By MarketsFarm
WINNIPEG, April 30 (MarketsFarm) – The Canadian dollar was slightly higher on Thursday as increases crude oil prices edged out losses in the stock markets.
The dollar finished the day at US$0.7189 or US$1=C$1.3910, compared to Wednesday when it closed at US$0.7183 or US$1=C$1.3922.
Benchmark crude oil prices were stronger on Thursday as the oil glut in the United States was not a large as initially believed. Also, a number of producers announced they would scale back their production as demand remains very weak. Nevertheless crude stocks remained very large, weighing on values.
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Brent crude oil gained US$2.73 to close at US$25.27 per barrel. West Texas Intermediate (WTI) crude oil jumped US$4.22 at US$19.28 per barrel. Western Canadian Select (WCS) leapt US$3.97 at US$11.32 per barrel.
The TSX Composite Index lost 447.37 points to close at 14,780.74.
Gold dropped US$5.10 at US$1,681.40 per ounce.
Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.65
Linamar Corp. dn $ 0.31 at $ 33.44
Maple Leaf Foods dn $ 0.97 at $ 25.73
Nutrien Ltd. dn $ 1.54 at $ 49.71
Ritchie Bros Auctioneers Inc. dn $ 0.72 at $ 59.91
Rocky Mountain Dealerships Inc. up $ 0.05 at $ 4.40
(All figures are in Canadian dollars.)
