Canadian dollar falls despite oil surge amid tension in Middle East

Economies.com
2019-07-22 16:01PM UTC

Canadian dollar fell against most major currencies, as it was unable to take advantage of the oil surge as tensions in the Middle East escalated.

 

Iran has announced the arrest of two British oil tankers in the Strait of Hormuz and released one of them later amid international condemnation.

 

In addition, the Iranian government disclosed the arrest of 17 people on charges of spying for the CIA and some were sentenced to death.

 

US President Donald Trump denied the news, saying it was just allegations from Tehran, noting that the Iranian government had not arrested anyone who collaborated with the US intelligence.

 

In the crude market, by 15:38 GMT, West Texas rose by 1% to $56.2 per barrel, recording a high of $56.8 and a low of $55.7.

 

Brent rose 1.6% to $63.4 per barrel, with a high of $64.03 and a low of $62.7.

 

In terms of trade, as of 15:59 GMT, CAD/USD fell by 0.4% to 0.7627, with a high of 0.7672 and a low of 0.762.

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