Global markets: Crude prices rise

By Commodity News Service Canada

WINNIPEG, March 18 – The following is a glance at the news moving markets globally.

CRUDE OIL PRICES EXTEND FOUR-WEEK RALLY
Crude oil prices were set for a four-week rally in early activity on Friday, propped up by seasonal demand and a weaker US dollar.

Prices have more than doubled the 12-year-lows seen in December, as traders entertain the idea that Organization of the Petroleum Exporting Countries (OPEC) could introduce a production freeze.

CHILE’S ECONOMY GROWS, BUT SLOWLY

Gross domestic product grew 1.3 per cent from the same time frame the year prior, analysts cited as two years of weak growth was and declines in manufacturing as factors.

FRANCE CUTS MALAYSIAN PALM OIL TAX
French officials have voted to slash a tax on Malaysian palm oil, swayed by protests by Malaysia and Indonesia.

However, lawmakers voted to introduce a 30 euro surtax per-tonne for next year (in addition to an existing levy.)

The proposed surtax will be discussed further in senate.

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