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Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on Friday on growing recession fears after central banks this week ramped up interest rates to fight decades-high inflation.
Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) on Friday announced the successful financial closing of their $3.8 billion strategic project
Saudi Aramco’s net profit soared 124 per cent last year as global growth recovered from the Covid-19 downturn, the oil giant announced on Sunday. “Aramco’s net income increased by 124% to $110 billion in 2021, compared to $49.0 billion in 2020,”
Stocks extended their losses for the week on Friday as investors piled into government bonds and gold for cover while scrutinising the latest twists in Russia’s escalating invasion of Ukraine, which included seizing a huge nuclear plant.
Brent crude futures fell 71 cents, or 1.4%, to $49.37 a barrel at 06:46 GMT while US West Texas Intermediate (WTI) crude futures slid 67 cents, or 1.4%, to $46.35 a barrel.
The new strain is believed to be 70% transmissible, its widespread has shut down Britain and made a lot of countries close their borders to British travellers.
Brent crude futures for February rose 38 cents, or 0.8%, to $50.35 a barrel by 04:54 GMT, while US West Texas Intermediate crude futures for January were up 32 cents, or 0.7%, at $46.89 a barrel.
US West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.8%, to $46.63 a barrel at 05:06 GMT, while Brent crude futures fell 40 cents, or 0.8%, to $49.89 a barrel, erasing Monday's gains.
Brent crude futures rose 38 cents, or 0.7%, to $51.58 a barrel by 05:30 GMT while US West Texas Intermediate (WTI) crude futures increased 31 cents, or 0.6%, to $48.43.
Brent was up 11 cents or 0.2% at $50.36 a barrel by 04:27 GMT, after gaining nearly 3% on Thursday. US oil was up 14 cents, or 0.3%, at $46.92 a barrel, having also risen almost 3% in the previous session.
