International Monetary Fund Managing Director Kristalina Georgieva defended the fund's actions in changing language on Brazil's climate risks as part of an economic assessment after nearly 200 IMF staff demanded answers on the topic. The petition signed by staff on Monday focused new scrutiny on Georgieva just two weeks after she won the IMF executive board's backing despite allegations that as World Bank CEO in 2017, she applied "undue pressure" on bank staff to alter data to favor China. The petition asked whether Georgieva or her office acted to "order, ask or advise staff to remove specific language related to climate change" from Brazil's annual Article IV staff report before it was sent to the IMF board and after objections from Brazil's representative on the board.
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer. Brent oil futures fell 25 cents, or 0.3%, to $86.15 a barrel after closing at the highest in seven years on Tuesday. West Texas Intermediate (WTI) futures declined 26 cents, or 0.3%, to $84.39 a barrel after gaining 1.1% in the previous session.
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