By MarketsFarm
WINNIPEG, April 3 (MarketsFarm) – The Canadian dollar was higher Friday morning, due to developments in the Saudi Arabia/Russia crude oil price war. However, the strong likelihood of a global economic recession tempered further advances for the loonie.
As of 8:36 CDT, the Canadian dollar was at US$0.7079 or C$1.4128, compared to Thursday’s close of US$0.7053 or C$1.4179.
Benchmark crude oil prices were stronger Friday morning on news the OPEC+ alliance will discuss the Saudi Arabia/Russia price war. Plans are to cut production by 10 million barrels per day. However, analysts believe with the current global economic situation due to the COVID-19 pandemic, a production cut of up to 35 million barrels per day might be required to effectively reduce the abundant supply on the market.
Read Also
Canadian dollar and business outlook
Glacier FarmMedia — The Canadian dollar was holding relatively steady Tuesday morning amid broad geopolitical uncertainty. At 8:57 a.m. CST…
Brent crude oil gained US$3.62 at US$33.56 per barrel, while West Texas Intermediate (WTI) was up US$2.24 at US$27.56 per barrel. Western Canadian Select (WCS) increased US$2.67 at US$11.46 per barrel.
The TSX/S&P Composite Index opened with a small gain of 19.87 points at 13,117.71.
Gold was up US$5.23 at US$1,619.22 per ounce.
