By Commodity News Service Canada
WINNIPEG, March 11 – The following is a glance at the news moving markets globally.
US IMPORT PRICES FALL FOR EIGHTH MONTH
US import prices fell for the eighth straight month in February as weaker petroleum prices weighed.
But analysts say declining import prices are slowing as the US dollar’s gains ease, and oil prices steady.
Import prices slipped 0.3 per cent last month, according to the US Labor Department.
IEA SAYS OIL PRICES MAY HAVE REACHED BOTTOM
The International Energy Agency thinks crude oil prices may have reached a bottom, according to reports on Friday.
The news propped up crude oil prices in early activity.
The agency said in a report that low crude prices were beginning to impact output outside of OPEC (Organization of the Petroleum Exporting Countries), but analysts say a heavy global glut remains.
CANADA’S EMPLOYMENT RATE HOLDS STEADY, UNEMPLOYMENT UP
Employment was virtually unchanged in February (-2,300 or 0.0 per cent) as gains in part-time work were offset by losses in full time, Statistics Canada said in a report on Friday.
According to StatsCan, the unemployment rate rose by 0.1 percentage points for the third consecutive month, reaching 7.3 per cent for the first time since March 2013.