Key Currency Exchange Rates for Friday, 8/18/23

American Dollar to Canadian Dollar = 0.798408; American Dollar to Chinese Yuan = 0.154750; American Dollar to Euro = 1.213423; American Dollar to Japanese Yen = 0.008996; American Dollar to Mexican Peso = 0.052110.

Oil in New York climbed 12 percent last year as the Organization of Petroleum Exporting Countries and its allies trimmed supply to reduce a global glut. U.S. crude output is also slipping from a record-high, with weekly production falling through Dec. 22 for the first time since mid-October. Any interruption to Iranian supply would be a significant shock to the market. “Geopolitical risks are clearly back on the crude oil agenda,” said Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo. “As of yet, there is no deep-seated concern for a disruption” in Iran, but if that were to happen “it would have a huge impact on global crude oil prices.” Click Read More below for additional information.

Sun Chemical has formed a Food and Nutrition Group. The recently formed group will extend existing Sun Chemical and DIC Corporation expertise in color and algae cultivation to provide coloring solutions and nutraceutical ingredients to the dietary supplement, food and beverage industries. The Food and Nutrition Group was developed as part of DIC Corporation’s vision of transforming portfolios to achieve continued future growth. The group will leverage Sun Chemical’s advanced research and development coloring expertise to support new product development initiatives for both natural and synthetic food color. The research and development team at DIC Corporation headquarters is actively working with venture capital groups in developing bio-based nutraceutical ingredients, and Sun Chemical is committed to grow the new business group and will make additional investments to accelerate its growth.