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Canadian Financial Close: Upticks in crude strengthen loonie, greenback

U.S. oil stocks lowest in three years

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, Sept. 22 (MarketsFarm) – The Canadian dollar was higher on Wednesday on gains made in crude oil prices and despite a stronger United States dollar.

The loonie closed at US$0.7839 or US$1=C$1.2756, compared to Tuesday’s close of US$0.7812 or US$1=C$1.2801.

On the U.S. Dollar Index, the greenback was up 0.255 at 93.455 points.

Benchmark crude oil prices were higher on Wednesday. U.S. crude stocks hit their lowest levels in three years as production remains stymied after Hurricane Ida. Also, global demand was said to be increasing.

Brent crude oil gained US1.58 at US$75.94 per barrel. West Texas Intermediate (WTI) crude oil increase US$1.48 at US$71.97 per barrel. Western Canadian Select (WCS) rose US$1.20 at US$60.56 per barrel.

The TSX Composite Index was higher on Wednesday, up 157.20 points to close at 20,401.49.

Gold dropped US$11.00 at US$1,767.20 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.21
Farmers Edge Inc. dn $ 0.08 at $ 4.80
Linamar Corp. dn $ 1.96 at $ 63.61
Maple Leaf Foods dn $ 0.17 at $ 26.85
Nutrien Ltd. up $ 0.61 at $ 79.65
Ritchie Bros Auctioneers Inc. dn $ 0.33 at $ 78.37
(All figures are in Canadian dollars.)

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