Oil storage tanks at the Kinder Morgan Watson Station in California. Oil prices have given up gains in recent weeks amid concerns for the global demand outlook. Reuters
Oil storage tanks at the Kinder Morgan Watson Station in California. Oil prices have given up gains in recent weeks amid concerns for the global demand outlook. Reuters
Oil storage tanks at the Kinder Morgan Watson Station in California. Oil prices have given up gains in recent weeks amid concerns for the global demand outlook. Reuters
Oil storage tanks at the Kinder Morgan Watson Station in California. Oil prices have given up gains in recent weeks amid concerns for the global demand outlook. Reuters

Oil remains steady despite Russia halting energy supplies to Poland and Bulgaria


Sarmad Khan
  • English
  • Arabic

Oil prices remained steady, advancing slightly on Wednesday, despite Russia halting natural gas supplies to Poland and Bulgaria.

Investors assessed weakening demand outlook amid lockdowns in China against potential curbs on Russian energy exports by the EU.

Brent, the global benchmark for two thirds of the world's oil, was trading 0.65 per cent higher at $105.67 per barrel at 11.53am UAE time. West Texas Intermediate, the gauge that tracks US crude, was 0.43 per cent higher at $102.14 a barrel.

Oil prices rose sharply on Tuesday after two days of losses, with Brent gaining 2.6 per cent and WTI climbing more than 3 per cent.

“It seems that the weaponisation of its energy supplies by Russia has now begun, possibly driven by previously reluctant members of Nato getting on board and supplying heavy weapons to Ukraine,” Jeffrey Halley, senior market analyst, Asia Pacific at Oanda, said.

“If this is just the start of further energy escalation by Russia, the EU faces challenging times ahead. That likely explains why oil prices only reversed their losses from Monday and didn’t shoot into space.”

Moscow on Wednesday stopped natural gas supplies to Poland and Bulgaria in a major escalation with western allies that are supporting Ukraine with arms, defence systems and financial aid in its war against Russia.

Russia has asked for energy supply payments to be made in roubles, a demand European allies rejected. However, with payment deadlines now approaching for European nations, it remains to be seen how the 27-member bloc, which is heavily dependent on Russian oil and gas imports, will react to Moscow’s move.

The situation could worsen from here, Daniel Richards, Middle East and North Africa economist at Emirates NBD, said.

