By MarketsFarm
WINNIPEG, March 9 (MarketsFarm) – The Canadian dollar was weaker Monday morning, as world crude oil prices raced downward.
As of 8:52 CDT, the Canadian dollar was at US$0.7353 or C$1.3598, compared to Friday’s close of US$0.7451 or C$1.3421.
Crude oil prices careened on Monday morning, as a price war broke out between former allies Saudi Arabia and Russia, which produced the largest drop since the 1991 Gulf War. Late last week Russia balked at deeper production cuts proposed by Saudi Arabia to push up prices in the face of the ill-effects the coronavirus is having on global demand. Following Russia’s rebuke and despite the global oil glut, the Saudis slashed their prices and vowed to ramp up production come April.
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Brent crude oil plummeted US$9.95 at US$35.32 per barrel and West Texas Intermediate sank US$8.95 at US$32.33 per barrel. Western Canadian Select lost US$5.83 at US$22.05 per barrel.
The oil price war forced the TSX/S&P Composite Index to fall 1,441.65 points, or 8.91 per cent, at 14,733.37.
Those ill-effects also sent the U.S. stock markets downward. The Dow Jones dropped 1,884.88 to open at 23,979.90 points. The NASDAQ lost 588.18 at 7,987.44 and the S&P 500 was down 208.16 at 2,762.21 points.
Gold was up US$11.90 at US$1,684.30 per ounce.
