Oil Futures Settle Sharply Lower On Demand Worries

Who are the key players in the Derek Chauvin trial?

By Marie Fazio

New Zealand Central Bank Keeps Policy Unchanged

New Zealand’s central bank left its monetary policy unchanged on Wednesday, as widely expected, and agreed to cut its interest rates further if required as the economic outlook remains highly uncertain.

The Monetary Policy Committee of the Reserve Bank of New Zealand decided to keep the Official Cash Rate at 0.25 percent and the Large Scale Asset Purchase at NZ$100 billion. The Funding for Lending programmes were also kept unchanged.

The committee agreed to retain its current expansionary monetary setting until consumer price inflation will be sustained at the 2 percent target, and that employment is at or above its maximum sustainable level.

The MPC said it is prepared to lower the benchmark rate if required.

The committee observed that short-term data continues to be highly variable as a result of the economic impacts of COVID-19.

Over the medium-term, the outlook remains highly uncertain, determined in large part by both health-related restrictions, and business and consumer confidence, the MPC said.

Although disruptions to global supply chains and higher oil prices are leading to specific near-term price pressures, the medium-term inflation and employment would likely remain below its target in the absence of prolonged monetary stimulus.

“If the economy continues to improve as we anticipate, we suspect the Bank may end its purchases altogether around the end of this year” Ben Udy, an economist at Capital Economics, said. The economist expects the central bank to raise rates towards the end of next year.

European Super League: Chelsea preparing documents to formally withdraw from competition, Sky News understands

Chelsea are preparing documents to formally withdraw from the European Super League, Sky News understands.

European Economics Preview: Eurozone Industrial Output Data Due

Industrial production from euro area is due on Wednesday, headlining a light day for the European economic news.

At 3.00 am ET, Spain’s INE releases final consumer prices for March. According to flash estimate, consumer prices grew 1.3 percent year-on-year, the fastest since April 2019.

Half an hour later, Statistics Sweden is set to issue consumer prices for March. Inflation is expected to rise to 1.7 percent from 1.4 percent in February.

At 4.30 am ET, the Office for National Statistics publishes UK labor productivity for the fourth quarter.

At 5.00 am ET, Eurostat is scheduled to release euro area industrial production for February. Economists forecast output to fall 1.1 percent month-on-month, reversing a 0.8 percent rise in January.

Biden says he's 'praying the verdict is the right verdict' in the Derek Chauvin murder trial

  • President Joe Biden says he’s “praying” for the “right verdict” in Derek Chauvin’s murder trial.
  • Biden said the “right verdict” in Chauvin’s murder trial is “overwhelming” in his view.
  • Closing arguments took place in Chauvin’s trial on Monday and the jury is now deliberating.
  • See more stories on Insider’s business page.

President Joe Biden says he’s “praying” that the verdict in Derek Chauvin’s murder trial in the death of George Floyd is the “right verdict.”

“They’re a good family, and they’re calling for peace and tranquility, no matter what that verdict is,” Biden said while speaking to reporters at the White House while meeting with Congressional Hispanic Caucus leaders. “I’m praying that the verdict is the right verdict, which I think, it’s overwhelming in my view.”

Closing arguments in Chauvin’s murder trial were held on Monday, leaving the jury to deliberate before coming to a verdict.

Video from May 2020 shows Chauvin, then a Minneapolis police officer, kneeling on Floyd’s neck for about 9 minutes during an arrest.




Lawmaker's call for protests if Chauvin not convicted ‘may allow him to appeal'

Defence minister Johnny Mercer resigns from government

Oil Futures Settle Sharply Lower On Demand Worries

Crude oil prices drifted lower on Tuesday amid rising concerns about outlook for energy demand due to surging coronavirus infections in India.

News about possible antitrust lawsuits against the Organization of the Petroleum Exporting Countries (OPEC) over production cuts weighed as well on the commodity’s price.

West Texas Intermediate Crude oil futures May ended down $0.94 or about 1.5% at $62.44 a barrel, on the expiration day. WTI Contracts for June closed lower by $0.76 or 1.2% at $62.67 a barrel.

Brent crude futures were down $0.55 or 0.82% at $66.50 a barrel a little while ago.

Oil prices rose early on in the session after Libya’s National Oil Corp (NOC) declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country’s central bank.

However, prices retreated as the day progressed, and the futures contracts settled notably lower.

Coronavirus cases have been rising sharply in India. Although the government has insisted on strict precautions to halt the spread of the virus, it stopped short of imposing lockdowns.