Western Canadian Select crude oil rose well above US$10 per barrel.
The dollar finished the day at US$0.7124 or US$1=C$1.4037, compared to Thursday when it closed at US$0.7081 or US$1=C$1.4122.
Western Canadian Select jumped US$3.88 at US$11.12 per barrel after the federal government announced a C$2.45 billion program to assist the energy sector. Of the amount, C$1.7 billion is aimed at cleaning up abandoned oil and gas wells and the remainder will be for emission reductions and initiatives to maintain 10,000 jobs.
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Global benchmark crude oil prices were mixed on Friday. Weak economic data out of China, which included its economy contracting by nearly seven per cent in 2020, and growing oil stocks in the United States put pressure on values. The Trump administration’s proposal to begin lifting lockdown restrictions in a few weeks provided support.
Brent crude oil was up 57 cents to close at US$28.39 per barrel. West Texas Intermediate crude oil lost US$1.76 at US$18.11 per barrel.
The TSX Composite Index jumped 460.56 points to close at 14,359.88.
Gold fell US$33.11 at 1,684.59 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.70
Linamar Corp. up $ 1.92 at $ 33.84
Maple Leaf Foods up $ 1.44 at $ 25.82
Nutrien Ltd. up $ 2.04 at $ 50.25
Ritchie Bros Auctioneers Inc. up $ 2.19 at $ 57.90
(All figures are in Canadian dollars.)
