By MarketsFarm
WINNIPEG, April 22 (MarketsFarm) The Canadian dollar was slightly stronger Monday morning, as oil prices hit their highest since November.
At 8:45 CDT Monday morning, the Canadian dollar was at US$0.7496 or C$1.3340, which compares with Thursday’s North American close of US$0.7473 or C$1.3382.
Oil prices spiked over US$70 per barrel when the United States announced further sanctions on Iranian oil. The U.S. is eliminating waivers that allowed eight countries to import Iranian oil without facing sanctions from the U.S. government. China, India, Japan, South Korea, Taiwan, Turkey, Italy, and Greece had significantly reduced their purchase of Iranian oil.
“The United States, Saudi Arabia and the United Arab Emirates … along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied,” a White House statement said.
The United States re-imposed sanctions in November after Trump pulled out of the 2015 nuclear deal between Iran and six global superpowers.
The TSX lost at 8:45 CDT, down 8.88 points at 16,603.14.
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