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Global Markets: OPEC meets in Russia

By Commodity News Service Canada

WINNIPEG, July 24, CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– OPEC and other large oil producing non-OPEC members met in St. Petersburg, Russia today to discuss cuts to production. Saudi Arabia promised to cap oil exports at 6.6 million barrels a day in August. However, Libya and Nigeria both intend to increase output. Crude oil values were slightly higher early Monday.

– Canada’s wholesale trade increased by 0.9 per cent in May, hitting a record C$61.6 billion, according to a report from Statistics Canada. Six of seven subsectors were up, with only ‘machinery, equipment, and supplies’ down 0.3 per cent on the month.

– Jared Kushner, son-in-law of US President Donald Trump and a senior advisor in the White House said in a written statement that he “did not collude” with Russia.

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