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Global markets: Crude oil starts week higher

By Commodity News Service Canada

WINNIPEG, December 5 – The following is a glance at the news moving markets globally.

– Crude oil futures advanced in early activity on Monday, moving above US$50 a barrel.

The market has been propped up in recent sessions by a deal inked by OPEC (Organization of the Petroleum Exporting Countries) members to cut production.

There will be an OPEC and non-OPEC meeting later this week.

– Egypt has increased its customs duties on more than 300 items, according to reports out of the country on Monday. The increase, which is the second this year, was put in place to spur domestic production.

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