India, Dec. 5 -- The Canadian dollar drifted higher against its major counterparts in early New York deals on Thursday amid higher oil prices, as the OPEC meets in Vienna to discuss steeper production cuts to reduce supply glut in the market.
Crude for January delivery rose $0.26 to $58.69 per barrel.
Sources say that Saudi Arabia and Venezuela are proposing additional production cuts of 500,000 barrels per day from their current level of 1.2 million bpd.
If agreed, the output quota would be raised to 1.7 million barrels from 1.2 million barrels.
On Friday, the cartel will hold a meeting with Russia and other producers, a group known as OPEC+
A report from the Energy Information Administration released on Wednesday showed a steeper tha...