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.
Food Corner
Tomato Fish
An authentic Bengali recipe, this dish is made using tomato, fish, yoghurt and melange of spices. A curry recipe ideal to serve with boiled rice, Tomato Fish is perfect for occasions like dinners and buffets. […]
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Freedom and power: On Biden’s Summit for Democracy
Elected leaders must keep their promises of freedom and equality for their people Since his election campaign last year, U.S. President Joseph Biden had promised to hold a “Summit for Democracy” in order to highlight […]
World
Japan unveils biggest military build-up since World War II
Tokyo (TIP): In a major break from its strictly self-defence-only postwar principle, Japan adopted a national security strategy on December 16 declaring plans to possess preemptive strike capability and cruise missiles within years to give […]
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