Dubai Telegraph - Oil surges back up on Russia tensions

EUR -
AED 3.902662
AFN 71.721309
ALL 97.379693
AMD 411.736337
ANG 1.916033
AOA 969.546232
ARS 1060.127839
AUD 1.625131
AWG 1.914127
AZN 1.801069
BAM 1.95799
BBD 2.146602
BDT 127.04809
BGN 1.957961
BHD 0.40045
BIF 3079.178589
BMD 1.062518
BND 1.422859
BOB 7.372594
BRL 6.109269
BSD 1.063139
BTN 89.778648
BWP 14.463859
BYN 3.479155
BYR 20825.362437
BZD 2.142898
CAD 1.481204
CDF 3048.36535
CHF 0.93686
CLF 0.037964
CLP 1047.547807
CNY 7.684238
COP 4713.916414
CRC 544.034137
CUC 1.062518
CUP 28.15674
CVE 110.873467
CZK 25.383911
DJF 188.83088
DKK 7.460262
DOP 64.017024
DZD 141.785204
EGP 52.286219
ETB 129.094855
FJD 2.403428
GBP 0.833407
GEL 2.911181
GHS 17.441278
GMD 75.96944
GNF 9170.597089
GTQ 8.215576
GYD 222.406682
HKD 8.263897
HNL 26.62657
HTG 139.832992
HUF 410.833148
IDR 16783.435843
ILS 3.990905
INR 89.664885
IQD 1391.899224
IRR 44737.341364
ISK 147.509645
JMD 168.928957
JOD 0.753435
JPY 164.266469
KES 137.598404
KGS 91.590977
KHR 4308.512491
KMF 489.156922
KRW 1495.616936
KWD 0.326842
KYD 0.885933
KZT 527.584963
LAK 23332.906547
LBP 95201.656596
LKR 310.88237
LRD 196.937992
LSL 19.305457
LTL 3.137341
LVL 0.642707
LYD 5.169153
MAD 10.541246
MDL 19.030182
MGA 4930.08572
MKD 61.689003
MMK 3451.018615
MOP 8.517928
MRU 42.388737
MUR 50.055102
MVR 16.426769
MWK 1843.46991
MXN 21.859829
MYR 4.714381
MZN 67.921539
NAD 19.306154
NGN 1777.25314
NIO 39.074133
NOK 11.766909
NPR 143.645436
NZD 1.791815
OMR 0.409087
PAB 1.063139
PEN 4.025844
PGK 4.265746
PHP 62.428268
PKR 295.327037
PLN 4.352023
PYG 8306.291093
QAR 3.868364
RON 4.977046
RSD 116.988606
RUB 104.392478
RWF 1451.40026
SAR 3.992277
SBD 8.862205
SCR 14.442803
SDG 639.107629
SEK 11.579093
SGD 1.422059
SLE 24.21852
SOS 607.24094
SRD 37.43785
STD 21991.987562
SVC 9.302844
SZL 18.732581
THB 36.986341
TJS 11.300434
TMT 3.72944
TND 3.344276
TOP 2.488527
TRY 36.515562
TTD 7.224421
TWD 34.473942
TZS 2828.280754
UAH 44.030751
UGX 3906.553553
USD 1.062518
UYU 44.822246
UZS 13632.112684
VES 47.682447
VND 26934.843765
XAF 656.722488
XCD 2.871509
XDR 0.800934
XOF 646.010986
XPF 119.331742
YER 265.443696
ZAR 19.237269
ZMK 9563.943308
ZMW 28.943737
ZWL 342.130521
  • CMSC

