US Congressional leaders agree to lift 40-year ban on oil exports

FXStreet (Mumbai) - In a historic move, the US Congressional leaders have agreed to lift the nation’s 40-year-old ban on oil exports.

The measure allowing oil exports is at the center of a deal that Republican leaders announced late Tuesday on spending and tax legislation. However, the Democrats have not confirmed the agreement. Both houses must pass it and President Obama must sign it.

Oil companies, including Continental Resources and ConocoPhillips, have been lobbying Congress to lift the ban on oil exports for nearly two years. Congress moved to ban oil exports under most circumstances following a 1973 Arab oil embargo that sent domestic gasoline prices skyrocketing.

If the ban is lifted it would begin a new chapter in the oil price war and erase any possibility of the cut in OPEC output.

Rates to move higher, albeit at a measured pace – BOE’s Cunliffe

In an interview with the Yorkshire Post, the Bank of England (BOE) Deputy Governor Jon Cunliffe said that the UK interest rates is expected to move higher, although at a measured pace, before settling at levels lower than those seen pre-crisis.
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NZ: Smaller CAD leads to narrower annual deficit figure - ANZ

Philip Borkin, Senior Economist at ANZ, notes that in unadjusted terms, a slightly smaller-than-expected current account deficit of $4,749m was recorded in Q3 (consensus: -$4,861m) for NZ while the annual deficit also narrowed to $8.1bn or 3.3% of GDP.
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