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November 13th - According to the minutes of the Chilean Central Banks last policy meeting, while policymakers unanimously agreed on the continued risks of inflation, one board member remained open to discussing lowering borrowing costs. The minutes of the October 28th policy meeting stated that the outlook for consumer prices faced persistent threats, necessitating the gathering of more information before proceeding with monetary easing. At this meeting, they stabilized borrowing costs at 4.75% for the second consecutive time. Policymakers wrote that while they unanimously agreed that the only "reasonable" option at the meeting was to maintain the current interest rate, "one board member noted that several factors pointed to a reduction in inflation risks, therefore the option of a 25 basis point reduction could have been discussed, although he would have rejected it."On November 13th, Antje Praefcke of Commerzbank stated in a report that the Swedish krona is one of the best-performing currencies this year, but even with the Swedish central banks hints of completing interest rate cuts, the krona is unlikely to appreciate significantly further. Given that the European Central Bank is also likely to keep interest rates unchanged for the foreseeable future, and with both currency zones expected to see a slight economic recovery, the kronas upside potential may have already been largely realized. She added that the krona remains vulnerable to shocks when risk aversion rises. Nevertheless, she believes that if inflation-adjusted real interest rates continue to rise, the krona should continue to receive support.India and Canada held a dialogue on trade and investment.A spokesperson for the British Prime Minister stated that the US envoys objections do not indicate a deterioration in UK-US relations. The UK retains multiple options for building larger-scale nuclear power plants.A spokesperson for the British Prime Minister stated that the United States will play a significant role in the UKs nuclear program.

Oil Prices Settle Mixed Due to Supply And Demand Worries in Russia

Aria Thomas

Apr 21, 2022 09:23

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Oil prices have been boosted by a tightening supply picture after sanctions on Russia – the world's second biggest oil exporter and a critical European supplier – for its invasion of Ukraine, which Moscow refers to as a "special operation."


"As the Ukraine war escalates, the chance of the conflict lasting longer grows, as does the possibility of Russian supplies being cut off from the market," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.


The market was further bolstered by a government report suggesting that US oil stocks declined by 8 million barrels last week, owing to a spike in exports to a more than two-year high. [EIA/S]


Both benchmarks, however, fell roughly 5% on Tuesday after the International Monetary Fund lowered its global growth forecast by nearly a full percentage point, citing the economic impact of Russia's war in Ukraine and warning that inflation had become a "clear and present danger" for many countries.


"Weakening growth and rising inflationary pressures can only imply one thing: the global economy is on the verge of stagflation," P.M. economist Stephen Greenock said.


Continuing coronavirus lockdowns in China have also weighed on demand and pricing in the world's largest petroleum importer.


The European Commission is attempting to accelerate the availability of alternative energy sources in order to reduce the cost of the Russian oil embargo and convince Germany and other hesitant EU states to approve the policy, an EU source told Reuters.


Meanwhile, a series of disruptions exacerbated supply issues. Libya, an OPEC member, has been forced to suspend production of 550,000 barrels per day due to a wave of blockades on key oilfields and export terminals, the country's National Oil Corporation (NOC) stated.


The Organization of the Petroleum Exporting Countries and its allies, collectively referred to as OPEC+, produced 1.45 million barrels per day less than its target in March, as Russian output began to decline following the imposition of Western sanctions, according to a report from the producer alliance.

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