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Global markets: Oil producers talk output stability

By Commodity News Service Canada

WINNIPEG, September 19 – The following is a glance at the news moving markets globally.

OPEC, NON-OPEC COUNTRIES CLOSE TO REACHING DEAL
Venezuela’s President, Nicolas Maduro, has said oil producing countries are close to reaching a deal which will stabilize output, according to reports on Monday.

The deal will include OPEC and non-OPEC producers, and more information is expected to be announced later into September.

US FEDERAL RESERVE MEETING TO START TOMORROW
Officials at the US Federal Reserve will be meeting from September 20 to the 21 to discuss a rate hike.

Market watchers say policymakers are split on whether to raise interest rates or hold them steady.

CANADIAN CONSUMER SPENDING UP IN 2015
Consumers spent C$513.4 billion in retail stores in 2015, up 1.7 per cent from 2014. Gains were reported in 9 of 11 subsectors and in seven provinces, Statistics Canada said in a report on Monday.

As in 2014, motor vehicle sales represented the largest share of total retail sales, followed by food. In 2015, growth in sales of used motor vehicles was greater than the gain in sales of new motor vehicles.

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