By Commodity News Service Canada
Winnipeg, June 12 – The Canadian dollar was up slightly Thursday morning, as concern that fighting in Iraq could disrupt oil supplies, deepens.
OPEC’s decision Wednesday to keep the target output pegged at 30 million barrels a day means their membership likely would not be able to increase demand in the short term, an analyst said.
A report by the US Energy Department on Wednesday also showed that oil supplies may be low.
On the commodity markets, the July crude oil contract jumped $1.85 cents to US$106.25 a barrel. July copper fell one cent to US$3.04 a pound, which was bearish. August bullion gained $4.30 cents to US$1,265.50 an ounce, which was bullish.
At 8:40 CDT Thursday, the Canadian dollar was at US$0.9206 or US$=C$1.0862 which compares with Wednesday’s North American close of US $0.9202, or US$=C$1.0867.
The TSX was down 12.25 points Thursday morning at 8:40 CDT, to sit at 14,892.13.
