The European Commission’s current proposal banning Russian oil imports is under threat after Hungary warned it cannot accept the ban, stating that it would amount to a “nuclear bomb” for its economy. Hungary’s Prime Minister Viktor Orban made the comments regarding the “unacceptable” proposal during an interview with public broadcaster Kossuth Radio on Friday. Orban said the…
EU’s Proposal Banning Russian Oil Is ‘Nuclear Bomb’ for Hungary Economy, PM Says
Oil Prices Jump Amid Persistent Supply Concerns, EU Proposal to Ban Russian Imports
Oil prices continued to rise on Friday amid concerns about tightened supplies ahead of the European Commission’s (EC) proposal to ban Russian oil by the end of the year. Brent futures rose 84 cents, or 0.8 percent, to $111.74 a barrel by 0306 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 0.7…
UK Government Resists Renewed Push for Windfall Tax as Oil Companies Announce Unexpected Profits
The UK government has resisted a new wave of calls to impose more tax on oil and gas companies to help deal with the cost of living crisis. Without ruling out the idea, a Treasury spokesperson said on Thursday that it could deter “billions worth of investment,” and compromise the UK’s energy and job security….
Oil Slips on China Growth Worries, EU Weighs Russian Crude Ban
LONDON—Oil prices fell on Monday as concerns about weak economic growth in China, the world’s top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude. Brent crude futures fell 71 cents, or 0.6 percent, to $106.43 a barrel at 0801 GMT, while U.S. West Texas Intermediate (WTI)…
Oil Extends Gains as Supply Fears Outweigh China Lockdowns
LONDON—Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world’s biggest crude importer. Brent crude futures rose by $1.90, or 1.8 percent, to $109.49 a barrel by 1127 GMT after gaining 2.1 percent in the previous session. The front-month June contract expires later…
Southwest Airlines Faces Staffing Challenge as Travel Rebounds
Southwest Airlines Co on Thursday forecast a “solid” profit for the current quarter and full-year, but said staffing woes were making it harder to keep pace with booming travel demand. The company said a sharp recovery in travel bookings in March helped lift its monthly revenue above 2019 levels for the first time since the…
Oil Prices Rally After Germany Drops Opposition to Russian Oil Embargo
Oil prices rose on Thursday in the Federal Republic of Germany, as the German government has signaled its willingness to join the other EU members in an embargo of Russian oil exports. On Thursday, Brent Crude futures rose by $2.27 to a total of $107.59 per barrel, whereas U.S. West Texas Intermediate crude rose by $3.34 to $105.36 per…
Oil Prices Fluctuate in the Face of Supply and Demand Concerns
LONDON—Oil prices dipped but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China. Brent crude futures were down 63 cents, or 0.6 percent, at $104.69 a barrel by 1129 GMT. U.S. West Texas Intermediate crude lost 49 cents,…
Russia Releases US Marine Vet in Prisoner Exchange; Russia Cuts Gas to 2 EU Countries | NTD News Today
Russia says it destroyed an arms depot in Ukraine that housed weapons from the United States and Europe. This, after Russia’s foreign minister accused NATO of engaging in a proxy war with Russia, by supplying weapons to Kyiv. Germany is looking for other sources to replace Russian oil. The country is preparing for a change…
Oil Prices Dip as Europe Turns Away From Russian Oil, Dollar Soars
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe’s biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China’s economic outlook. Erasing earlier gains, Brent crude futures dipped 54 cents, or 0.5 percent, to $104.45 a barrel by 1259 GMT. U.S….
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