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Global Markets: India increases oil imports from Middle East

By Commodity News Service Canada

WINNIPEG, February 19 – The following is a glance at the news moving markets globally.

INDIA’S CRUDE IMPORTS FROM SAUDI ARABIA, IRAQ REACH 10-YEAR HIGH
India’s oil imports from Saudi Arabia and Iraq hit the highest in more than a decade in January, according to reports on Friday.

Saudi Arabia supplied the most oil in January, up 29 per cent from the previous month at almost 940,000 barrels per day, while Iraq’s supplies to the country were up 52 per cent at 930,000 barrels per day.

OIL PRICES SET FOR FIRST WEEKLY GAIN IN FEBRUARY
Despite losing ground in early activity on Friday, analysts expect crude to see its first weekly gain in February.

The commodity has been propped up on the week by oil freeze talks, but heavy production tempered gains.

CANADA’S CONSUMER PRICE INDEX RISES
Canada’s Consumer Price Index (CPI) rose two per cent in the 12 months to January, after increasing 1.6 per cent in December, Statistics Canada said in a report on Friday.

According to StatsCan, January gasoline prices were up on a year-over-year basis for the first time since October 2014; this occurred despite a monthly decline of six per cent.

The upward contribution of gasoline to the change in the CPI closed the gap between the all-items CPI and the all-items CPI excluding gasoline.

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