By MarketsFarm
WINNIPEG, Sept. 5 (MarketsFarm) – The Canadian dollar stepped back on Tuesday morning, as strength in the United States dollar outweighed upticks in crude oil.
As of 8:35 am CDT, the loonie was at US$0.7348 or C$1.3607, compared to Friday’s close of US$0.7364 or US$1=C$1.3580. On the U.S. Dollar Index, the greenback added 0.334 of a point at 104.525.
Benchmark crude oil prices were higher on Tuesday morning, as questions over China’s demand and the duration of OPEC+ production cuts swirled at today’s start of the Asia Pacific Petroleum Conference in Singapore.
Brent crude oil gained US$1.37 at US$90.37 per barrel, West Texas Intermediate advanced US$1.77 cents at US$87.32, and Western Canadian Select rose US$1.17 at US$69.06.
Shortly after Tuesday’s open the TSX/S&P Composite Index was virtually unchanged with a slight increase of 0.27 of a point at 20,546.42.
Gold dropped US$10.80 at US$1,956.30 per ounce.
