Oil jumps $5 a barrel as EU nears ban on Russian oil | Reuters
Oil prices jumped on Wednesday, as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, raising concerns about further market tightness as those nations hunt for adequate supply.
Crude benchmarks have risen steadily over the past two months following Moscow's invasion of Ukraine. Until now, the European Union has been reluctant to fully cut off imports of Russian oil and gas, and its plans still do not suggest a full ban for all EU members.
Europe imports some 3.5 million barrels of Russian oil and oil products daily, and also depends on Moscow's gas supplies.
"Inventories are so tight, so against this backdrop, when you're talking about this ban, there are a lot of questions on how (Europe) is going to make up for this," said Phil Flynn, senior analyst at Price Futures Group.
Brent crude futures settled up $5.17, or 4.9%, to $110.14 a barrel. West Texas Intermediate crude futures settled at $107.81 a barrel, up $5.40, or 5.3%.
Wednesday 4 May 2022
Rich Russians consider London-#Dubai property swap to avoid financial scrutiny | Financial Times
Rich Russians consider London-Dubai property swap to avoid financial scrutiny | Financial Times
Wealthy Russians are trying to swap their luxury properties in London for multimillion-pound homes in Dubai as they seek innovative ways to circumvent financial restrictions imposed since the full invasion of Ukraine.
A list of properties including a Knightsbridge mansion worth £34mn and a three-bed Eaton Square apartment with an £8mn asking price has been circulated in recent weeks by high-end real estate agents operating in the Gulf emirate.
They are being offered by Russians who are willing to barter their London properties for a new residence in Dubai, while avoiding bank transfers and financial scrutiny, according to people involved in the transactions. Prospective buyers are being offered deep discounts on the UK properties to complete the deals.
The mooted house swaps are the latest workaround on behalf of rich Russians who have found themselves frustrated by the western financial system since Moscow’s invasion of Ukraine on February 24. About 1,000 individuals and companies have so far been hit with sanctions, with others facing additional checks as well as difficulties navigating money transfers and opening bank accounts.
But there were doubts in Dubai over how a deal would be structured, and whether any United Arab Emirates residents would risk such an exchange.
Oil jumps 4% as EU proposes ban on Russian oil | Reuters
Oil jumps 4% as EU proposes ban on Russian oil | Reuters
Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.
Brent crude futures rose $3.76, or 3.6%, to $108.73 a barrel by 1353 GMT. West Texas Intermediate crude futures rose $3.93, or 3.8%, to $106.34 a barrel.
European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation. read more
The Commission's measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.
Hungary and Slovakia, however, will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters on Wednesday. read more
Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.
Brent crude futures rose $3.76, or 3.6%, to $108.73 a barrel by 1353 GMT. West Texas Intermediate crude futures rose $3.93, or 3.8%, to $106.34 a barrel.
European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation. read more
The Commission's measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.
Hungary and Slovakia, however, will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters on Wednesday. read more
OPEC+ sees bigger 2022 surplus amid slower demand growth -report | Reuters
OPEC+ sees bigger 2022 surplus amid slower demand growth -report | Reuters
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report seen by Reuters showed on Wednesday.
The report, prepared ahead of a meeting of the OPEC+ Joint Technical Committee meeting scheduled for Wednesday, also sees OECD oil stocks slightly exceeding the 2015-2019 average in the fourth quarter.
The revision reflects a weaker oil demand growth forecast adopted by the Organization of the Petroleum Exporting Countries (OPEC) in its April oil monthly report.
OPEC now expects 2022 world oil demand to expand by 3.67 million bpd in 2022, down 480,000 bpd from its previous forecast.
The group cited the impact of Russia's invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China as reasons for the revision.
OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report seen by Reuters showed on Wednesday.
The report, prepared ahead of a meeting of the OPEC+ Joint Technical Committee meeting scheduled for Wednesday, also sees OECD oil stocks slightly exceeding the 2015-2019 average in the fourth quarter.
The revision reflects a weaker oil demand growth forecast adopted by the Organization of the Petroleum Exporting Countries (OPEC) in its April oil monthly report.
OPEC now expects 2022 world oil demand to expand by 3.67 million bpd in 2022, down 480,000 bpd from its previous forecast.
The group cited the impact of Russia's invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China as reasons for the revision.
Oil jumps 3% as EU plans ban on Russian oil | Reuters
Oil jumps 3% as EU plans ban on Russian oil | Reuters
Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.
Brent crude futures rose $2.94, or 2.8%, to $107.91 a barrel by 0746 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $3.02, or 3%, to $105.43 a barrel.
European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation. read more
The Commission's measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.
Oil prices jumped on Wednesday as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, offsetting demand worries in top importer China.
Brent crude futures rose $2.94, or 2.8%, to $107.91 a barrel by 0746 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $3.02, or 3%, to $105.43 a barrel.
European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia's top bank, in a bid to deepen Moscow's isolation. read more
The Commission's measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimise the impact on European economies.