Canadian Financial Close: Loonie stays firm as crude prices slip

OPEC+ alliance showing cracks

By MarketsFarm

WINNIPEG, Nov. 26 (MarketsFarm) – The Canadian dollar was steady on Thursday, as the rally in global benchmark crude oil lost steam.

The dollar finished at US$0.7685 or US$=C$1.3013 compared to Wednesday’s close of US$0.7691 or US$1=C$1.3003.

Markets in the United States were closed for the Thanksgiving holiday.

Benchmark crude oil prices were slightly lower on Thursday, due to disagreements within OPEC+ regarding production cuts. The alliance is set to meet Friday to discuss extending current cutbacks past January. The surge of COVID-19 has raised concerns the market could plummet as it did this spring, if curtailments are not maintained.

Brent crude oil lost 81 cents at US$47.80 per barrel. West Texas Intermediate (WTI) crude oil dropped 72 cents at US$41.91 per barrel. Meanwhile, Western Canadian Select (WCS) crude oil gained US$1.36 at US$34.62 per barrel.

The TSX Composite Index rose 38.27 points on Thursday to finish at 17,351.34.

Gold was up US$7.56 at US$1,815.12 per ounce.

Canada’s agricultural sector fared as follows:

Buhler Industries up $ 0.18 at $ 2.48
Linamar Corp. dn $ 0.48 at $ 60.76
Maple Leaf Foods up $ 0.14 at $ 26.15
Nutrien Ltd. up $ 0.20 at $ 63.30
Ritchie Bros Auctioneers Inc. up $ 0.93 at $ 88.51
Rocky Mountain Dealerships Inc. dn $ 0.01 at $ 7.07
(All figures are in Canadian dollars.)

Futures Prices as of November 26, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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