By Commodity News Service Canada
WINNIPEG, February 24 – The following is a glance at the news moving markets globally.
SAUDI OIL MINISTER RULES OUT PRODUCTION CUT
Crude oil futures fell in early activity on Wednesday, as Saudi Arabia’s oil minister ruled out an oil production cap, despite a supply glut.
However, the oil minister added that OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC countries will be meeting next month to discuss a potential production freeze.
DROUGHT-HIT SOUTH AFRICA TO INCREASE CORN IMPORTS
Early estimates peg this year’s corn imports at R19 billion or US$1.2 billion, compared with R2 billion last year.
US FEDERAL RESERVE OFFICIAL SAYS OUTLOOK UNCERTAIN
US Federal Reserve vice chairman, Stanley Fischer, said Fed officials do not yet know what course of action they will take at their next meeting, according to reports on Wednesday.
Fischer said recent turbulence in financial markets could indicate tightening financial conditions, but added that markets have seen similar volatility in previous years.