Global markets: Oil expected to decline for third week

By Commodity News Service Canada

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

OIL FUTURES EXPECTED TO SEE THIRD WEEK OF DECLINES
Crude oil futures were stronger in early activity on Friday, but investors expected oil futures to decline on the week—for the third week in a row.

Analysts say that is the longest string of declines crude oil has seen in four months, as the commodity has been pressured by high global supplies.

CANADA’S WHOLESALE TRADE DECLINES FOR FOURTH CONSECUTIVE MONTH

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Wholesale sales declined 0.6 per cent to C$54.7 billion in October, a fourth consecutive decrease. Declines were recorded in four subsectors, led by lower sales in the food, beverage and tobacco and the motor vehicle and parts subsectors, Statistics Canada said in a report on Friday.

According to StatsCan, in volume terms, wholesale sales decreased 0.6 per cent in October.

ARGENTINA LIFTS CONTROLS ON CURRENCY
Argentina’s finance minister said he would lift restrictions on buying US dollars, allowing the peso to float freely.

Argentina has inflation near 25 per cent a year, and fiscal deficit is expected to reach seven per cent of the country’s GDP.