Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – The Canadian dollar was higher on Tuesday morning, as increases in crude oil countered a still relatively strong United States dollar.
As of 8:36 am CDT, the loonie was at US$0.7684 or C$1.3007, compared to Monday’s close of US$0.7672 or C$1.3035.
On the U.S. Dollar Index, the greenback edged slightly lower 0.121 of a point at 108.860.
Benchmark crude oil prices were higher on Tuesday morning, after Saudi Arabia said OPEC+ might have to reduce production in order to stabilize the global market.
West Texas Intermediate (WTI) gained US$2.21 at US$92.57 per barrel. Brent crude oil increased US$2.06 at US$98.54 per barrel. Western Canadian Select (WCS) advanced US$1.93 at US$72.72 per barrel.
At the open, the TSX/S&P Composite Index dipped 6.44 points at 19,964.12.
Gold added US$1.30 at US$1,749.70 per ounce.
