INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Brent oil breaks $110 a barrel, WTI up 5% on Ukraine conflict

Oil activities increased by 1.3 percent in the kingdom in Q1 2023. (AFP)
  • Brent climbed 4.88 percent to $110.09, while WTI was up 5.06 percent at 108.64
  • The conflict in eastern Europe came as prices were already soaring owing to tight supplies

Brent crude broke above $110 a barrel on Wednesday and WTI was up more than five percent as Russia’s invasion of Ukraine continued to fan fears over supplies of the crucial commodity from the resource-rich region.

Brent climbed 4.88 percent to $110.09, while WTI was up 5.06 percent at 108.64. Both are at more than seven-year highs.

Vladimir Putin’s incursion into the neighbouring country has seen world powers impose strict, far-reaching sanctions on Moscow in retaliation, fuelling worries that exports from Russia will be cut off.

Russia is the world’s third-biggest oil producer.

The conflict in eastern Europe came as prices were already soaring owing to tight supplies and a strong recovery in demand around the world as economies reopen from pandemic-induced lockdowns.

Traders will be keeping a close eye on a meeting of OPEC and other major producers, including Russia, later in the day where they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.