Sunday, November 23rd1.1°C
24124
23371

Loonie rises as violence in Iraq escalates, commodities push higher

TORONTO - The Canadian dollar rose Monday as a number of commodities, with the exception of oil, pushed higher amid escalating violence in Iraq.

The Canadian dollar was up 0.13 of a cent to 92.24 cents US.

The conflict in Iraq worsened over the weekend amid reports that the al-Qaida-inspired militants who captured two key Iraqi cities last week were carried out a massacre. On Sunday, the militants posted graphic photos of truckloads of Iraqi soldiers that they apparently captured and killed and vowed to march on Baghdad.

The northern town of Tal Afar has become the latest to fall to the group, which has already captured a vast swath of territory including Iraq's second-largest city, Mosul.

The city lies in an area that is a major gateway for Iraqi oil. While the loss of the city has no immediate effect on oil exports, now at more than three million barrels a day, it adds to concerns over security and the country's plans to expand oil production. The situation in the country's Sunni heartland, previously controlled by U.S. forces, has triggered fears that the world's oil supplies may be put at risk.

Still, the July crude contract dipped a penny to US$106.90 a barrel after running up last week.

Meanwhile, the growing instability in Iraq pushed traders into other over more volatile stocks.

August gold bullion added $1.20 to US$1,275.30 an ounce, while July copper rose two cents to US$3.05 a pound.

In addition to instability in Iraq, markets were looking for direction from a two-day meeting of the U.S. Federal Reserve that begins on Tuesday and the latest release of the consumer price index in Canada at the end of the week.

The Canadian Press


Read more Business News

24126


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8906+0.0009
Gold1197.70+10.60
Oil76.51+0.87
Lumber331.00+4.50
Natural Gas4.266-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


24035

FEATURED Property
19355504386 Finch Road
4 bedrooms 3 baths
$1,095,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24156


Member of BC Press Council


24033