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Global markets: Crude oil futures fall once again

By Commodity News Service Canada

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

CRUDE OIL FUTURES FALL FOR SEVEN STRAIGHT SESSIONS
Monday marked crude oil’s longest losing streak since 2014 as the commodity fell seven sessions in a row.

Brent crude oil futures and West Texas Intermediate have both fallen every day after a meeting from Organisation of Petroleum Exporting Countries (OPEC).

OPEC members were not able to agree on an output ceiling, so they abandoned it altogether.

ANALYSTS EXPECT LOW OIL PRICES TO WEIGH ON MIDDLE EAST ECONOMIES
In an analyst survey taken before the most recent round of blows to crude oil prices, 81 per cent of financial analysts said they expect low crude oil prices will have a negative impact on countries in the Gulf Cooperation Council.

INDIA’S ECONOMIC GROWTH MIXED ACROSS SECTORS
India’s GDP grew 7.4 per cent last quarter, but reports out of the country say some sectors are improving better than others—indicating moderate rather than rapid growth.

Analysts say India’s tax collection is in line with GDP growth, but exports have lagged, falling about 17.6 in the time between April and October, compared with the same time frame the year prior.

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