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Global markets: Crude declines in early activity

By Commodity News Service Canada

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

– Crude oil futures declined in early activity on Wednesday, pressured by increased US inventories, market watchers say.

Ideas that OPEC (Organization of the Petroleum Exporting Countries) countries may have produced more oil than expected in November added to the downside.

– Canadian refineries received 7.1 million cubic metres of crude oil in September, down 3.1 per cent from the same month in 2015, Statistics Canada said in a report on Wednesday.

However, refinery receipts of domestic crude oil rose 1.2 per cent compared with September 2015 to 4.8 million cubic metres.

– The US Federal Reserve will be wrapping up its two day monetary policy meeting Wednesday afternoon.

Many analysts expect the Fed to raise interest rates, and will be watching to for upcoming economic assessments in light of a new US presidency.

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