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.
Related Articles

Indian Americans
Indian American billionaire Vinod Khosla wants the world’s elite to skip Davos
SANTA CLARA, CA (TIP): Indian American billionaire Vinod Khosla wants the world’s elite to not go to the annual meeting of the World Economic Forum, and instead contribute that money to “a better cause.” The […]

Breaking News
Sardar Patel University Alumni’s (SPU) 19th Annual Convention held
FORDS, NJ (TIP) More than 500 alumni and guests attended Sardar Patel University Alumni’s (SPU) 19th Annual Convention on October 30, 2021, at Royal Albert’s Palace in New Jersey; Networking, dignitary speeches, SPU updates, music […]

India
Sandeshkhali must be avenged by voting against TMC: Modi
New Delhi (TIP)- Launching a scathing attack on West Bengal’s ruling Trinamool Congress (TMC) for “turning a blind eye” to the cases of sexual abuse of women at Sandeshkhali, PM Narendra Modi on Friday, March […]
Be the first to comment