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Global markets: Oil hits fresh highs on anticipated cooperation

By Commodity News Service Canada

WINNIPEG, August 17 – The following is a glance at the news moving markets globally.

CRUDE PRICES GAIN
Crude oil prices notched a fresh five-week high on Tuesday, as OPEC (Organization of the Petroleum Exporting Countries) may start cooperating on production output.

Analysts say Saudi Arabian officials have expressed interest in higher crude oil prices, and Russia has joined market talks.

US MORTGAGE APPLICATIONS FALL TO SIX-MONTH LOW
Applications for US mortgages have fallen to a six-month-low, according to reports out of the country on Wednesday.

An industry group, which measures housing sales, said mortgage activity fell four per cent in the week ending August 12.

SOUTH KOREA DOUBLES IRANIAN CRUDE IMPORTS
South Korea has more than doubled its imports of Iranian crude oil in the second-quarter, according to reports on Wednesday.

International sanctions against the Middle East had been lifted this year, market watchers say, which contributed to the advances.

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