By Commodity News Service Canada
WINNIPEG, December 12 – The following is a glance at the news moving markets globally.
– Officials from the US Federal Reserve are meeting this week. Many analysts expect the Fed will be raising interest rates before president-elect Donald Trump is inaugurated, according to reports out of the country on Monday.
The current target is between 0.25 per cent and 0.5 per cent, and is expected to rise to a range of 0.5 per cent and 0.75.
While analysts say a rate hike has already been priced into US markets, the greenback was lower in early activity.
– Crude oil futures continued to advance on Monday, continuing to advance with support from an output cut.
Saudi Arabian official have said the country may cut output more than previously proposed, which was bullish for values as Saudi Arabia is the top producer.
New York Mercantile crude oil futures advanced more than four per cent in early activity on Monday.