By Commodity News Service Canada
Winnipeg, February 5 – The Canadian dollar was higher against its American counterpart at midday Thursday, as rising oil values elevated the loonie.
The loonie was at US$0.8044 or US$1 = C$1.2431 at 11:50 CST Thursday morning.
Investors’ hopes swirled that measures taken early on by the oil industry to deal with the huge glut of oil on the market had started to tighten existing stocks.
Since last summer crude oil prices have plummeted 50 percent due to oversupply issues.
China’s banks have access to more liquidity now that the government has made a system-wide cut to bank reserve requirements.
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Canada’s largest oil and gas company has been affected by the sharp drop in crude oil. Calgary-based Suncor Energy says its net earning dipped 81 percent in the fourth quarter compared to a year earlier.
On the commodity markets the March copper contract was unchanged at US$2.59 a pound. The March crude contract in New York was up US$2.66 at US$51.11 a barrel. The April gold contract dipped US$3.70 to US$1,260.80 an ounce.
The Toronto Stock Exchange was up 128.22 points to 15,123.87.
