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Thu, 05th May 2016

Anirudh Sethi Report

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Latest Posts

IMF: Oil Producers Must Diversify to Mitigate Likelihood of Volatility

OilLarge oil producing nations should adopt policies aimed at economic diversification to limit the impact of future oil price volatility, International Monetary Fund (IMF) fiscal policy division chief Benedict Clements told Sputnik.

“There is still an expectation that oil price volatility could potentially continue… We are saying, in effect, that economic diversification would help deal with some of this volatility, in the sense of if you’re overly reliant on the oil sector then when bad times come in the oil sector, you are not as vulnerable,” Clements said on Wednesday.

Clements explained that the levels of oil price volatility continue to be uncertain with a wide spread of predictions. Some market participants anticipate a rebound in oil prices into the $120 per barrel range in the next four years. Others have predicted prices will remain close to $30 per barrel.

BREAKING -UK services growth weakest ‘in over 3 years’

Activity in Britain’s dominant services industry slowed significantly in April, according to a closely-watched indicator of performance, raising fresh concerns that the forthcoming EU membership referendum is putting the brakes on economic growth.

Markit’s services purchasing managers’ index (PMI) fell to 52.3 in April from 53.7 the previous month.

April’s reading is the lowest since February 2013 and was far worse than forecast – economists had expected a dip to 53.5.

The UK economy expanded by 0.4 per cent in the first three months of the year, down from 0.6 per cent growth in the final quarter of 2015.