  • UN Secretary General Antonio Guterres visits Borodyanka, near Kyiv, where Russian forces are accused of killing civilians. AFP
    UN Secretary General Antonio Guterres visits Borodyanka, near Kyiv, where Russian forces are accused of killing civilians. AFP
  • Children play in the wreckage of a Russian armoured vehicle in Lukashivka, Chernihiv region, northern Ukraine. The village has been retaken by Ukrainian forces. EPA
    Children play in the wreckage of a Russian armoured vehicle in Lukashivka, Chernihiv region, northern Ukraine. The village has been retaken by Ukrainian forces. EPA
  • A cyclist passes a destroyed building in Derhachi village, near besieged city Kharkiv, in north-eastern Ukraine. AFP
    A cyclist passes a destroyed building in Derhachi village, near besieged city Kharkiv, in north-eastern Ukraine. AFP
  • Burnt-out wreckage of a tank in Kolychivka village, Chernihiv region, northern Ukraine. EPA
    Burnt-out wreckage of a tank in Kolychivka village, Chernihiv region, northern Ukraine. EPA
  • A Ukrainian flag flies in a park in Kramatorsk, Donetsk region, eastern Ukraine. A rocket attack on the city railway station earlier in April killed at least 50 people. AFP
    A Ukrainian flag flies in a park in Kramatorsk, Donetsk region, eastern Ukraine. A rocket attack on the city railway station earlier in April killed at least 50 people. AFP
  • Russian President Vladimir Putin addresses a meeting of MPs in St Petersburg. EPA
    Russian President Vladimir Putin addresses a meeting of MPs in St Petersburg. EPA
  • Youngsters Faddei and Oleksandr play in front of a church damaged during Russia's invasion of Ukraine, in the Chernihiv region. Reuters
    Youngsters Faddei and Oleksandr play in front of a church damaged during Russia's invasion of Ukraine, in the Chernihiv region. Reuters
  • A demonstrator turns emotional as she attends a rally in Kyiv demanding a humanitarian corridor to rescue civilians from Mariupol. Reuters
    A demonstrator turns emotional as she attends a rally in Kyiv demanding a humanitarian corridor to rescue civilians from Mariupol. Reuters
  • A Ukrainian Sukhoi Su-25 releases decoy flares as it provides air support to Ukrainian ground forces near central city of Yampil. AFP
    A Ukrainian Sukhoi Su-25 releases decoy flares as it provides air support to Ukrainian ground forces near central city of Yampil. AFP
  • An officer from National Guard of Ukraine surveys weapons left behind by Russian troops in Chernobyl. AFP
    An officer from National Guard of Ukraine surveys weapons left behind by Russian troops in Chernobyl. AFP
  • Mr Putin attends a meeting with UN Secretary General Antonio Guterres in Moscow. Reuters
    Mr Putin attends a meeting with UN Secretary General Antonio Guterres in Moscow. Reuters
  • Members of a team from the International Atomic Energy Agency carry equipment as they arrive at the Chernobyl nuclear power plant, in Chernobyl, Ukraine. AP
    Members of a team from the International Atomic Energy Agency carry equipment as they arrive at the Chernobyl nuclear power plant, in Chernobyl, Ukraine. AP
  • Ukrainian troops fire rockets from the city of Popasna, near Luhansk. EPA
    Ukrainian troops fire rockets from the city of Popasna, near Luhansk. EPA
  • Lithuanian musician Darius Mazintas plays a piano in front of the Central House of Culture destroyed during Russia's invasion, in the town of Irpin, outside Kyiv. Reuters
    Lithuanian musician Darius Mazintas plays a piano in front of the Central House of Culture destroyed during Russia's invasion, in the town of Irpin, outside Kyiv. Reuters
  • Ukrainian refugees Julia, second left, 32, and Miroslava, left, 11, walk away with relatives who received them after they crossed into Poland from Ukraine at the Dorohusk border. AFP
    Ukrainian refugees Julia, second left, 32, and Miroslava, left, 11, walk away with relatives who received them after they crossed into Poland from Ukraine at the Dorohusk border. AFP
  • Russian Foreign Minister Sergey Lavrov meets Mr Guterres in Moscow. AFP
    Russian Foreign Minister Sergey Lavrov meets Mr Guterres in Moscow. AFP
  • US Chairman of the Joint Chiefs of Staff Gen Mark Milley, left, US Secretary of Defence Lloyd Austin, second left, and Ukrainian Minister of Defence Oleksii Reznikov, right, attend the Ukraine Security Consultative Group meeting at Ramstein airbase in Ramstein-Miesenbach, Germany. Getty Images
    US Chairman of the Joint Chiefs of Staff Gen Mark Milley, left, US Secretary of Defence Lloyd Austin, second left, and Ukrainian Minister of Defence Oleksii Reznikov, right, attend the Ukraine Security Consultative Group meeting at Ramstein airbase in Ramstein-Miesenbach, Germany. Getty Images
  • Smoke rises from an oil terminal hit by fire in Bryansk, Russia. AP
    Smoke rises from an oil terminal hit by fire in Bryansk, Russia. AP
  • People take pictures by the wreckage of a Russian military vehicle, in the village of Rusaniv, Kyiv region. Reuters
    People take pictures by the wreckage of a Russian military vehicle, in the village of Rusaniv, Kyiv region. Reuters
  • Smoke rises above the Azovstal Iron and Steel Works plant amid fighting in Mariupol, Ukraine. Reuters
    Smoke rises above the Azovstal Iron and Steel Works plant amid fighting in Mariupol, Ukraine. Reuters
  • People carry a large Ukrainian flag as they attend a rally to mark the 77th anniversary of Liberation Day in Milan, Italy. The day remembers Italians who fought against the Nazis and Mussolini's troops during the Second World War. EPA
    People carry a large Ukrainian flag as they attend a rally to mark the 77th anniversary of Liberation Day in Milan, Italy. The day remembers Italians who fought against the Nazis and Mussolini's troops during the Second World War. EPA
  • A Ukrainian soldier looks at a Russian ballistic missile's booster stage that fell in a field in Bohodarove, eastern Ukraine. AFP
    A Ukrainian soldier looks at a Russian ballistic missile's booster stage that fell in a field in Bohodarove, eastern Ukraine. AFP
  • People watch as a residential building burns after Russian bombardment in Kharkiv, Ukraine. AP
    People watch as a residential building burns after Russian bombardment in Kharkiv, Ukraine. AP
  • Ukraine's President Volodymyr Zelenskyy meets US Secretary of State Antony Blinken and US Defence Secretary Lloyd Austin. Reuters
