Oil prices closed the week mixed on Friday, ending eight straight weeks of gains for US crude, as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures settled 57 cents, or 0.6 per cent, higher at $93.54 a barrel, while US West Texas Intermediate crude ended down 69 cents, or 0.5 per cent, on $91.07 a barrel.
Both benchmarks hit their highest levels since September 2014 on Monday, but the prospect of easing oil sanctions against Iran has weighed on the market. Brent posted a small 0.9 per cent rise in its ninth straight week of gains while WTI fell 1.7 per cent this week.
Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders have limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine. Russia denies planning any attacks.
Any sanctions that may be imposed on Russia by the EU should not include energy imports, Italian Prime Minister Mario Draghi said.
A senior EU official said on Friday that a US-Iranian deal to revive Iran's 2015 nuclear agreement with world powers was close but success depended on the political will of those involved.
However, the deal taking shape lays out phases of mutual steps to bring both sides back into full compliance, and the first does not include waivers on oil sanctions, diplomats said.
Consequently, there is little chance of Iranian crude returning to the market in the immediate future to ease current supply tightness, analysts said.
Reflecting the tightness in global oil supplies, the six-month backwardation for Brent crude hit its widest on record on Wednesday. Backwardation is a market structure when contracts for near-term delivery are priced higher than those for later months.
Opec+, which comprises the Organisation of the Petroleum Exporting Countries and allies including Russia, will work to integrate Iran into its oil output pact should Tehran and world powers reach agreement on reviving their nuclear deal, sources close to the group said.
Adding pressure onto WTI, US energy firms this week added four oil rigs this week, with the rig count, an indication of future production, rising to 520, its highest since April 2020, energy services firm Baker Hughes said.
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
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Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
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Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
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