Global Markets: OPEC mulls extending oil deal

By Commodity News Service Canada
Nov. 8 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– One of the world’s largest pharmaceutical companies is enjoying a healthy boost to its stock price. Shares of Valeant Pharmaceuticals International Inc. rose more than 17 percent after it announced a US$1.3 billion profit yesterday. The company says increased revenue from its Bausch + Lomb holdings contributed to the financial boost.

– One of Canada’s largest energy companies saw a dip in profits during the most recent quarter. Encana says its third-quarter net earnings were C$294 million, down from C$317 a year earlier. Despite the decline the company says it is still on track to meet or beat its 2017 targets.

– There appears to be a growing push to extend a deal that limits the amount of oil produced around the world. The Organization of the Petroleum Exporting Countries (OPEC) has cut oil output by 1.8 million barrel a day in a bid to raise prices. The group will meet on November 30 to discuss whether or not to extend the deal that is scheduled to run out in March.

explore

Stories from our other publications