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Oil prices rose Thursday even as major crude producers agreed to boost output by more than the usual amount following an EU ban on Russian imports. European shares closed higher, with Paris leading the way at 1.3 percent and Frankfurt rising 1.0 percent. London’s FTSE 100 was shut for a holiday. Wall Street stocks were little changed early on following mixed labour data and a Microsoft earnings warning, but they edged slightly higher in later […]
by Max DELANY Agence France Presse EU leaders on Monday backed a ban on most Russian oil imports, after a compromise deal with Hungary to punish Moscow for the war in Ukraine. The 27-nation bloc has spent weeks haggling over a proposed total embargo on Russian oil but came up against stubborn resistance from Hungarian Prime Minister Viktor Orban. EU leaders meeting in Brussels hatched a compromise deal to exempt deliveries arriving in Europe […]
BUDAPEST, Hungary (AFP) — Hungarian Prime Minister Viktor Orban on Friday blasted European Commission head Ursula von der Leyen for “attacking” EU unity with a plan to ban Russian oil, saying it crosses a red line and has been sent back. “The European Commission president, intentionally or unintentionally, has attacked the European unity that had been worked out,” Orban said on state radio. “From the first moment we made clear that there will be […]
by Anne BEADE, with Emeline Burckel in London Agence France Presse VIENNA, Austria (AFP) — OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China. Russia’s invasion of Ukraine has also added to supply concerns, which have increased with Europe’s announced moves on a potential Russian oil embargo. Prices soared on Wednesday, with Brent North Sea crude closing above […]
by Joshua Melvin with Alex Pigman in Brussels Agence France Presse ZAPORIZHZHIA, Ukraine (AFP) — The European Commission proposed a gradual ban on Russian oil imports Wednesday to punish Moscow for its invasion of Ukraine, as Russian forces pounded sites to the east of the country and hit targets in the far west near the EU border. The EU also pledged to “significantly increase” its support for Moldova, Ukraine’s neighbour that has seen a […]
PARIS, France (AFP) — Stock markets and oil prices fell in holiday-thinned trade Monday as traders digested weak Chinese economic data and a looming US interest rate hike. Equities kicked off the month of May on the wrong foot after Wall Street finished a tough April by closing sharply down on Friday following disappointing results from tech giant Amazon. Paris and Frankfurt were down in midday trading while London was closed for a bank […]
LONDON, United Kingdom (AFP) — World oil prices sank more than five percent Monday on fears that China’s worsening Covid outbreak could slam demand from the major energy consumer. Europe’s benchmark contract Brent North Sea crude fell as low as $101.20 per barrel and US WTI oil dropped to $96.85. China is struggling to get a grip on a renewed Covid outbreak that has forced Shanghai — the country’s biggest city — into lockdown […]
by Joel Olatunde AGOI Agence France Presse LAGOS, Nigeria (AFP) — An explosion at an illegal oil refinery in southern Nigeria has killed at least 80 people, the emergency services said Sunday. The blast occurred late Friday at the illegal site between the southern oil states of Rivers and Imo, police said. “We recovered at least 80 badly burnt bodies at the scene,” Ifeanyi Nnaji of the National Emergency Management Agency in the area, told […]
(Eagle News) – Another oil price hike is set next week where gasoline and diesel prices are set to increase between P3 to P4 per liter. Some oil companies have already issued advisories about the price hike that is scheduled on Tuesday, April 26. Unioil said that their diesel process would increase by P3.90 to P4.10 per liter, while gasoline prices would go up by P3 to 3.20 per liter. This is the second […]
HONG KONG, China (AFP) — Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in China. Ongoing restrictions in the country, including in the economic hub of Shanghai where tens of millions are confined to their homes, have hit transport networks but traders are balancing the demand shock alongside threats to supply caused by the war in Ukraine with European Union countries mulling bans […]
Manila has suspended oil and gas exploration in the South China Sea, Philippine President Rodrigo Duterte’s spokesman said Wednesday, as it tries to strike a deal with Beijing on a joint energy project. Drilling off the Philippines was allowed to resume in October 2020 when Duterte — who has taken a softer approach than his predecessor to Beijing’s claims over most of the waterway — lifted a 2014 moratorium. It was hoped that Duterte’s […]
HONG KONG, China (AFP) — Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent — a 0.8 percentage point slash from its previous estimate released in January — prompting a five-percent dive in oil prices on Tuesday. The Fund pointed to surging energy prices, rising […]
