Oil settled lower but U.S. Gulf Coast’s refineries gradual restart is somehow improving demand

Oil futures edged down on Thursday but the demand in the stateside was slowly improving as facilities in the Gulf Coast are recovering from Hurricane Harvey which cause a significant reduction of refining capacity measured at approximately 20 percent, or 3.8 million daily barrels.

Global benchmark for oil prices Brent crude futures lost 8 cents and were traded at $54.12 per barrel. Despite that, Brent still remains close to a three-week high it touched last session. U.S. West Texas Intermediate (WTI) crude prices decreased by 4 cents closing at $49.12 per barrel.

Canadian dollar edges up against the US dollar after a surprise rate hike by the Bank of Canada

The Canadian dollar touched its best level since June 2015 against the U.S. dollar following the Bank of Canada’s unexpected interest rate hike on Thursday.

The Bank of Canada lifted rate by 25 basis points to one percent on the previous day. This came in as a surprise to many as it might open the way to another rate hike this year.

The Canadian loonie was traded at C$1.2238 a U.S. dollar after it touched a two-year high of C$1.2140 on Wednesday.

Meanwhile the greenback rose by 0.2 percent against the Japanese yen at 109.07 as it was given a lift by the surprise deal of U.S. President Donald Trump with the Democrats regarding prolonging the debt ceiling.

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