By Commodity News Service Canada
Winnipeg, April 7 – The Canadian dollar was slightly lower against its American counterpart at midday Tuesday, as concerns grew about a potential over-supply of US oil.
The loonie was at US$0.8006 or US$1 = C$1.2490 at 11:45 CDT Tuesday morning.
Brent crude oil dropped below US$58 a barrel as Iranian officials met with Chinese crude buyers to discuss future business.
The net-income of Hudson’s Bay Company took a big step forward, as it hit C$111 million or 61 cents per share. That is nearly four times higher than a year earlier.
On the commodity markets the April crude contract in New York jumped US$1.17 to US$53.31 a barrel. The April gold contract faded US$7.20 to US$1,211.40 an ounce.
At 11:45 CDT Tuesday morning, the Toronto Stock Exchange was up 162.46 points to 15,263.11.
