By Commodity News Service Canada
Winnipeg, February 19 – The Canadian dollar was lower against its American counterpart at midday Thursday, as reports of growing US oil inventories pulled down crude prices.
The loonie was at US$0.8000 or US$1 = C$1.2000 at 11:50 CST Thursday morning.
The American Petroleum Institute found that US oil inventories rose by 14.3 million barrels last week. That high number was problematic, say analysts, as it points to a huge imbalance in the supply/demand ratio.
Investors were also waiting to see if a compromise could be reached between Eurozone officials and the new Greek government. A recent request for a new wave of bridge financing was reportedly denied by Germany, which wants Greece to commit to repaying its debt.
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On the commodity markets the March copper contract was unchanged at US$2.56 a pound. The March crude contract in New York was down US$0.45 at US$51.69 a barrel. The April gold contract rose US$10.80 to US$1,211.00 an ounce.
At 11:50 CST Thursday morning, the Toronto Stock Exchange was down 49.19 points to 15,163.56.
