By MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – The Canadian dollar was down Thursday morning, as crude oil prices were slipping.
At 8:45 CDT Thursday morning the Canadian dollar was at US$0.7465 or C$1.3389, which compares with Wednesday’s North American close of US$0.7504 or C$1.3326.
Benchmark crude oil prices were down Thursday morning as OPEC and Russia indicated they would boost production this summer if supplies out of Iran and Venezuela become too tight. The U.S., which imposed sanctions on Iran and Venezuela, has been warning OPEC and Russia that shrinking world supplies has increased crude prices too much.
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West Texas Intermediate crude oil slipped 60 cents at US$64.01 per barrel Thursday morning. Brent crude oil lost 47 cents to US$71.26 per barrel.
The North American stock markets were expected to be on the rise Thursday, as reports stated the U.S. and China continue to inch closer to a trade deal. The economic superpowers agreed on enforcement mechanisms and China will open its cloud-computing access to foreign companies.
The TSX/S&P Composite Index was up Thursday morning. The TSX opened with a gain of 21.16 points at 16,417.45 points.
The Dow Jones began the day with a gain of 32.54 points at 26,189.70 points. The S&P 500 moved up slightly by 0.68 of a point to 2,888.89 points, but the NASDAQ was down 3.10 points to start Thursday at 7,961.15 points.
Gold fell US$10.90 on Thursday morning to US$1,299.40 per ounce.
