Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as worries about tightening supplies underpinned prices ahead of an impending European Union embargo on Russian oil. Brent futures rose 84 cents, or 0.8%, to $111.74 a barrel by 0306 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 0.7%, to $109.06 a barrel. Brent and WTI are on track to rise for a second week in a row, buoyed by the EU’s proposal to phase out supplies of Russian crude oil in six months and refined products by the end of 2022. It would also ban all shipping and insurance services for transporting Russian oil. The plan still requires unanimous backing from the 27 countries in the bloc. “There are concerns over global growth and what it could mean for oil demand,” said Warren Patterson who heads ING’s commodities research.
Bollywood
Hrithik, Deepika finally wrap Siddharth Anand’s ‘Fighter’ shoot
Hrithik Roshan and Deepika Padukone have joined forces for the very first time for ‘Fighter’. Helmed by Siddharth Anand, the movie is one of the most-anticipated projects of next year. Now the makers of the […]
Business & Economics
UK consumer morale hits lowest since records began in 1974: Report
Pessimism weighing on Britain’s households has hit unprecedented levels as the cost-of-living crisis pushed confidence in the economic outlook to its joint lowest, a survey showed. Market research firm GfK said consumer morale gauge, dating […]
Asia
Cash-strapped Pakistan to receive additional USD 13 billion from China, Saudi Arabia
Islamabad (TIP): Cash-strapped Pakistan has secured about USD 13 billion in additional financial support from its traditional allies China and Saudi Arabia, Finance Minister Ishaq Dar has said, as the government tries to steady the […]
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