TSX rises slightly despite plunge in oil futures on oversupply concerns

TSX rises slightly despite plunge in oil futures on oversupply concerns
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TORONTO — Canada’s main stock index rose slightly to start the week even though the May oil future contract made a historic move lower on oversupply pressure.

The S&P/TSX composite index closed up 28.40 points at 14,388.28.

In New York, U.S. markets were all lower with the Dow Jones industrial average losing 592.05 points or 2.4 per cent at 23,650.44. The S&P 500 index was down 51.40 points at 2,823.16, while the Nasdaq composite was down 89.41 points at 8,560.73.

The Canadian dollar traded for 70.99 cents US compared with an average of 71.24 cents US on Friday.

The June crude contract, the most active by trading volume, was down US$4.60 at US$20.43 per barrel while the May contract that expires Tuesday fell negative for the first time, dropping US$55.90 at US$-37.63 per barrel. The May natural gas contract was up 17 cents at US$1.92 per mmBTU.

The June gold contract was up US$12.40 at US$1,711.20 an ounce and the May copper contract was down almost 2.45 cents at US$2.32 a pound.

This report by The Canadian Press was first published April 20, 2020.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

 

The Canadian Press


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