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.
Science & Technology
Virgin Hyperloop shows off the future: mass transport in floating magnetic pods
In the desert just north of Las Vegas, a long white metal tube sits at the base of the mountains, promising to one day revolutionise travel. That is where Virgin Hyperloop, whose partners include Richard […]
Breaking News
Indian – Origin Rashmi Samant resigns as Oxford Student Union President-elect amidst row over her past remarks
Nirpal Singh Shergill LONDON (TIP)(TIP): Rashmi Samant, who made Oxford University history as the first Indian woman to be elected President of the Oxford Student Union (SU), has resigned from the post just days later […]
Asia
Nepal plane crash preliminary report: Investigators suspect human error
KATHMANDU (TIP): The Yeti Airlines aircraft which crashed in Nepal last month killing 71 people, including five Indians, lost thrust and fell after the propellers of both engines went into a feathered position, according to […]
1 Trackback / Pingback