By MarketsFarm
WINNIPEG, Aug. 18 (MarketsFarm) – The Canadian dollar lost more ground on Friday morning, due to slight declines in global crude oil prices.
As of 8:40 am CDT, the loonie was at US$0.7377 or C$1.3555, compared to Thursday’s close of US$0.7394 or US$1=C$1.35124. On the U.S. Dollar Index, the greenback was virtually unchanged with a dip of 0.050 of a point at 103.425.
Benchmark crude oil prices slipped on Friday morning, as the market was still concerned over China’s economic woes. However, ongoing production cuts by OPEC+ kept prices from falling further.
Brent crude oil gave up 34 cents at US$83.78 per barrel, and West Texas Intermediate shed nine cents at US$80.30, while Western Canadian Select nudged up six cents at US$62.18.
Shortly after Thursday’s open the TSX/S&P Composite Index dropped 115.59 points at 19,696.64.
Gold added US$8.30 at US$1,923.50 per ounce.
