Canadian Financial Close: Crude drops with easing Middle East tensions

By MarketsFarm

WINNIPEG, July 16 (MarketsFarm) – The Canadian dollar inched down slightly at market close on Tuesday, due in part to a decline in crude oil prices.

The loonie finished the day at US$0.7662 or US$1=C$1.3052, which compares with Monday’s close of US$0.7669 or C$1.3039.

Benchmark oil prices were down Tuesday, after United States President Donald Trump announced tensions had eased between the U.S. and Iran. Trump commented the U.S. would not be seeking regime change in Iran, while Secretary of State Mike Pompeo said negotiations will begin with Iran regarding its ballistic missile program.

Brent crude oil lost US$1.54 to close at US$64.94 per barrel. West Texas Intermediate (WTI) crude oil was also down US$1.54 to close at US$58.04 per barrel.

As of July 15, Western Canadian Select (WCS) crude oil was down 78 cents at US$48.85 per barrel. As of Monday, the WCS/WTI price differential increased 15 cents at US$10.73 per barrel.

The TSX/S&P Composite Index slipped 8.40 points on Tuesday and finished at 16,502.42, as gold weighed on values.

Gold fell US$8.60 on Tuesday to close at US$1,404.90 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.04 at $ 3.48
Linamar Corp. dn $ 0.30 at $ 45.29
Maple Leaf Foods dn $ 0.04 at $ 29.41
Nutrien Ltd. up $ 1.07 at $ 66.65
Ritchie Bros Auctioneers Inc. up $ 0.98 at $ 46.98
Rocky Mountain Dealerships Inc. up $ 0.05 at $ 7.60
(All figures are in Canadian dollars.)

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