Global markets: Tension between Iran, Saudi Arabia buoys futures

By Commodity News Service Canada

WINNIPEG, January 4 – The following is a glance at the news moving markets globally.

SAUDI ARABIA AND IRAN CUT TIES, CRUDE OIL FUTURES GAIN
Saudi Arabia, joined with Bahrain and Sudan, have cut diplomatic ties with Iran.

The news comes after Saudi Arabia executed a Shia Muslim cleric, and Iran protested with an attack on the Saudi embassy in Tehran.

Saudi Arabia is the world’s biggest oil exporter, which sent crude oil futures close to two per cent higher, as the tension between the regions could cause a supply disruption.

CANADIAN OIL SANDS URGES SHAREHOLDERS TO REJECT COMPETING BID
Canadian Oil Sands Ltd. is urging shareholders to reject a bid from rival Suncor before the offer expires on Friday, January 8, according to a press release from Canadian Oil Sands Ltd.

Suncor is a minority stakeholder in the Syncrude oil venture in Alberta. Canadian Oil Sands holds a 37 per cent stake in the project.

CHINA’S FACTORY ACTIVITY SHRANK IN DECEMBER
China’s manufacturing purchasing index shrank to 48.2 in December from 48.6 per cent in November, a private survey showed on Monday.

Figures less than 50 indicate contraction.

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