WINNIPEG – The Canadian dollar declined on Thursday as crude oil prices also dropped.
The loonie closed at US$0.7703 or US$1=C$1.2982, down from US$0.7727 or US$1=C$1.2942 on Wednesday. The United States Dollar Index gained 0.19 of a point to 104.38 on Thursday.
Crude oil prices were lower on Thursday after U.S. Energy Secretary Jennifer Granholm had an emergency meeting with top refiners. Both sides decided not to ban U.S. fuel exports, but the White House is considering lifting summer gasoline restrictions, such as the removal of butane which creates smog, in order to lower prices. U.S. Federal Reserve Chair Jerome Powell also testified in front of a House committee on Thursday, with his remarks raising recession fears.
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Brent crude oil lost US$1.92 per barrel at US$109.82. West Texas Intermediate (WTI) crude oil was down US$2.05 at US$104.14/barrel. Western Canadian Select (WCS) eased off US$0.69 per barrel to US$86.31.
The TSX/S&P Composite Index plunged 286.92 points to 18,717.12.
Gold fell US$11.70 at US$1,826.70 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Ind. unchanged at $ 2.17
Farmer’s Edge Inc. up $ 0.11 at $ 1.65
Linamar Corp. dn $ 0.59 at $ 54.77
Maple Leaf Foods up $ 0.34 at $ 25.20
Nutrien Ltd. dn $ 9.17 at $102.54
Ritchie Bros Auctioneers Inc. up $ 1.26 at $ 78.57
(All figures are in Canadian dollars.)
