Higher Oil Prices Boost Canadian Dollar
Higher oil prices on Wednesday helped boost the Canadian dollar, which posted its highest one-day gains since early September. Crude jumped 3.6%, after a crude inventory report showed a decline of 4.9 billion barrels, compared to the estimate of 1.6 million. Crude prices were also supported ahead of a key OPEC meeting, where Saudi Arabia is expected to push hard for another reduction in oil production, in order to prevent oil prices from falling sharply. With a large glut of oil on global markets, oil prices could fall as low as $40 a barrel if production is not reduced.