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Global markets: China increases oil imports from Russia

By Commodity News Service Canada

WINNIPEG, February 23 – The following is a glance at the news moving markets globally.

CHINA FAVOURS RUSSIAN OIL IN JANUARY
China imported 15 per cent more oil from Russia in January, according to reports on Tuesday, while imports from Saudi Arabia lagged.

Beijing bought 3.36 million tonnes of crude oil from Russia in January, and 4.23 million tonnes from Saudi Arabia, which is down from 4.47 million tonnes in December.

GERMANY’S EXPORTS FALL FOR FIRST TIME SINCE 2012
Germany’s exports have slumped for the first time since 2012, as global economic slowdown has taken a toll, analysts say.

Germany’s exports fell 0.6 per cent in the fourth quarter, after growth of 1.5 per cent, 1.8 per cent and 0.3 per cent in the previous three quarters.

WORLD ECONOMY TO SEE TEPID RECOVERY: IMF
The world economy will likely grow by about three per cent in 2016, according to International Monetary Fund (IMF) chief Christine Lagarde.

Lagarde added that global growth would be tepid, after a 3.1 per cent increase last year.

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