    Ukraine's President Volodymyr Zelenskyy meets US Secretary of State Antony Blinken and US Defence Secretary Lloyd Austin. Reuters
  • Russian President Vladimir Putin attends the Orthodox Easter service at the Cathedral of Christ the Saviour in Moscow. EPA
    Russian President Vladimir Putin attends the Orthodox Easter service at the Cathedral of Christ the Saviour in Moscow. EPA
  • A young girl in front of people carrying a huge Ukrainian flag during a peaceful demonstration entitled 'Solidarity with Ukraine' in Krakow, Poland. Reuters
    A young girl in front of people carrying a huge Ukrainian flag during a peaceful demonstration entitled 'Solidarity with Ukraine' in Krakow, Poland. Reuters
  • A boy stands next to a wrecked vehicle in front of an apartment damaged during the conflict in the southern port city of Mariupol. Reuters
    A boy stands next to a wrecked vehicle in front of an apartment damaged during the conflict in the southern port city of Mariupol. Reuters
  • This satellite image from Planet Labs PBC shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
    This satellite image from Planet Labs PBC shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
  • A Ukrainian man rides in front of a destroyed building in Kharkiv which had been shelled by the Russians. EPA
    A Ukrainian man rides in front of a destroyed building in Kharkiv which had been shelled by the Russians. EPA
  • A Ukrainian Territorial Defence fighter in a shelter with an Easter Cake near Kharkiv. Ukrainians mark Orthodox Easter today. EPA
    A Ukrainian Territorial Defence fighter in a shelter with an Easter Cake near Kharkiv. Ukrainians mark Orthodox Easter today. EPA
  • Residents receive Easter cakes and apples handed out by pro-Russian troops on Easter Day at the Svyato-Troitsky Church in the southern port city of Mariupol. Reuters
    Residents receive Easter cakes and apples handed out by pro-Russian troops on Easter Day at the Svyato-Troitsky Church in the southern port city of Mariupol. Reuters
  • A woman photographs the scene of yesterday's shelling in the southern Ukraine city of Odesa. Eight people were killed, including a three-month child, and about 20 were wounded. EPA
    A woman photographs the scene of yesterday's shelling in the southern Ukraine city of Odesa. Eight people were killed, including a three-month child, and about 20 were wounded. EPA
  • A military chaplain blesses Ukrainian soldiers on the occasion of Orthodox Easter not far from the city of Izyum in Kharkiv. EPA
    A military chaplain blesses Ukrainian soldiers on the occasion of Orthodox Easter not far from the city of Izyum in Kharkiv. EPA
  • An internally displaced man walks with dogs in the Palace of Culture, which was damaged by shelling in Rubizhne, eastern Ukraine. AFP
    An internally displaced man walks with dogs in the Palace of Culture, which was damaged by shelling in Rubizhne, eastern Ukraine. AFP
  • Tulips grow next to a building destroyed by shelling in Rubizhne. AFP
    Tulips grow next to a building destroyed by shelling in Rubizhne. AFP
  • Internally displaced people wait to receive food inside a factory that has been turned into a shelter, in Severodonetsk. AFP
    Internally displaced people wait to receive food inside a factory that has been turned into a shelter, in Severodonetsk. AFP
  • Members of the Ukrainian Red Cross carry a woman, 92, to an ambulance from a bunker at a factory in Severodonetsk. AFP
    Members of the Ukrainian Red Cross carry a woman, 92, to an ambulance from a bunker at a factory in Severodonetsk. AFP
  • Ambulance workers move an injured Ukrainian serviceman to a hospital in Donetsk. AP
    Ambulance workers move an injured Ukrainian serviceman to a hospital in Donetsk. AP
  • A woman sits inside a subway station that has been turned into a shelter, on the outskirts of second largest Ukrainian city, Kharkiv. AFP
    A woman sits inside a subway station that has been turned into a shelter, on the outskirts of second largest Ukrainian city, Kharkiv. AFP
  • Residents shelter in a subway station in Kharkiv. AFP
    Residents shelter in a subway station in Kharkiv. AFP
  • Anastasiya Kryvoho attends a candlelight vigil for Ukraine on the Orthodox Holy Saturday, in Toronto, Canada. Reuters
    Anastasiya Kryvoho attends a candlelight vigil for Ukraine on the Orthodox Holy Saturday, in Toronto, Canada. Reuters
  • Ukrainian President Volodymyr Zelenskyy addresses a press conference with international media in an underground metro station in Kyiv. AFP
    Ukrainian President Volodymyr Zelenskyy addresses a press conference with international media in an underground metro station in Kyiv. AFP
  • Firefighters work at the scene of a fire after shelling in Kharkiv, Ukraine. EPA
    Firefighters work at the scene of a fire after shelling in Kharkiv, Ukraine. EPA
  • A family from Myrne, a town occupied by Russian forces, wait to register with police at an evacuation point for people fleeing from Mariupol, Melitopol and surrounding towns. Getty Images
    A family from Myrne, a town occupied by Russian forces, wait to register with police at an evacuation point for people fleeing from Mariupol, Melitopol and surrounding towns. Getty Images
  • Oleksandr, 25, meets his parents Olga, 49, and Oleksandr, 50, who fled from the Russian-occupied village of Lyubimivka, at the evacuation point in Zaporizhzhia. EPA
    Oleksandr, 25, meets his parents Olga, 49, and Oleksandr, 50, who fled from the Russian-occupied village of Lyubimivka, at the evacuation point in Zaporizhzhia. EPA
  • Residents walk near a damaged military vehicle in an area controlled by Russian-backed separatist forces in Mariupol. AP
    Residents walk near a damaged military vehicle in an area controlled by Russian-backed separatist forces in Mariupol. AP
  • A heavily damaged apartment building in Horenka. Getty Images
    A heavily damaged apartment building in Horenka. Getty Images
  • Residents wrapped in blankets stand near their houses damaged by Russian shelling in Odesa. AP
    Residents wrapped in blankets stand near their houses damaged by Russian shelling in Odesa. AP
  • A Ukrainian flag is installed on top of a gob pile in Lysychans, eastern Ukraine. AFP
    A Ukrainian flag is installed on top of a gob pile in Lysychans, eastern Ukraine. AFP
  • A Ukrainian soldier rests at a checkpoint in Severodonetsk. AFP
    A Ukrainian soldier rests at a checkpoint in Severodonetsk. AFP

