WINNIPEG – The Canadian dollar was lower on Tuesday morning during a correction in crude oil prices.
As of 8:39 a.m. CDT, the loonie was at US$0.8061 or US$1=C$1.2405 on Tuesday, compared to US$0.8102 or US$1=C$1.2343 when markets closed on Monday.
Crude oil prices were down on Tuesday after hitting its highest prices in years due to OPEC+ nations failing to reach an agreement over future output. Brent crude dropped US$1.06 per barrel to US$76.10. West Texas Intermediate (WTI) fell US$0.54 to US$74.62/barrel. Western Canadian Select (WCS) lost US$0.53 to US$60.78/barrel.
The TSX/S&P Composite Index dipped 7.52 points to 20,273.94.
Driven by a weakening United States dollar and one day before the U.S. Federal Reserve’s June meeting, gold gained US$16.09 per ounce to US$1,807.87.
