TORONTO - The Canadian dollar advanced against the American currency Monday morning amid further sharp declines in the price of oil. The loonie climbed 0.1 of a cent to 102.32 cents US. Oil prices fell to below $99 a barrel Monday, extending a big loss from Friday after a report said Saudi Arabia plans to boost its crude production. The July crude contract on the New York Mercantile Exchange lost 92 cents to US$98.37 a barrel. Saudi newspaper al-Hayat reported Friday that the country will increase production 13 per cent, or about 1.14 million barrels per day, to boost global supplies and help lower prices. Earlier last week, the Organization of Petroleum Exporting Countries failed to reach consensus to raise output and left the cartel’s production quotas unchanged. Metal prices also fell for a fourth day, with the July contract on the Nymex down three cents to US$4.02 a pound. Bullion prices were also lower, down $1.30 to US$1,527.90 an ounce. Traders looked to Canadian economic data out later in the week including capacity utilization on Tuesday and manufacturing sales on Wednesday. Also, Bank of Canada governor Mark Carney will also be speaking to the Vancouver Board of Trade on Wednesday with a speech titled "Housing in Canada." The slightly positive performance in the loonie followed a slide of just over half a US cent on Friday despite positive employment data for May.

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