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Global markets: Lower exports pressure US economic growth

By Commodity News Service Canada

WINNIPEG, MB, January 27, 2017 (CNS Canada) – The following is a glance at the news moving markets globally.

– Weaker exports caused US economic growth to slow in the fourth quarter, notching a 1.9 per cent growth at an annual rate, which compares with the third quarter when growth hit 3.5 per cent.

In total, the US economy grew 1.6 per cent in 2016, reports out of the country say, which is the slowest pace since 2011.

– Crude oil futures declined in early activity on Friday, pressured by increased output from the US.

The International Energy Agency expects US crude oil production to grow by 320,000 barrels per day (bpd) in 2017 to an average of 12.8 million bpd.

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