By Commodity News Service Canada
WINNIPEG, Nov. 20 (CNS Canada) – The Canadian dollar was weaker Tuesday morning as losses in the energy markets weighed on values.
At 8:36 CST Tuesday morning the Canadian dollar was at US$0.7564 or C$1.3217, which compares with Monday’s North American close of US$0.7586 or C$1.3182.
Oil prices Tuesday morning were down US$1.24 per barrel. West Texas Intermediate crude this morning was US$55.96 per barrel after closing yesterday at US$56.76 per barrel.
Energy traders are concerned major oil producers won’t reach an agreement on cutting production in the coming weeks. Futures in WTI have drop 30 per cent since October. Although OPEC members such as Saudi Arabia are willing to cut their production, non-OPEC oil producers such as Russia are taking a wait and see approach.
Gold is steady Tuesday morning to US$1,225.40 per ounce from yesterday’s close of US$1,225.30 per ounce.
The Toronto TSX/S&P Composite Index was down 154.17 points Tuesday morning shortly after open at 14,918.30.
