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Global markets: US labour force holds strong ahead of holidays

By Commodity News Service Canada

WINNIPEG, December 29 – The following is a glance at the news moving markets globally.

– US jobless claims in the week ending December 24 fell a seasonally adjusted 10,000 to sit at 265,000, data from the country’s labour department says.

Last week marks the 95th consecutive week jobless claims have been below 300,000, which indicates a healthy labour market, analysts say.

– Purchases of Iranian oil from key Asian buyers doubled from year-ago levels, reports say.

China, India, South Korea, and Japan, Asia’s top four buyers, purchased 1.94 million barrels per day in November, which is a 117 per cent increase from the same month in 2015, market watchers say.

Iran will not be participating in the OPEC (Organization of the Petroleum Exporting Countries) production output cut, which aims to reduce output by 1.2 million barrels per day as of January 1, 2017.

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