By MarketsFarm
WINNIPEG, March 28 (MarketsFarm) – The Canadian dollar was down on Thursday morning as crude oil prices were slipping.
At 8:46 CDT Thursday morning the Canadian dollar was at US$0.7446 or C$1.3423, which compares with Wednesday’s North American close of US$0.7455 or C$1.3414.
Benchmark crude oil prices were down on Thursday morning on news of crude inventories in the United States are much larger than initially reported. Inventories increased by 2.8 million barrels last week when it was expected they would decrease by 1.2 million barrels, according to the U.S. Energy Information Administration.
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West Texas Intermediate crude oil was down 72 cents at US$58.68 per barrel Thursday morning. Brent crude oil was down 87 cents per barrel to US$66.96 per barrel.
The TSX/S&P Composite Index was down 38.48 points Thursday morning at 16,094,052 points, on concerns of a slowing global economy.
But news out of Beijing said progress is being made in U.S./China trade talks, as China has offered to make a major concession regarding technology transfers. Progress from the talks is expected to provide a boost to the North American markets, according to reports. Already gains were seen on the S&P500, Dow Jones and NASDAQ.
Gold was down US$16.90 on Thursday morning at US$1,297.00 per ounce.