    -0.1800

    24.54

    -0.73%

  • SCS

    0.0200

    13.67

    +0.15%

  • BCC

    -2.0100

    141.13

    -1.42%

  • RIO

    -1.4000

    61.2

    -2.29%

  • JRI

    -0.3000

    13.22

    -2.27%

  • RBGPF

    0.0300

    60.22

    +0.05%

  • BCE

    -0.1600

    27.69

    -0.58%

  • CMSD

    -0.2100

    24.75

    -0.85%

  • BTI

    0.0900

    35.24

    +0.26%

  • RYCEF

    -0.1700

    7.16

    -2.37%

  • AZN

    0.4000

    65.19

    +0.61%

  • GSK

    -0.8300

    35.52

    -2.34%

  • NGG

    -1.2400

    62.9

    -1.97%

  • RELX

    -1.2100

    46.59

    -2.6%

  • BP

    -0.7600

    28.16

    -2.7%

  • VOD

    -0.8500

    8.47

    -10.04%

Oil surges back up on Russia tensions

Oil surges back up on Russia tensions

Oil prices soared Thursday on tensions surrounding key producer Russia, as equities diverged with traders tracking interest rate decisions, the Ukraine conflict and China's pledge to support volatile markets.

Text size:

The price of benchmark oil contract, Brent North Sea crude, jumped more than five percent to return above $100 per barrel after Russia rejected a ruling from the UN's top court to suspend its Ukraine offensive.

"Russia's invasion is still dictating price action... given the country's global importance in terms of supply," Interactive Investor analyst Victoria Scholar told AFP.

The fallout from the war in Ukraine could cut global economic growth by "over one percentage point" in the first year after the invasion, the OECD grouping of developed economies said in a report.

The impact "if sustained" would produce "a deep recession in Russia" and further increase global consumer price inflation by approximately 2.5 percentage points, it added.

The warning came as Russia's finance ministry said it had carried out interest payments on two foreign bonds, avoiding default for now after it was hit by unprecedented Western sanctions over Ukraine.

- Central banks -

Central banks were in focus again on Thursday as the Bank of England (BoE) raised its main interest rate by a quarter point, following the US Federal Reserve's decision to do the same the day before.

The hike, widely anticipated by analysts, was the BoE's third straight rate rise as it battles with decades-high UK inflation.

"The global economy faces elevated levels of inflation because of various factors, including from surging energy and commodity prices," said Fawad Razaqzada, analyst at ThinkMarkets.

US markets were slightly down shortly after opening, as the market came to terms with the Fed's decision on Wednesday.

The Dow Jones Industrial Average and the S&P 500 slipped 0.4 percent, while the tech-heavy Nasdaq lost 0.9 percent.

In Asia, Hong Kong's main stocks index closed with another massive gain, as investors pile back in after China's pledge to support markets.

The Hang Seng surged seven percent, a day after a nine-percent jump.

Another blistering surge in tech firms helped Hong Kong extend its recovery from the recent rout, while traders also cheered soothing comments on the US economy by the Fed.

China's top economic official has vowed measures to support beaten-down markets and indicated that a debilitating crackdown on the technology sector was nearing its end.

"The statement addressed so many issues on various fronts, which is really rare," said Ding Shuang at Standard Chartered.

"Selloffs tended to be self-fulfilling partly because of the lack of response from the government," but part of the government's aim is likely to break that inertia and stabilise expectations, he added.

- Key figures around 1330 GMT -

Brent North Sea crude: UP 7.0 percent at $104.74 per barrel

West Texas Intermediate: UP 6.7 percent at $101.43 per barrel

London - FTSE 100: UP 0.5 percent at 7,330.50 points

Frankfurt - DAX: DOWN 1.3 percent at 14,249.45

Paris - CAC 40: DOWN 0.6 at 6,552.16

EURO STOXX 50: DOWN 1.1 percent at 3,846.99

New York - DOW: DOWN 0.4 percent at 33,939.45

Hong Kong - Hang Seng Index: UP 7.0 percent at 21,501.23 (close)

Tokyo - Nikkei 225: UP 3.5 percent at 26,652.88 (close)

Shanghai - Composite: UP 1.4 percent at 3,215.04 (close)

Euro/dollar: UP at $1.1060 from $1.1038 late Wednesday

Pound/dollar: DOWN at $1.3106 from $1.3148

Euro/pound: UP at 84.41 pence from 83.90 pence

Dollar/yen: UP at 118.77 yen from 118.73 yen

Z.W.Varughese--DT