By MarketsFarm
WINNIPEG, March 11 (MarketsFarm) – The Canadian dollar was virtually unchanged Wednesday morning, despite continued declines in crude oil prices.
As of 8:36 CDT, the Canadian dollar was at US$0.7280 or C$1.3738, compared to Tuesday’s close of US$0.7283 or C$1.3731.
Crude oil prices were lower Wednesday morning on news that Saudi Arabia was boosting its daily production from 9 million to 13 million barrels. Also, the United Arab Emirates said its output would increase from 4 million to 5 million barrels per day.
Brent crude oil lost US$1.04 at US$36.18 per barrel and West Texas Intermediate was down US$1.04 at US$33.33 per barrel. Western Canadian Select dropped US$1.46 at US$20.04 per barrel.
The TSX/S&P Composite Index fell 257.18 points at the opening to 14,700.91. Tuesday’s rebound was brought to an end today after the Bank of England cut its key interest rate by a half point. The central bank’s move resulted in several markets beginning the day lower.
Gold was up US$9.97 at US$1,659.37 per ounce.
