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Global markets: Crude oil futures hand back gains

By Commodity News Service Canada

WINNIPEG, December 30 – The following is a glance at the news moving markets globally.

DEMAND CONCERNS SEND CRUDE OIL BACK TOWARD 11-YEAR-LOWS
In early activity on Wednesday, Brent crude oil futures moved just US$1 away from the 11-year-lows it touched last week.

Colder temperatures in the US and Europe were expected to boost demand for the commodity, but weather forecasters expect those cooler temperatures to be short-lived, which renewed demand concerns within the market.

IMF’S MANAGING DIRECTOR EXPECTS LIMITED GLOBAL GROWTH IN 2016

International Monetary Fund managing director, Christine Lagarde, said she expects global growth to be “disappointing” next year, according to reports.

Slower global trade combined with higher interest rates in the US, and weaker economic growth in China are factors to be considered in 2016, and will likely cause economic uncertainty, she said.

UKRAINIAN GOVERNMENT EXPECTED TO BAN SOME RUSSIAN IMPORTS
The Ukrainian government is expected to approve a retaliatory ban on some Russian goods on Wednesday.

The trade battle between the two countries started earlier in December when Russia’s president said he would suspend the country’s free trade zone with Ukraine.

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