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Global markets: OPEC upwardly revises crude supply projections

By Commodity News Service Canada

WINNIPEG, September 12 – The following is a glance at the news moving markets globally.

OPEC EXPECTS SURPLUS, CALLS ATTENTION TO RATE HIKE
Crude oil supplies are likely to be higher than previously thought in 2016 and 2017, OPEC (Organization of the Petroleum Exporting Countries) said in its monthly report, which was released on Monday.

The organization also noted that a potential interest rate hike from the US Federal Reserve could put further downward pressure on the crude oil market.

GERMANY’S ECONOMIC GROWTH EXPECTED TO BE SLOWER THROUGHOUT 2016

German economic growth is expected to move at a slower pace in the second half of 2016, according to reports on Monday.

The country’s economic output gained by 0.4 per cent in the second-quarter, after a 0.7 per cent increase in the first-quarter, analysts say.

Brexit was cited as one potential cause of slower economic growth.

CANADIAN RETAIL SALES STEADILY GAIN
Total retail sales of clothing, footwear and accessories have steadily increased since 2004, reaching C$41.9 billion in 2015. Women’s clothing and accessories were the leading commodity group, recording C$17.0 billion in sales in 2015, followed by men’s clothing and accessories (C$9.4 billion), footwear (C$7.1 billion), and luggage and jewellery (C$4.4 billion), Statistics Canada said in a report on Monday.

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