By Commodity News Service Canada
Sept. 19 (CNS Canada) – Rising oil prices are keeping the
Canadian dollar afloat as the American Petroleum Institute
announced a 9.2228 million barrel reduction in crude inventories
from the previous week. Oil prices soared to US$71.15 per barrel
for WTI crude immediately following the announcement, but later
slipped back to below US$70.
The loonie was at US$0.7716, or C$1.2960 per U.S. dollar at
8:45 a.m. CDT. The loonie closed Sept. 18 at US$0.7697, or
C$1.2992.
Oilfield service industries are hoping a C$40 billion
Read Also
Canadian Dollar and Business Outlook: Loonie makes small gain
Glacier FarmMedia – The Canadian dollar was slightly higher on Wednesday morning. The loonie was at US$0.7263 or US$1=C$1.3768 as of…
start construction of the project near Kitimat, BC, on the
province’s northern coast. The project would provide a spark for
the ailing oil and gas industry and would require new pipelines,
fresh gas wells, as well as infrastructure and workers. Royal
Dutch Shell is expected to make a decision on whether to proceed
within weeks.
The S&P/TSX composite index was off 11.06 points at 8:50
a.m. CDT, or 0.68 per cent to 16,084.98.
The S&P 500 was up 0.14 per cent at 8:50 a.m. CDT at
2,908.51. The Dow Jones Industrial Average was at 26,364.28, an
increase of 0.45 per cent, and the Nasdaq was at 7,947.82, down
0.10 per cent.
West Texas Intermediate (WTI) crude oil was US$69.88 early
this morning.
