Saudi Arabia, Russia, and some other key members of the Organization of the Petroleum Exporting Countries Plus (OPEC+) have decided to prolong their voluntary crude supply cuts until June.

Demand for steel across the globe is expected to decline 0.8% to 1,488 million tonnes in 2016, according to the World Steel Association. The association expects steel demand in China, the largest consumer, to fall 4% in 2016 tailed by a 3% decline in 2017, reaching 626.1 million tonnes in 2017.

Stocks in the US had a higher opening on Wall Street on the optimistic thought of additional Chinese economic incentive. Global stocks improved after a series of decline in a year, helped by Chinese trade number that showed signs of economic recovery across the world.

Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.

The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.

The sub-Saharan African economy could face a serious decline in 2016, far behind the rest of the economies in the world.

US oil prices gained 5.18 percent owing to an unexpected drop in domestic crude stockpiles. US crude stocks eased by 4.9 million barrels last week as imported declined.

Rosneft, the Russia-based oil firm, has promised to make investments of roughly EUR 13 billion annually through 2018, which is an increase of 30% for the year 2016.

US labour market is gaining grounds helped by robust consumer spending, despite poor profits among corporate giants. The country added more than 200,000 jobs per month, with an average recruitment totalling to 213,000 new jobs a month in the past four years.

Toscana Energy said that Anand Ramnath has been named as chief financial officer with effect from March 18, 2016. Ramnath, with more than 19 years of experience in financing and accounting, has been the acting chief financial officer of Toscana from July 31, 2015.