Canadian dollar rises as oil rebounds
The Canadian dollar rose against most of its major counterparts today, lifted by a recovery in oil prices and stock markets.
White House officials confirmed that an agreement has been reached with the US Congress on the $2 trillion stimulus aid package.
The package is aimed at providing support for US companies, industries and families to ease the coronavirus impact.
In the oil market, WTI crude rose by 1.8% to trade $24.4 a barrel as of 16:51 GMT, with an intraday high of $25.2 and a low of $22.9.
Brent rose 0.1% to $27.1 a barrel, after it hit a high of $28.2 and a low of $25.6.
As of 17:06 GMT, CAD/USD rose 1.2% to 0.6995, with a high of 0.6999, and a low of 0.6904.
Oil erases losses, turns up following US inventories data
Oil prices saw a mixed performance on Wednesday, but wiped out the earlier losses and turned upwards after the release of a less-than-expected build in the US crude inventories data.
The US Energy Information Administration reported that the oil inventories rose 1.6 million barrels during the past week, beating estimates of 2.5 million barrels.
While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by 1.25 million barrels during the same period.
The dollar index fell 0.7% to trade at 101.3 points as of 17:08 GMT, after hitting a high of 101.9 and a low of 101.1.
As of 17:02 GMT, WTI crude rose by 1.5% to $24.3 a barrel, with an intraday high of $25.2 and a low of $22.9.
Brent rose 0.1% to $27.1 a barrel, after it hit a high of $28.2 and a low of $25.6.
US crude inventories rise less than expected
The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 1.6 million barrels to reach a total of 455.4 million barrels during past week, lower than forecasts of 2.5 million.
The gasoline inventories fell 1.6 million barrels to a total of 239.3 million, and distillate stockpiles declined by 700 thousand barrels to a total of 124.4 million.
While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by 1.25 million barrels during the same period.
Palladium jumps 8% near $2,000 mark, following South Africa's decision
Palladium futures rose on Wednesday, following South Africa's decision to halt several public activities due to the coronavirus outbreak.
The South African government announced a lockdown on citizens movements, business and corporate activities in all industries for three weeks, to prevent the coronavirus from spreading.
This ought to suspend palladium production in the world's largest produces, and eventually lead to a drop in global supply.
Analysts estimated that the decision would cause cut 2% on the global palladium supply.
The dollar index fell against a basket of currencies by 0.6% to trade at 101.4 points as of 13:33 GMT, after hitting a high of 101.9 and a low of 101.1.
Palladium June futures jumped 8% to trade at $1,928 an ounce as of 13:44 GMT, after hitting today's high at $1,941.9 and a low of $1,811.9.