Canadian Financial Close: Oil surges after Suez Canal blockage

Source: Canadian Cattlemen

WINNIPEG, March 24 (MarketsFarm) – The Canadian dollar was unchanged on Wednesday despite a sharp increase in oil prices, while Statistics Canada estimated earlier today a one per cent drop in manufacturing sales in February.

The loonie finished at US$0.7961 or US$1=C$1.2562, same as Tuesday’s close. On the United States Dollar Index, the greenback increased 0.25 to 92.59 points.

After falling on Tuesday, benchmark crude oil prices jumped on Wednesday after a container ship ran aground in the Suez Canal, blocking the flow of oil exports. Brent crude oil gained US$3.25 per barrel to US$64.04. West Texas Intermediate (WTI) crude oil rose by US$3.03 at US$60.79/barrel. Western Canadian Select (WCS) crude oil rebounded by US$3.16 to US$50.22/barrel.

Amid concerns of rising taxes in the U.S. and economic lockdowns in Europe, the TSX Composite Index fell again on Wednesday, dropping by 41.51 points to 18,628.29.

Gold was up US$6.97 to US$1,734.05 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries unchanged at $ 3.32
Linamar Corp. dn $ 0.50 at $ 74.44
Maple Leaf Foods dn $ 1.15 at $ 28.19
Nutrien Ltd. dn $ 0.28 at $ 68.46
Ritchie Bros Auctioneers Inc. up $ 0.24 at $ 71.22

(All figures are in Canadian dollars.)

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