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Global markets: Crude oil futures lower ahead of OPEC data

By Commodity News Service Canada

WINNIPEG, February 13 – The following is a glance at the news moving markets globally.

– Crude oil futures declined in early activity on Monday, pressured by strong US production and trader positioning ahead of an announcement from OPEC (Organization of the Petroleum Exporting Countries.)

American oil drillers have brought the country’s rig count up to 591 rigs, according to reports out of the country, which is the highest since October 2015.

OPEC will be releasing its first report on its output production cap on Monday.

– The euro zone’s economic growth is expected to be slower this year, data from the European Commission said on Monday.

Growth in the 19 euro-using countries is expected to be 1.6 per cent in 2017, compared with the previous year’s 1.7 per cent.

Uncertainty about global relations and policy under US President Donald Trump, and upcoming new leadership in Germany and France, combined with Brexit are all expected to add to the slower growth.

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