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Global markets: Crude advances sharply

By Commodity News Service Canada

WINNIPEG, May 15 – The following is a glance at the news moving markets globally.

– Crude oil futures advanced to a two-week high on Monday, underpinned by a production cap extension.

Officials from Russia and Saudi Arabia issued a statement saying they will be backing a nine-month extension of the production caps currently in place from OPEC (Organization of the Petroleum Exporting Countries).

– Canadian refineries received 7.8 million cubic metres of crude oil in February, up 7.1 per cent from the same month in 2016, Statistics Canada said in a report on Monday.

Domestic crude oil receipts decreased 3.9 per cent compared with February 2016 to 5.0 million cubic metres.

Crude oil imports increased 34.9 per cent from February 2016 to 2.8 million cubic metres. Imports represented 35.6 per cent of total crude oil received at refineries in Canada, StatsCan said.

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