“As Russia has now effectively made its energy exports a political tool, in stopping gas flows to Bulgaria and Poland, fears will spread that they may follow with oil exports to the eurozone, adding more tightening pressure to markets,” Mr Richards said.

Oil prices have declined in recent weeks amid concerns for demand outlook and co-ordinated efforts by the US and the International Energy Agency to improve supply.

Crude prices, which rose close to $140 per barrel last month after the US banned Russian energy imports and the UK said it would phase out its purchase of Moscow's oil, have given up most gains. However, they could rise sharply as the EU considers widening sanctions to include Russian oil and gas exports.

China, the world’s second-largest economy and biggest crude importer, is experiencing a wave of Covid-19 infections and has introduced strict movement curbs in Shanghai, its largest city, to control the spread of coronavirus.

New cases have also been detected in China’s capital Beijing as the government continues to carry out mass testing to isolate every infected person as part of its “zero-Covid” strategy.

“Oil prices seem destined to range in a wide … choppy range,” Mr Halley said. “Russia concerns rightly supporting dips, while China's slowdown fears cap gains with lots of noise in between.”

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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A

Villains
Queens of the Stone Age
Matador

Draw:

Group A: Egypt, DR Congo, Uganda, Zimbabwe

Group B: Nigeria, Guinea, Madagascar, Burundi

Group C: Senegal, Algeria, Kenya, Tanzania

Group D: Morocco, Ivory Coast, South Africa, Namibia

Group E: Tunisia, Mali, Mauritania, Angola

Group F: Cameroon, Ghana, Benin, Guinea-Bissau

'Falling%20for%20Christmas'
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Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The%20specs
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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

Updated: April 27, 2022, 9:29 AM