Five Things You Need to Know to Start Your Day

The world’s most important oil price is about to change for good, a $3 trillion threat to global financial markets looms in Japan and the US’s biggest financial institutions may face a multi-billion-dollar tab. — David Goodman

After years of wrangling, the world’s most important oil price is about to be transformed for good, allowing crude supplies from west Texas to help determine the price of millions of barrels a day of petroleum transactions.