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Global markets: Crude kicks off 2017 by revisiting highs

By Commodity News Service Canada

WINNIPEG, January 3 – The following is a glance at the news moving markets globally.

– Crude oil futures advanced in early activity on the first trading day of the New Year. Brent crude oil touched an 18-month-high on Tuesday, underpinned by a proposed deal from OPEC (Organization of the Petroleum Exporting Countries) which came into effect on Sunday.

OPEC has agreed to reduce oil production by 1.2 million barrels per day in order to drive values for the commodity higher.

Market watchers have mixed opinions about whether or not the industry group will be able to deliver on its promise.

– President-elect Donald Trump has named his chief trade negotiator, according to reports on Tuesday.

Robert Lighthizer, a steel industry trade lawyer and former trade official under US President Ronald Reagan, is expected to become the head of the US Trade Representative office.

Trump’s inauguration is scheduled for January 20.

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