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Global markets: Crude oil futures plunge on Iran concerns

By Commodity News Service Canada

WINNIPEG, January 15 – The following is a glance at the news moving markets globally.

CRUDE OIL FUTURES NOSE-DIVE IN EARLY ACTIVITY
Crude oil futures plummeted in early activity on Friday, with New York Mercantile futures falling below US$30 a barrel, as market watchers expect Iran to add more crude oil to an already oversupplied market.

The drop in crude oil prices also pressured currency-linked commodities like the Canadian dollar.

BRAZIL’S ECONOMIC ACTIVITY SLOWS FOR NINTH CONSECUTIVE MONTH

Brazil’s economic activity slowed in November, for the ninth month in a row according to reports out of the country.

The country’s economic activity index in farming, industry and service sectors fell 0.52 per cent from October to November, according to the Brazilian central bank.

CANADA’S NEW LENDING SERVICES PRICE INDEX INCREASES
The New Lending Services Price Index increased by 3.4 per cent in the third quarter, following a 4.7 per cent decline the previous quarter, Statistics Canada said in a report on Friday.

According to StatsCan, the index was up 12.8 per cent in the third quarter compared with the same quarter in 2014. Recent changes in the index were driven primarily by fluctuations in the overnight money market financing rate as well as variations in yields on Government of Canada securities.

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