Canadian Financial Close: Loonie stays above 70 cents

Crude production needs major cut

By MarketsFarm

WINNIPEG, March 31 (MarketsFarm) – The Canadian dollar was slightly lower on Tuesday, as crude oil prices remained weak.

The dollar finished the day at US$0.7049 or US$1=C$1.4187, compared to Monday when it closed at US$0.7064 or US$1=C$1.4156.

Benchmark crude oil prices were mixed on Tuesday, following a report from IHS Markit that said global production needs to be cut by up to 10 million barrels per day. That’s due to the growing surplus of crude oil and reduced demand because of the COVID-19 pandemic.

Brent crude oil slipped two cents to close at US$22.74 per barrel. West Texas Intermediate (WTI) crude oil was up 18 cents at US$20.27 per barrel. Western Canadian Select (WCS) was down 36 cents at US$3.90 per barrel.

The TSX Composite Index was up 340.25 points to close at 13,378.25.

Gold dropped US$45.80 at 1,576.71 per ounce.

Canada’s agricultural sector fared as follows:
Buhler Industries unchanged at $ 2.95
Linamar Corp. up $ 0.95 at $ 29.13
Maple Leaf Foods up $ 1.65 at $ 25.52
Nutrien Ltd. up $ 2.17 at $ 48.11
Ritchie Bros Auctioneers Inc. up $ 1.02 at $ 48.20
Rocky Mountain Dealerships Inc. up $ 0.16 at $ 4.00
(All figures are in Canadian dollars.)

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