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Global markets: Group expects oil will not stabilize until 2017

By Commodity News Service Canada

WINNIPEG, February 22 – The following is a glance at the news moving markets globally.

ENERGY ASSOCIATION EXPECTS OIL MARKET TO REBALANCE IN 2017
The International Energy Association (IEA) expects the global oil market to start stabilizing in 2017, according to reports on Monday.

The IEA said output and demand will align in 2017, but added that high global supplies will keep a lid on prices.

EURO ZONE’S PRIVATE BUSINESS SECTOR LAGS
The euro zone’s private business growth fell to a 13-month-low in February as activity slowed in Germany and France.

Markit’s Composite Flash Purchasing Managers’ Index for the euro zone fell to 52.7 from 53.6 in January, according to reports on Monday.

CANADA’S NEW HOUSING CONSTRUCTION GAINS IN DECEMBER
Spending on new residential building construction totalled C$3.9 billion in December, up 4.8 per cent from the same month a year earlier, Statistics Canada said in a report on Monday.

The increase at the national level came mainly from higher investment in apartment and apartment-condominium building construction, up 23.9 per cent year over year to C$1.4 billion. Spending on row house construction also contributed to the advance, up 3.4 per cent to C$348 million.

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