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Global Markets: OPEC mulls extending oil deal

By Commodity News Service Canada
Nov. 8 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– One of the world’s largest pharmaceutical companies is enjoying a healthy boost to its stock price. Shares of Valeant Pharmaceuticals International Inc. rose more than 17 percent after it announced a US$1.3 billion profit yesterday. The company says increased revenue from its Bausch + Lomb holdings contributed to the financial boost.

– One of Canada’s largest energy companies saw a dip in profits during the most recent quarter. Encana says its third-quarter net earnings were C$294 million, down from C$317 a year earlier. Despite the decline the company says it is still on track to meet or beat its 2017 targets.

– There appears to be a growing push to extend a deal that limits the amount of oil produced around the world. The Organization of the Petroleum Exporting Countries (OPEC) has cut oil output by 1.8 million barrel a day in a bid to raise prices. The group will meet on November 30 to discuss whether or not to extend the deal that is scheduled to run out in March.

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