Palm oil climbed to the highest level since September 2012 on concern that a prolonged dry spell in Malaysia and Indonesia, the biggest growers, may reduce supplies of the world’s most-used cooking oil.
European Central Bank President Mario Draghi signaled that deflation risks in the euro region are easing for now after new forecasts showed that inflation will approach their target by the end of 2016.
The following is a reformatted version of the introductory remarks of European Central Bank President Mario Draghi at a press conference in Frankfurt. The ECB’s Governing Council left the main refinancing rate at a record low of 0.25 percent. The deposit rate remained at zero and the marginal lending rate at 0.75 percent.
Oil and gas companies operating in Norway, western Europe’s largest producer, maintained estimates for record spending this year even as they become more selective about projects amid rising costs and lower profitability.