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Global markets: Iran restores bearish tone to crude market

By Commodity News Service Canada

WINNIPEG, March 14 – The following is a glance at the news moving markets globally.

IRAN NOT EXPECTED TO JOIN CRUDE FREEZE
Crude oil futures fell Monday morning, as Iran stifled investor optimism for a crude output freeze meeting later in the spring.

Iran said the country would only join an output freeze once they started producing four million barrels a day, according to reports on Monday.

Iran’s production is near 2.8 million barrels per day, market watchers say.

OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC members are expected to meet mid-April to discuss an output freeze.

US FEDERAL RESERVE TO MEET THIS WEEK
Officials from the US Federal Reserve are set to meet this this week, but most analysts don’t expect an interest rate increase, at least this month.

However, many analysts expect the Fed will increase interest rates in the summer, as US inflation and workforce growth have been strong despite economic concerns in other countries.

CANADIAN REFINERIES RECEIVED LESS CRUDE IN DECEMBER
Canadian refineries received 7.8 million cubic metres of crude oil in December, down 12.5 per cent from the same month in 2014, Statistics Canada said in a report on Monday.

According to StatsCan, over the same period, refinery receipts of domestic crude oil decreased 11.3 per cent to 5.6 million cubic metres.

Crude oil imports declined 15.4 per cent to 2.2 million cubic metres in December and accounted for 27.9 per cent of total crude oil received at refineries in Canada.

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