Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 1 (MarketsFarm) – The Canadian dollar was higher Wednesday morning, as crude oil prices recovered some lost ground while the United States dollar pulled back.
As of 8:39 am CST, the Canadian dollar was at US$0.7849 or C$1.2746, compared to Tuesday’s close of US$0.7817 or C$1.2792.
On the U.S. Dollar Index, the greenback gave up 0.202 of a point at 95.805, losing some ground to other major global currencies.
Benchmark crude oil prices were higher on Wednesday morning, just as the OPEC begins meeting today. The cartel will be joined by their OPEC+ partners for a second round of talks on Thursday. Reports said there have been signs pointing to OPEC+ postponing its planned production increase of 400,000 barrels per day due to the Omicron outbreak.
West Texas Intermediate (WTI) rose US$2.12 at US$68.30 per barrel. Brent crude oil gained US$2.17 at US$71.40 per barrel. Western Canadian Select (WCS) was up US$1.40 at US$49.34 per barrel.
At the opening, the TSX/S&P Composite Index jumped 284.20 points at 21,946.52.
Gold gained US$12.90 at US$1,789.40 per ounce.
