By MarketsFarm
WINNIPEG, Dec. 10 (MarketsFarm) – After the Canadian dollar was remained largely firm this week, the loonie was higher Thursday morning, due to gains in crude oil prices.
As of 8:39 CST, the Canadian dollar was at US$0.7838 or C$1.2755, compared to Wednesday’s close of US$0.7811 or C$1.2803.
Benchmark crude oil prices were stronger Thursday morning, as demand has been picking up in Asia, South America and parts of Europe. Also, there is positive market sentiment as more countries approve COVID-19 vaccines.
Brent crude oil jumped US$1.02 at US$49.88 per barrel. West Texas Intermediate (WTI) gained 94 cents at US$46.46 per barrel. Western Canadian Select (WCS) rose 81 cents at US$34.21 per barrel.
At the start of trading, the TSX/S&P Composite Index dropped 100.09 points at 17,459.77.
Gold was up US$7.25 at US$1,846.70 per ounce.
