Oil prices settled more than 1 per cent higher on Friday and posted their biggest weekly gains since June as US President Donald Trump increased pressure on buyers of Russian oil and Ukraine carried out new attacks on Moscow's energy infrastructure.
Brent, the benchmark for two thirds of the world's oil, rose 1.02 per cent to $70.13 a barrel, the first time it finished above $70 since late July. West Texas Intermediate, the gauge that tracks US crude, jumped 1.14 per cent to $65.72 per barrel.
From last week's close, Brent surged 6.19 per cent and WTI leapt 5.32 per cent. Year-to-date, the benchmarks are still down 6.04 per cent and 8.37 per cent, respectively.
Oil's "strongest weekly advance since June [came] as President Trump stepped up pressure on countries still buying Russian crude,” Soojin Kim, research analyst at MUFG Bank, said on Friday.
“Mr Trump urged Turkish President [Recep Tayyip] Erdogan to halt purchases and discussed energy security with Hungary and Slovakia, while reiterating calls for Nato members to cut ties with Russia’s fuel.”
During a meeting with the Turkish President at the White House on Thursday, Mr Trump criticised Ankara for buying Russian oil while Moscow is waging war against Ukraine.
“I'd like to have him stop buying any oil from Russia while Russia continues this rampage,” Mr Trump told reporters, alongside Mr Erdogan in the Oval Office.
The latest Ukrainian attacks on Russia's energy infrastructure, as well as Moscow's plans to restrict diesel exports are also supporting oil prices.
“Moderate intraday declines on Thursday were reversed later in the session on news that Russia is restricting diesel exports owing to disruptions at several refineries caused by Ukrainian drone strikes and may have to curtail crude production,” Vandana Hari, chief executive of Singapore-based Vanda Insights, said.
Russia is one of the top producers of oil and is part of the Opec+ group that has been adjusting production to stabilise energy markets.
Oil also posted gains last week after a Ukrainian drone attack on the Russian port of Primorsk disrupted crude operations.
Oil prices have been volatile this year due to continuing geopolitical tensions in the Middle East and the war between Russia and Ukraine. President Trump’s trade tariffs are also affecting oil prices.
US crude oil inventories have also reduced for the week ending September 19 to support prices.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.6 million barrels last week from the previous week, according to the latest data from the Energy Information Administration.
At 414.8 million barrels, US crude oil inventories are about 4 per cent below the five-year average for this time of year.
Total motor gasoline inventories also fell by 1.1 million barrels and are 2 per cent below the five-year average for this time of year.
“Despite the weekly jump, crude remains stuck in its narrow trading range as markets balance rising geopolitical tension against expectations of a looming glut,” Ms Kim said.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Most%20polluted%20cities%20in%20the%20Middle%20East
%3Cp%3E1.%20Baghdad%2C%20Iraq%3Cbr%3E2.%20Manama%2C%20Bahrain%3Cbr%3E3.%20Dhahran%2C%20Saudi%20Arabia%3Cbr%3E4.%20Kuwait%20City%2C%20Kuwait%3Cbr%3E5.%20Ras%20Al%20Khaimah%2C%20UAE%3Cbr%3E6.%20Ash%20Shihaniyah%2C%20Qatar%3Cbr%3E7.%20Abu%20Dhabi%2C%20UAE%3Cbr%3E8.%20Cairo%2C%20Egypt%3Cbr%3E9.%20Riyadh%2C%20Saudi%20Arabia%3Cbr%3E10.%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%202022%20World%20Air%20Quality%20Report%3C%2Fem%3E%3C%2Fp%3E%0A
MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
%3Cp%3E1.%20Chad%3Cbr%3E2.%20Iraq%3Cbr%3E3.%20Pakistan%3Cbr%3E4.%20Bahrain%3Cbr%3E5.%20Bangladesh%3Cbr%3E6.%20Burkina%20Faso%3Cbr%3E7.%20Kuwait%3Cbr%3E8.%20India%3Cbr%3E9.%20Egypt%3Cbr%3E10.%20Tajikistan%3Cbr%3E%3Cbr%3E%3Cem%3ESource%3A%202022%20World%20Air%20Quality%20Report%3C%2Fem%3E%3C%2Fp%3E%0A
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
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