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Global markets: US crude stocks gain

By Commodity News Service Canada

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

CRUDE OIL STOCKS RISE, PRICES MOVE LOWER
Crude oil prices declined in early activity on Thursday, as the Energy Information Administration (EIA) released data showing an increase in crude oil stocks.

US commercial crude oil inventories gained by 2.5 million barrels in the week ending August 19, the EIA said in a report.

The report also noted that US crude oil inventories are at historically high levels, considering the time of year.

SPAIN’S GDP FALLS FROM YEAR-AGO LEVELS
Spain’s gross domestic product was slightly slower when compared with year-ago levels in the second-quarter, according to reports out of the country on Thursday.

Spain’s GDP grew at a pace of 0.8 per cent quarter-on-quarter, one per cent slower when compared with the same quarter the previous year.

CANADIAN PAYROLL EARNINGS INCREASE IN JUNE
Average weekly earnings of non-farm payroll employees were C$958 in June, up 0.4 per cent from the previous month. Compared with 12 months earlier, average weekly earnings increased 0.5 per cent, Statistics Canada said in a report on Thursday.

The change in weekly earnings reflects a number of factors, including wage growth, changes in the composition of employment by industry, occupation, and level of job experience, as well as average hours worked per week.

Non-farm payroll employees worked an average of 33.0 hours per week in June, up from 32.9 hours per week in May and unchanged from 12 months earlier.

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