Bloomberg Global oil markets have rebalanced following last year’s historic collapse in demand, according to Russia’s deputy prime minister. “The last few months we have seen low volatility, which means the market is balanced, and the prices we see today certainly correspond to the situation in the market,” Alexander Novak said on state television channel Rossiya 1. Crude will probably ...

Federal Reserve Chair Jerome Powell is nobody’s idea of a radical. But in his speech last week to the Economic Club of New York, he articulated an idea that upends generations of conventional wisdom and sets the stage not only for the Fed’s approach to the current economic crisis but also for President Joe Biden’s. “A strong labour market that ...

Ursula von der Leyen did the right thing last week after she’d tried everything else. The European Commission president finally apologised for the failings of the continent-wide vaccine procurement scheme. It followed an unseemly few weeks of battle over the vaccine, during which Von der Leyen scapegoated the Anglo-Swedish pharma company AstraZeneca Plc for supply holdups and threatened to close ...