Oil edges up on supply jitters as EU plans Russian oil ban | Reuters
Oil prices edged up on Thursday on supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude.
Pressure from a stronger dollar and a drop in global stock markets, however, kept oil prices in check.
Brent futures rose 76 cents, or 0.7%, to settle at $110.90 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 45 cents, or 0.4%, to settle at $108.26.
That was the highest close for WTI since March 25 and the highest settle for Brent since April 18.
U.S. gasoline futures , meanwhile, closed at their highest since settling at a record high on March 8.
Thursday, 5 May 2022
Oil steadies near $110/bbl; strong dollar offsets supply worry | Reuters
Oil steadies near $110/bbl; strong dollar offsets supply worry | Reuters
Oil prices steadied on Thursday, under pressure from a stronger dollar and a drop in global stock markets while supported by supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude.
Brent futures rose 42 cents, or 0.4%, to $110.56 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose 3 cents to $107.84.
The U.S. dollar
A strong dollar makes oil more expensive for holders of other currencies.
Wall Street stocks tumbled as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation. read more read more
Oil prices steadied on Thursday, under pressure from a stronger dollar and a drop in global stock markets while supported by supply worries after the European Union (EU) laid out plans for new sanctions against Russia including an embargo on crude.
Brent futures rose 42 cents, or 0.4%, to $110.56 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose 3 cents to $107.84.
The U.S. dollar
A strong dollar makes oil more expensive for holders of other currencies.
Wall Street stocks tumbled as investors shed risky investments, worried the Fed might hike rates more this year to tame inflation. read more read more
Oil climbs on supply jitters as EU plans Russian oil ban | Reuters
Oil climbs on supply jitters as EU plans Russian oil ban | Reuters
Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, and OPEC+ again rebuffed consumer calls for a faster pace of output rises.
Brent crude was up $1.59, or 1.4%, at $111.73 a barrel by 1231 GMT. U.S. West Texas Intermediate crude rose $1.30, or 1.2%, to $109.11.
Both benchmarks gained more than $5 a barrel on Wednesday.
The EU sanctions proposal, which needs unanimous backing from the 27 countries in the bloc, includes phasing out imports of Russian refined products by the end of 2022 and a ban on all shipping and insurance services for transporting Russian oil. read more
Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, and OPEC+ again rebuffed consumer calls for a faster pace of output rises.
Brent crude was up $1.59, or 1.4%, at $111.73 a barrel by 1231 GMT. U.S. West Texas Intermediate crude rose $1.30, or 1.2%, to $109.11.
Both benchmarks gained more than $5 a barrel on Wednesday.
The EU sanctions proposal, which needs unanimous backing from the 27 countries in the bloc, includes phasing out imports of Russian refined products by the end of 2022 and a ban on all shipping and insurance services for transporting Russian oil. read more
Wealthy Russians flee to #Dubai to avoid sanctions - BBC News
Wealthy Russians flee to Dubai to avoid sanctions - BBC News
Dubai has emerged as a haven for wealthy Russians fleeing the impact of western sanctions over the war in Ukraine.
Russian billionaires and entrepreneurs have been arriving in the United Arab Emirates (UAE) in unprecedented numbers, business leaders told the BBC.
Property purchases in Dubai by Russians surged by 67% in the first three months of 2022, a report said.
The UAE has not put sanctions on Russia or criticised its invasion of Ukraine.
It is also providing visas to non-sanctioned Russians while many Western countries have restricted them.
It is estimated that hundreds of thousands of people have left Russia over the last two months - although exact figures are not available.
One Russian economist said as many as 200,000 Russians had left in the first 10 days after the war began.
Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients.
"We are receiving five times more enquiries from Russians since the war began," said chief executive George Hojeige.
Dubai has emerged as a haven for wealthy Russians fleeing the impact of western sanctions over the war in Ukraine.
Russian billionaires and entrepreneurs have been arriving in the United Arab Emirates (UAE) in unprecedented numbers, business leaders told the BBC.
Property purchases in Dubai by Russians surged by 67% in the first three months of 2022, a report said.
The UAE has not put sanctions on Russia or criticised its invasion of Ukraine.
It is also providing visas to non-sanctioned Russians while many Western countries have restricted them.
It is estimated that hundreds of thousands of people have left Russia over the last two months - although exact figures are not available.
One Russian economist said as many as 200,000 Russians had left in the first 10 days after the war began.
Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients.
"We are receiving five times more enquiries from Russians since the war began," said chief executive George Hojeige.
OPEC+ Sticks to Small Supply Hike Even as EU Eyes Russia Oil Ban - Bloomberg
OPEC+ Sticks to Small Supply Hike Even as EU Eyes Russia Oil Ban - Bloomberg
OPEC and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia.
International consumers have called on Saudi Arabia and its partners to fill the gap left by a boycott of Russian crude and help ease the inflationary pain caused by prices near $110 a barrel.
But in yet another brief meeting, the Organization of Petroleum Exporting Countries and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June, according to a statement from the group. That’s a volume analysts doubt they’ll even be able to deliver as most members struggle with capacity constraints.
Having rescued the world oil industry with massive production cuts in 2020, and shepherded the recovery last year by gradually returning barrels, OPEC+ is now seeing its relevance ebb as countries run into output limits. The cartel effectively failed to increase output at all last month, according to data compiled by Bloomberg.
OPEC and its allies once again ratified a small monthly increase in production, even as global markets look set to tighten because the European Union is considering banning supplies from Russia.
International consumers have called on Saudi Arabia and its partners to fill the gap left by a boycott of Russian crude and help ease the inflationary pain caused by prices near $110 a barrel.
But in yet another brief meeting, the Organization of Petroleum Exporting Countries and its allies rubber-stamped the standard 432,000 barrel-a-day increase for June, according to a statement from the group. That’s a volume analysts doubt they’ll even be able to deliver as most members struggle with capacity constraints.
Having rescued the world oil industry with massive production cuts in 2020, and shepherded the recovery last year by gradually returning barrels, OPEC+ is now seeing its relevance ebb as countries run into output limits. The cartel effectively failed to increase output at all last month, according to data compiled by Bloomberg.
Oil climbs on supply jitters as EU lays out Russian oil ban | Reuters
Oil climbs on supply jitters as EU lays out Russian oil ban | Reuters
Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand.
Brent was up 36 cents, or 0.3%, at $110.50 a barrel by 0825 GMT, and U.S. West Texas Intermediate crude rose 11 cents, or 0.1%, to $107.92 a barrel.
Both benchmarks gained more than $5 a barrel on Wednesday.
The sanctions proposal, which needs unanimous backing by the 27 EU countries, also includes phasing out imports of Russian refined products by the end of 2022, and a ban on all shipping and insurance services for the transportation of Russian oil. read more
Oil prices extended gains on Thursday on supply concerns after the European Union laid out plans for new sanctions against Russia, including an embargo on crude in six months, offsetting concerns over weaker Chinese demand.
Brent was up 36 cents, or 0.3%, at $110.50 a barrel by 0825 GMT, and U.S. West Texas Intermediate crude rose 11 cents, or 0.1%, to $107.92 a barrel.
Both benchmarks gained more than $5 a barrel on Wednesday.
The sanctions proposal, which needs unanimous backing by the 27 EU countries, also includes phasing out imports of Russian refined products by the end of 2022, and a ban on all shipping and insurance services for the transportation of Russian oil. read more