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Global markets: Indian oil producers want tax tossed out

By Commodity News Service Canada

WINNIPEG, November 18 – The following is a glance at the news moving markets globally.

INDIAN OIL COMPANIES WANT TO SEE CRUDE OIL LEVY SCRAPPED
Indian oil producers want the country’s crude oil tax to be scrapped or reduced, calling it a huge burden amid low global prices.

However, removing the tax would take away from the revenue of the Indian finance ministry.

BRITISH GOVERNMENT SAYS THEY WILL BE MOVING AWAY FROM COAL POWER
The British government said it will begin to phase coal out of its energy portfolio within the next ten years.

Reliance on coal-based power will be restricted by 2023, and by 2025 the government will be closing all coal-based stations.

US HOUSING STARTS FALL
US housing starts dropped to a seven-month-low in October, the country’s commerce department says, but an increase in building permits indicates the market remains strong.

Housing starts fell by 11 per cent, to a seasonally adjusted annual pace of 1.06 million units.

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