By MarketsFarm
WINNIPEG, Jan. 6 (MarketsFarm) – The Canadian dollar was up slightly at market close on Monday, due gains in Western Canadian Select (WCS) crude oil prices.
The loonie finished the day at US$0.7710 or US$1=C$1.2970, which compares with Friday’s close of US$0.7699 or C$1.2988.
With an increase of 61 cents, WCS closed at US$40.75 per barrel.
However, global benchmark oil prices eased back on Monday. Despite the tense situation between the U.S. and Iran supplies continued to come out of the Middle East with few, if any, problems.
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Although Brent crude oil touched US$70 per barrel at one point, it closed at US$68.39 per barrel for a loss of 21 cents on the day. West Texas Intermediate (WTI) slipped 25 cents at US$62.80 per barrel.
Should the U.S./Iran situation escalate, some analysts have predicted oil could hit US$100 and climb as high as US$150 per barrel, according to reports.
The TSX/S&P Composite Index rose 39.35 on Monday to close at 17,105.47 points due to increases in energy stocks.
Gold gained US$14.07 on Monday to close at US$1,566.27 per ounce, marking some of its highest levels in six years.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.79
Linamar Corp. dn $ 0.46 at $ 48.60
Maple Leaf Foods dn $ 0.12 at $ 25.28
Nutrien Ltd. up $ 0.46 at $ 61.30
Rocky Mountain Dealerships Inc. up $ 0.07 at $ 6.65
(All figures are in Canadian dollars.)
