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Global markets: Hope that OPEC will cap production dwindles

By Commodity News Service Canada

WINNIPEG, MB, November 25, 2016 (CNS Canada) – The following is a glance at the news moving markets globally.

– Crude oil futures declined in early activity, with ideas that OPEC (Organization of the Petroleum Exporting Countries) producers will not be able to agree on a production cap at their next meeting.

Saudi Arabian officials are not expected to attend the meeting on Monday, which pressured the market.

If producers are not able to reach an agreement, crude oil futures could decline further, which would be bearish for the commodity-linked Canadian dollar.

– The UK’s consumer and business spending was not affected by Brexit in the third-quarter, according to reports out of the region on Friday.

Analysts say household spending increased by 0.7 per cent, while business investment advanced by 0.9 per cent, which is supportive for the economy.

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