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Global Markets: Mexico reeling from earthquake

By Commodity News Service Canada

Sept. 20 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Rescue workers continue to dig through rubble looking for possible survivors, following a magnitude 7.1 earthquake that toppled hundreds of buildings mostly in Mexico, mainly in Mexico City. Currently, the quake has killed at least 217 people.

– Oil prices appear on the rise and many analysts are expecting large increases for this financial third quarter upon a statement from Iraq’s oil minister. Jabar al-Luaibi said OPEC nations are pondering an extension to production cuts now in force, or a deepening of the cuts. The benchmark Brent crude prices was US$55.66 per barrel this morning. WTI crude was US$49.97.

– Hurricane Maria is headed for Puerto Rico after hitting St. Croix in the U.S. Virgin Islands yesterday. It is the second Category 5 storm to hit the Caribbean in two weeks, as many areas are still reeling from Hurricane Irma. Category 5 is the strongest possible rating, and such storms are usually rare events. Maria has been downgraded to Category 4 as it approaches Puerto Rico.

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