Oil Settles Lower Amid Easing Supply Tightness

Oil prices declined marginally on Tuesday fueled by easing supply concerns, while market participants shifted their focus to U.S. stockpiles data which is due for a release  later today and Wednesday.  Brent crude futures settled 17 cents lower to close at $83.16 a barrel, while  U.S. West Texas Intermediate crude futures closed 10 cents lower at $78.38.
Argentina: Argentina, grappling with inflation, introduces a new highest 10,000 peso denomination
Argentina unveils its latest highest denomination banknote, the 10,000 peso, which is five times larger than the previous highest denomination. However, with the country facing the world’s highest inflation rate nearing 300%, its value remains around $10. The central bank of the South American  nation introduced the new banknote on Tuesday, and it will be addressing problems such as individuals carrying cumbersome bundles of cash, the high demand for numerous bills, and banks facing storage shortages. The 20,000 peso bill is anticipated to be launched before the end of the year so as to cut costs and simplify financial transactions. Additionally,  The 2,000 peso bill, currently the highest denomination, is valued at slightly over $2 based on the official exchange rate, which is considerably lower compared to the largest banknotes in neighboring countries and beyond. Meanwhile, while officially valued at $11, the new 10,000 peso note decreases in worth to $9 when exchanged at freely-accessible parallel rates, often employed to bypass stringent capital controls.
Germany: German export rebound buoyed by Us and china demand 
German exports experienced a resurgence in March, fueled by robust demand from the United States and China for products made in Germany. However, hopes for a rapid economic recovery were dampened by a lackluster performance in industrial orders during the same month. March exports were buoyed by demand in the United States and China, which climbed 3.6% and 3.7%, respectively. Trade rebound brought about  optimism while an unexpected 0.4% fall in industrial orders posed a mixed picture for the economy
Nigeria: Nigeria strategizing additional regulations to tackle illicit trading in digital assets
The Securities and Exchange Commission (SEC) in Nigeria intends to introduce new regulations soon to address illegal trading in digital assets. These rules aim to ensure that individuals involved in such transactions are registered. On Monday, Emomotimi Agama, the Director General of the SEC, informed prominent blockchain and cryptocurrency associations in Nigeria that delisting the naira currency from peer-to-peer (P2P) trading is necessary to prevent manipulation. However, Nigeria stands as one of the largest markets for cryptocurrency trading. Its adoption, primarily among the nation’s tech-savvy youth, has surged in recent years, particularly amidst significant dollar shortages that hindered Nigerians from paying for international goods and services.
World Bank approves $138.5 million loan to Namibia
The World Bank has sanctioned a $138.5 million loan aimed at assisting Namibia in strengthening its transmission network and incorporating renewable energy initiatives into the grid. One of Sub-Saharan Africa’s driest countries with plenty of sunshine and wind, Namibia wants to position itself as a renewable energy hub in tandem with massive offshore oil and gas finds that have turned the country into a global exploration hotspot. The loan will support NamPower, the national electricity utility, in reducing its reliance on electricity imports from neighboring countries.