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Global markets: Oil prices hit 11-year-low

By Commodity News Service Canada

WINNIPEG, December 21 – The following is a glance at the news moving markets globally.

OIL FUTURES FALL TO 11-YEAR-LOW
On Monday Brent crude oil futures fell to levels not seen since 2004.

Oil production is high in the midst of a global supply glut, which is driving prices lower.

The downtrend in oil prices started when the Organisation of Petroleum Exporting Countries, decided to keep its current policy—compensating for lower prices with higher production.

BRAZIL POSTS NOVEMBER CURRENT ACCOUNT DEFICIT

Brazil’s 12-month account deficit through November was at
$68 billion, which is the equivalent of 3.7 per cent of the country’s gross domestic product.

In November, Brazil released its current account deficit for the stretch between January and October, which came in at $53.48 billion, down 35.8 per cent from the same time frame the year prior.

CHINA SAYS IT WILL PROVIDE POLICY SUPPORT TO ECONOMY
According to reports out of China, the government is planning on making its monetary policy more flexible.

China’s government is also planning on expanding its budget deficit in 2016 to support a slowing economy.

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