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Oil Price Soar, Boosting Canadian Dollar

UM Editor

August 27, 2024 at 11:22 am

On Monday, oil price surged 2.92%, closed at $77.10 per barrel, marking its largest gain in two weeks. This surge was primarily driven by the Libyan government’s declaration of force majeure on all oil facilities in Benghazi, which threatens to significantly disrupt global oil supply.

(US Oil Daily Price Chart)

In addition, rising tensions in the Middle East contributed to the price rise. Following Sunday’s conflict between Hezbollah and Israel, the situation remains volatile where Hezbollah launched a major drone and rocket assault on Israel, and Israel responded with air strikes on Lebanon destroying numerous rocket launchers.

The Canadian Dollar also gained momentum, bolstered by oil’s role as a key export for Canada. As a result, the USD/CAD pair fell by 0.17%, closing at 1.3485, reaching its lowest level in five months.

(USD/CAD Daily Price Chart)

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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