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Global markets: Crude oil futures near 2003 low

By Commodity News Service Canada

WINNIPEG, January 21, 2016 (CNS Canada) – The following is a glance at the news moving markets globally.

CRUDE OIL FUTURES MOVE NEAR 13-YEAR-LOW
Crude oil futures moved near levels not seen since 2003 in early activity on Thursday, as high global supplies pressured the market.

Market watchers expect producers are outstripping demand by one to two million barrels a day, which is one source of the pressure on prices.

China’s softening economy also indicates the potential for less demand for crude oil.

WORLD BANK SAYS GLOBAL GROWTH WILL IMPROVE, POST COMMODITY-SLUMP
The World Bank’s chief economist, Kaushik Basu, said he expects global growth will continue, after commodity prices stabilize.

Earlier in January the World Bank cut its global growth outlook for 2016 from 3.3 per cent to 2.9 per cent.

Basu added that the World Bank still expects a small amount of global growth this year, and named India as a strong emerging market.

EUROPEAN CENTRAL BANK HOLDS INTEREST RATES STEADY
The European Central Bank held interest rates steady at a record low on Thursday.

However analysts say turbulence throughout the end of 2015 and into 2016 indicate the ECB will take some kind of action.

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