Oil below $40, Canadian dollar under 75 cents
Oil fell below $40 for the first time since August on Wednesday, dragging the Canadian dollar lower.
U.S. data from the Energy Information Administration showed crude stocks in storage at an 80-year high.
West Texas Intermediate, the benchmark North American contract, was trading at $39.65 earlier in the day. But by the close, it was up three cents to $40.70 US on optimism about the U.S. economy after release of the Fed minutes.
Brent, the international contract, was up 64 cents to $44.21 US a barrel.
Crude inventories in the U.S. have been rising for eight weeks and grew by 252,000 barrels to 487.3 million barrels in the last week, close to their modern-day record of 490.9 million barrels, recorded in April.
The global oversupply of oil continues to worsen, with the prospect of more crude on the market.
Iran announced Tuesday it will export an additional 500,000 barrels of oil a day after sanctions are lifted in 2016 and plans to continue increasing its output. That's on top of the 1.1 million barrels of crude it currently exports.
http://www.cbc.ca/beta/news/business/oil-loonie-wednesday-1.3324568
Oil fell below $40 for the first time since August on Wednesday, dragging the Canadian dollar lower.
U.S. data from the Energy Information Administration showed crude stocks in storage at an 80-year high.
West Texas Intermediate, the benchmark North American contract, was trading at $39.65 earlier in the day. But by the close, it was up three cents to $40.70 US on optimism about the U.S. economy after release of the Fed minutes.
Brent, the international contract, was up 64 cents to $44.21 US a barrel.
Crude inventories in the U.S. have been rising for eight weeks and grew by 252,000 barrels to 487.3 million barrels in the last week, close to their modern-day record of 490.9 million barrels, recorded in April.
The global oversupply of oil continues to worsen, with the prospect of more crude on the market.
Iran announced Tuesday it will export an additional 500,000 barrels of oil a day after sanctions are lifted in 2016 and plans to continue increasing its output. That's on top of the 1.1 million barrels of crude it currently exports.
http://www.cbc.ca/beta/news/business/oil-loonie-wednesday-1.3324568