Venezuela, holder of the world’s largest oil reserves, requires the price of Brent crude to average $121 a barrel this year, about $14 more than current prices, for the country’s government to balance its budget, according to Deutsche Bank AG.
The International Monetary Fund cut its forecast for Russia’s economy, citing the standoff with the U.S. and Europe over Ukraine, as the government in Moscow warned this year’s growth may slow to the least since a 2009 recession.
Copper, the worst performing major metal this year, is underpinned by prospects of a recovery in Chinese demand that will help counter increased supply, according to some of the world’s biggest producers.
Economic growth in sub-Saharan Africa is forecast to accelerate to 5.2 percent this year, driven by increasing investment to exploit the region’s natural resources and develop infrastructure, the World Bank said.
The forint will probably drop to a two-year low after Hungary’s central bank cut interest rates to a record, pushing bond yields to a level that doesn’t compensate investors for currency risk, Goldman Sachs Group Inc. said.