By MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – The Canadian dollar was steady at market close on Wednesday, despite declines in the price of West Texas Intermediate crude oil and the Toronto Stock Exchange.
The dollar finished Wednesday at US$0.7454 or US$1=C$1.3416, which compares with Tuesday’s close of US$0.7450 or C$1.3423.
Benchmark oil prices were mixed on Wednesday. In the ongoing tug of war between United States crude stocks and OPEC/Russia supply cuts, the former largely won out today. Crude inventories in the U.S. reached 470.6 million barrels, up nearly 10 million barrels from the previous week, according to the U.S. Energy Information Administration. Also, U.S. production reached 12.3 million per day, the country’s highest level since September 2017.
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That resulted in WTI crude oil losing 31 cents, closing at US$63.60 per barrel. Meanwhile Brent crude oil held steady, up six cents to close at US$72.12 per barrel.
With weakness in resource stocks, the TSX/S&P Composite Index was down 76.71 points on Wednesday to finish at 16,504.02 points.
Gold was down US$8.00 on Wednesday at US$1,277.70 per ounce.
Canada’s agricultural sector fared as follows:
AGT Food and Ingredients unchanged at $ 17.99
Buhler Industries unchanged at $ 3.61
Linamar Corp. dn $ 1.00 at $ 49.82
Maple Leaf Foods up $ 0.49 at $ 31.75
Nutrien Ltd. dn $ 0.50 at $ 72.16
Ritchie Bros Auctioneers Inc. dn $ 0.16 at $ 46.46
Rocky Mountain Dealerships Inc. dn $ 0.37 at $ 8.84
(All figures are in Canadian dollars.)
