Global markets: Crude falls with ideas of non-OPEC production increase

By Commodity News Service Canada

WINNIPEG, January 9 – The following is a glance at the news moving markets globally.

– Crude oil futures dropped in early activity, as US production could undermine OPEC(Organization of the Petroleum Exporting Countries) efforts to scale back supplies.

On Friday analysts said they expect the US rig count to increase this year, alongside North American crude production, which is bearish.

Those increases could offset OPEC’s plan to decrease supplies of the commodity by reducing output by 1.2 million barrels a day from global oil production. Non-OPEC member Russia is also included in the proposed production reduction.

– In Canadian farming prices, the price of hogs in Manitoba was C$60.69 per hundredweight in November, down 6.2 per cent from October and down 11.4 per cent from November 2015 when the price was $68.53.

The price of soybeans in Quebec was C$490.80 per tonne in November, up 1.3 per cent from October and up 10.3 per cent from November 2015 when the price was C$445.00, Statistics Canada said in a report on Monday.

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