By Commodity News Service Canada
Winnipeg, February 4 – The Canadian dollar tumbled against its American counterpart at midday Wednesday, as growing inventories of US crude oil weighed on values.
The loonie was at US$0.7958 or US$1 = C$1.2456 at 11:50 CST Wednesday morning.
The US Department of Energy released data this morning that showed a bigger than expected rise in US crude inventories last week. They jumped by 6.3 million barrels which was drastically higher than the 2.8 million barrel increase that analysts had been expecting.
Since last summer crude oil prices have plummeted 50 percent due to oversupply issues.
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On the commodity markets the March copper contract leaped two cents to US$2.60 a pound. The March crude contract in New York was down US$2.92 at US$50.13 a barrel. The April gold contract climbed US$2.70 to US$1,263.00 an ounce.
At 11:50 CST Wednesday morning, the Toronto Stock Exchange was down 44.45 points to 15,018.32.
