By Commodity News Service Canada
WINNIPEG, Nov. 16, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.
Jason Kenny, leader of the United Conservative Party, and the biggest political rival to Alberta’s premier, has announced that he doesn’t support a government-mandated cut in crude production; instead he would rather see a market-based solution to the problem. Alberta’s heavy crude hit a record low Thursday amid a supply glut. While Premier Rachel Notley hasn’t ruled out a supply cut, she has called for more rail cars to ship oil and said other steps could be coming.
While United States President Donald Trump didn’t attend this week’s summit of Asian nations in Singapore, his influence was still felt among those attending. There were warnings about how the trade war between the U.S. and China could trigger a “domino effect” of protectionism in other countries. The Asian nations did still however forge on with making multilateral trades ties in amongst themselves, including with China.