By Glen Hallick
Glacier Farm Media | MarketsFarm – The Canadian dollar slipped a little lower on Wednesday, unable to latch on to support from crude oil.
The loonie finished at US$0.7212 or US$1=C$1.3866, compared to Monday’s close of US$0.7219 or US$1=C$1.3852. The United States Dollar Index tacked on 0.026 of a point at 98.145.
Benchmark crude oil prices were higher on Wednesday, following a larger than expected drop in the U.S. inventories. The Energy Information Administration reported U.S. oil stockpiles were down by six million barrels, far greater than the 2.4 million-barrel decrease estimated by the American Petroleum Institute and especially the average market guess of being down by 1.8 million.
West Texas Intermediate added 86 cents at US$63.21 and Brent crude gained US$1.21 at US$67.00 per barrel.
The TSX Composite Index was up 54.88 points on Wednesday to close at 27,878.76.
Gold advanced US$33.50 at US$3,392.20 per ounce.
