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Global Markets: Crude oil under pressure

By Commodity News Service Canada

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

– Rogers Communications is reporting a significant gain. The company added 93,000 new wireless contracts in the second-quarter, which surpassed expectations. The company also recorded a 35 per cent increase in quarterly income.

– Crude oil prices are under pressure after a new report projects a rise in OPEC production, despite a recent plan to limit oil exports. According to Petro-Logistics, crude production will increase by 145,000 barrels per day in July. If that forecast holds it would take OPEC’s combined output above 33 million barrels a day.

– Samsung has announced August 23 as the date it will launch its new Galaxy Note 8 smartphone. Following the launch, the phone will be shipped to the US, Europe and China for sale in the fall.

– Toronto-based Hydro One is poised to take over US energy giant Avista Corp. The deal will create one of the biggest utility companies in North America. The agreement is reported to be worth C$6.7 million.

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