Oil prices rallied last week, after a surprise drop in US crude inventories. Despite on-going volatility ahead of the Opec exporters’ cartel meeting on April 17th, the trend seems clear. Oil is up 40pc since mid-January.
The dollar fell, meanwhile, as minutes from the Federal Reserve strongly suggested US interest rates won’t rise anytime soon. The greenback is at its weakest against the yen since 2013 – which is how Uncle Sam likes it, given the related export boost.
Far from “normalizing rates” over 2016, as was promised December when the Fed hiked borrowing costs for the first time in a decade, America’s central bank could soon employ yet more “extraordinary measures” – as some of us said at the time.