By Commodity News Service Canada
Winnipeg, February 19 – The Canadian dollar was lower against its American counterpart Thursday morning, as oil prices slumped in the facing of growing US inventories.
At 8:50 CST Thursday morning, the loonie was down 0.0052 of a cent to US$0.7979 or US$1 = C$1.2532. The American Petroleum Institute reported that US oil inventories climbed by 14.3 million barrels last week. That was far higher than the 3.1 million barrel increase analysts had been expecting. More data is due later today from the US Energy Information Administration.
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Finance officials in the Eurozone are waiting to see if Greece will exit the Euro. The country’s new government had asked other Eurozone countries for a six-month extension of its present loan, however that offer hadn’t been accepted.
Minutes from last month’s meeting of the US Federal Reserve indicate the central bank is in no hurry to hike interest rates.
On the commodity markets the March crude contract in New York fell US$2.07 to US$50.07 a barrel. March copper declined one cent to US$2.61 a pound while the April gold contract jumped $20.30 to US$1,220.50 an ounce.
At 8:50 CST Thursday morning, the TSX was down 53.62 points to 15,159.13.
