Canadian Financial Close: Falling crude pushes down loonie

By MarketsFarm

WINNIPEG, July 18 (MarketsFarm) – The Canadian dollar was lower at market close on Thursday, due to falling oil prices as the loonie continues to retreat from its 2019 high.

The loonie finished the day at US$0.7652 or US$1=C$1.3069, which compares with Wednesday’s close of US$0.7661 or C$1.3053.

Benchmark oil prices were down Thursday, as the return of oil production in the Gulf of Mexico overpowered rising tensions in the Middle East.

Brent crude oil dropped US$1.20 to close at US$62.46 per barrel. West Texas Intermediate (WTI) crude oil lost US$1.12 to close at US$55.66 per barrel.

As of July 17, Western Canadian Select (WCS) crude oil was down US$1.00 at US$47.67 per barrel. On Wednesday, the WCS/WTI price differential increased by 16 cents at US$9.11 per barrel.

The TSX/S&P Composite Index was up 10.02 points on Thursday and finished at 16,494.23.

Gold skyrocketed US$24.30 on Wednesday to close at US$1,447.60 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries dn $ 0.10 at $ 3.20
Linamar Corp. dn $ 0.51 at $ 43.59
Maple Leaf Foods up $ 0.09 at $ 29.67
Nutrien Ltd. dn $ 0.06 at $ 66.56
Ritchie Bros Auctioneers Inc. up $ 0.32 at $ 47.28
Rocky Mountain Dealerships Inc. dn $ 0.18 at $ 7.38
(All figures are in Canadian dollars.)

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Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

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