Glacier FarmMedia COVID-19 & the Farm

Global markets: Crude oil futures sink further

By Commodity News Service Canada

WINNIPEG, December 11 – The following is a glance at the news moving markets globally.

CRUDE OIL FUTURES TOUCH SEVEN-YEAR LOW ON FRIDAY
Brent crude oil futures fell below US$39 Friday morning, the lowest level seen since 2008.

The depreciation came as the International Energy Association said it expects the crude oil supply glut will extend on sluggish demand.

UK’S ECONOMY ‘VERY STRONG’ ACCORDING TO IMF
The International Monetary Fund (IMF) called the UK’s economic growth “very strong,” in a recent report, but noted that rising household debt is a risk for the region.

The IMF also said in the report that it expects the UK’s economy to continue growing.

TURKEY’S ECONOMY GAINS IN THIRD-QUARTER
Turkish economy grew by four per cent in the third quarter, which topped the high end of analyst projections of 2.8 per cent.

The growth was caused by gains in agriculture, according to reports out of the country.

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