Loonie Slips as Crude Oil Prices Plummet Amid Soaring Inventories

The Canadian dollar retreated on Thursday morning, dropping to US$0.7169 or C$1=US$1.3949 by 8:41 a.m. CDT.

This decline is attributed to the loonie's performance compared to Wednesday's close of US$0.7179 or C$1=US$1.3930.

The United States Dollar Index was also down, decreasing by 0.12 of a point at 99.89.

Crude oil prices experienced a similar drop due to softening demand following reports from the American Petroleum Institute and the U.S. Energy Information Administration on Wednesday.

Brent crude oil fell US$2.24 at US$86.74 per barrel, while West Texas Intermediate dropped US$2.36 at US$80.91/barrel.