Global markets: China’s imports and exports slump, except crude

By Commodity News Service Canada

WINNIPEG, December 8 – The following is a glance at the news moving markets globally.

CHINA’S IMPORTS MOSTLY LOWER, EXCEPT CRUDE OIL
China’s imports and exports dragged once again in November, according to data from the country, excluding crude oil.

Imports declined 8.7 per cent, while exports were 6.8 per cent slower, but crude oil imports gained 8.7 per cent from the same time frame the previous year.

BRENT FALLS TO SIX-YEAR LOW ON OPEC DECISION
London-based Brent crude oil fell to a six-year low in light of a decision from the Organization of the Petroleum Exporting Countries (OPEC). Contracts fell 5.3 per cent on Monday, and then an additional 1.4 per cent on Tuesday.

OPEC members could not agree on a production cap in their meeting on Friday, which caused concern about producers adding to an already over-supplied market.

RUSSIA’S MOTOR VECHICLE SALES DECLINE
Russia’s motor vehicle sales fell 34.5 per cent year-on-year for the months January to November, according to reports out of the country.

Sales fell to 1.45 million units, the Association of European Businesses Automobile Manufacturers Committee said on Tuesday.

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