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Global markets: Crude oil sheds 3 per cent in early activity

By Commodity News Service Canada

WINNIPEG, January 25 – The following is a glance at the news moving markets globally.

CRUDE OIL FUTURES HAND BACK GAINS AS IRAQ ANNOUCES PRODUCTION
Crude oil futures dropped three per cent in early activity on Monday, pressured by record-high production from Iraq.

Iraq’s December oil production reached more than four million barrels a day in some regions, which is a record high for the country, and bearish news for an already over-supplied market.

RUSSIA’S ECONOMY CONTRACTS WITH WEAK CRUDE OIL PRICES
Russia’s economy contracted 3.7 per cent in 2015, according to reports, mostly due to weaker crude oil prices.

Last year’s economic performance was the worst seen since 2009, and the ruble has lost seven per cent against the US dollar since the start of 2016.

US BLIZZARDS CAUSE MULTI-BILLION DOLLAR ECONOMIC LOSSES
Blizzards across the east coast of the US will likely cause multi-billion dollar losses, according to reports out of the country.

Damaged structures, including homes and businesses, and vehicles attributed to part of the damage.

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