(RTTNews) - In early European deals on Tuesday, the Canadian dollar extended its Asian session's uptrend against the greenback and the yen as the crude oil prices rose above $49 per barrel today.
U.S. crude climbed 84 cents to $49.25 a barrel by 6:02 am ET, having earlier climbed more than $1 to as high as $49.46. London Brent crude rose $1.09 to $49.08.
Oil's more than 9 percent rally in March has been prompted by a rally stock markets and lower oil supplies as the Organization of the Petroleum Exporting Countries cuts production.
The price is still down nearly $100 from the record high reached last year because the global economic crisis has eroded oil demand. Worldwide, demand is expected to contract in 2009 for a second consecutive year.
On the other hand, Canadian dollar fell to near a 3-month low against the aussie and a 4-day low against the euro.
