Global markets: Crude supply glut moves back to forefront

By Commodity News Service Canada

WINNIPEG, May 3 – The following is a glance at the news moving markets globally.

CRUDE LOSES MORE THAN ONE PER CENT IN EARLY ACTIVITY
Crude oil futures fell about 1.3 per cent in early activity on Tuesday, ahead of data from the Energy Information Administration on Wednesday, which is expected to show high supplies.

Some analysts say the market may have topped out.

STOCKS FALL ON CHINESE DATA
US stocks fell in early activity on Tuesday, as economic data from China pressured markets.

Manufacturing activity at China’s factories fell for the 14th consecutive month in April, according to reports.

AUSTRALIA’S IRON ORE, NATURAL GAS EXPORTS EXPECTED TO RISE
Australia’s mining exports are expected to increase this year, according to reports out of the country.

Iron ore and natural gas exports are expected to gain by seven per cent in 2016/17, federal analysts say, anticipating another 7.5 per cent increase in 2017/18.

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