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Global markets: US may sell crude stocks

By Commodity News Service Canada

WINNIPEG, May 23 – The following is a glance at the news moving markets globally.

– Crude oil futures dropped in early activity on Tuesday, pressured by ideas that the US will begin selling off its stockpiles of the commodity.

US President Donald Trump’s proposed budget includes selling the country’s reserve crude, which is bearish for prices, reports say.

However, the budget has yet to be approved by Congress.

– Canada’s wholesale sales rose 0.9 per cent in March and surpassed the C$60 billion mark for the first time. Gains were recorded in four of seven subsectors, accounting for 60 per cent of total wholesale sales, and were led by the building material and supplies subsector, Statistics Canada said in a report on Tuesday.

In the first quarter of 2017, wholesale sales were up 3.6 per cent from the fourth quarter of 2016. This was the highest quarterly change since the second quarter of 2008.

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