News

  Bloomberg The historic surge in oil is reshaping the outlook for Asian equity and currency markets, as the specter of prolonged high prices exposes the vulnerability of energy-dependent countries. Risks of a rise in consumer prices and disruption to current-account balances have triggered strong foreign outflows from equities in markets like India and South Korea in recent days, spurring …

  Bloomberg Global oil markets could tighten even more with Russian flows being disrupted and producers such as Libya experiencing supply problems, according to Vitol Group, the world’s biggest independent crude trader. That could push prices higher still after they soared to more than $115 a barrel in the wake of Russia’s invasion of Ukraine. “We have plenty of twists …

  Bloomberg Oil climbed, ending a week in which it swung by more than $20 a barrel after Russia’s invasion of Ukraine roiled global markets and fueled fears of a supply crunch. Futures in New York and London were up about 3% on Friday. Brent, the global benchmark, has traded in the biggest range since the launch of the futures …

  Bloomberg Oil soared as the Russian invasion of Ukraine continued to raise the specter of major global supply disruption. Futures in New York climbed as much as 6.1% to, the highest since 2014. Brent futures jumped by more than $6 to above $104 a barrel. The European Union is discussing the exclusion of seven Russian banks from the SWIFT …

  CAIRO / WAM The Arab Parliament (AP) lauded the resolution of the United Nations (UN) Security Council to list the Houthi militias as a terrorist organisation. The Council also placed the Houthis on a list of entities banned from being supplied with arms. The AP described this step as a victory for legitimacy, stressing that the resolution was issued …

  Bloomberg Saudi Arabia’s state oil company discovered five new natural gas fields across the kingdom that can produce over 100 million cubic feet per day in total, as the oil-rich kingdom looks to boost production of the fuel. The fields, discovered by Saudi Aramco, are located in the country’s central region, the empty quarter desert, the northern border region …

  Bloomberg Oil extended its retreat from a seven-year high, slipping back below $100 a barrel in London, as Russia’s invasion of Ukraine forced traders to grapple with a fluid market environment. Brent futures rallied above $105 a barrel as Russia launched an attack on its neighbour, though prices subsequently retreated as it emerged that Western governments wouldn’t impose sanctions …

  Bloomberg Oil tanker owners are avoiding offering their ships to collect crude from Russia as they wait to see what sanctions the country might face after invading Ukraine. Two shipbrokers and three owners said owners are currently unwilling to make offers to collect Russian barrels. The owners said that oil-freight transportation costs are also very low anyway, making it …

  Sharjah / WAM Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC) operator, has been named ‘Airline of the Year’ at the 2022 Air Transport Awards that took place in Athens, Greece with the participation of industry leaders. The winners of the Air Transport Awards were voted for by the readers of Air Transport …

  Bloomberg India has received proposals worth $20.5 billion from five companies to manufacture semiconductor fabs and display fabs locally, according to a government statement. Companies including Vedanta in joint venture with Foxconn, Singapore-based IGSS Ventures pte, and ISMC have proposed $13.6 billion investments for manufacturing the chips, which are used in a wide array of products ranging from 5G …