// // Weekly news summary for March 5 to 11
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Weekly news summary for March 5 to 11

Friday, March 5, 2021: Oil Extends Gains on OPEC+ Output Decision

Oil prices posted their highest since January 2020 on Friday, as analysts rushed to increase their price estimates following the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ decision not to raise production until April.

The agreement led analysts at Goldman Sachs Group to expect Brent prices to reach $80 a barrel in the third quarter of 2021 and suggested a decline in global supplies could gain more momentum if the northern hemisphere’s economy can resume operations after the winter rise in COVID-19.

Monday, March 8, 2021: US Senate Passes $1.9T COVID-19 Relief Package

The US Senate has passed the $1.9 trillion COVID-19 relief package and is expected to be officially approved this week after the Senate passed it with slight changes on Saturday.

The Senate kept most of the stimulus unchanged, although it reduced weekly unemployment benefits from the initially proposed $400 to $300, while the planned $15 per hour federal minimum wage was taken out at an earlier stage.

Tuesday, March 9, 2021: OECD Sharply Increases 2021 Global Growth Outlook

The Organization for Economic Cooperation and Development (OECD) made a steep increase in its global economic outlook for this year, as COVID-19 vaccine rollouts and the $1.9 trillion US stimulus package significantly improved economic forecasts.

The OECD now expects the world economy, which fell to a pandemic-induced recession in 2020, to expand 5.6% in 2021 and 4% next year, higher than its December estimates of 4.2% and 3.7%, respectively.

Wednesday, March 10, 2021: Roblox IPO Due, Sets $45 Reference Price

Online game platform Roblox’s initial public offering (IPO) is due to take place later in the day, after establishing its reference price for its direct listing at $45 per share, which brings its value to about $30 billion.

Roblox, which has gained more daily average users and saw an increase in average playing times because of the COVID-19 pandemic, decided not to conduct a traditional IPO and instead chose a direct listing that Palantir Technologies and Spotify had also made.

Thursday, March 11, 2021: Dollar Near One-Week Lows on Soft Inflation Data

The US dollar traded close to one-week lows on Thursday as soft consumer prices data and weak Treasury yields prompted some market players to cut their bets on a quick acceleration in US inflation.

The dollar index was down 0.01% to $91.81 against major peers, having registered a one-week low of $91.75 earlier in the session, after US consumer price growth showed to have lost a bit of momentum in February, while the 10-year Treasury note stood at 1.528% following last week’s high of 1.626%.

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