TORONTO - The Canadian dollar was slightly higher against the U.S. currency early Wednesday amid lower prices for oil and copper. The loonie was up 0.15 of a cent to 97.98 cents US. The currency had tumbled more than a cent against its American counterpart on Tuesday as growing worries about European government debt pushed up the value of the U.S. dollar, which in turn helped send commodity prices down sharply. The U.S. dollar has been stronger over the past week on growing opinion that Ireland will need a bailout, which Dublin is resisting. European Union, European Central Bank and International Monetary Fund representatives will travel there this week to determine what to do about its troubled banks. The dollar’s safe-haven status also is being enhanced by prospects of Chinese measures to rein in price rises though it’s unclear what those might be. The greenback’s rise and prospects of a slowing Chinese economy have made sharp inroads on commodity prices over the last few sessions. Benchmark oil for December delivery was down 31 cents to $82.03, after closing just below US$88 late last week, even as the American Petroleum Institute said crude inventories fell 7.7 million barrels last week, suggesting that demand for fuel is rising. Copper prices continued to weaken, down another four cents to US$3.68 a pound. The metal’s price has plunged about nine per cent in the past week. Gold prices rose slightly with the December contract on the Nymex up $1.60 to US$1,340 an ounce.

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