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Ukrainian President Zelensky: Intelligence sharing between Ukraine and the United States has resumed operation.Global Chip LOF: Trading in this fund will be suspended from the opening of the market on October 19, 2026, and will resume at 10:30 on October 19, 2026.On October 18, Ukrainian President Volodymyr Zelenskyy posted on social media that Russian forces attacked substations in Vinnytsia, Zhytomyr, Khmelnytskyi, and Odessa regions on the evening of October 17, causing power outages for tens of thousands of households. In addition, the Russian airstrikes that evening resulted in two deaths and 12 injuries. Zelenskyy stated that in the week since US President Trump declared an "energy ceasefire" between Russia and Ukraine, Russia has launched 76 attacks on Ukrainian power, oil, and gas facilities. Over the past week, the Russian military has launched 2,700 attack drones, more than 1,700 aerial bombs, and 66 missiles into Ukraine, primarily targeting Ukrainian energy facilities. He called on the US to put pressure on Russia. According to official Ukrainian statements and energy company announcements on social media on the morning of October 18, from the evening of October 17 to the early morning of October 18, Russian forces launched airstrikes on energy facilities in multiple Ukrainian regions, causing emergency power outages in Kyiv, Kyiv Oblast, Odessa Oblast, Ternopil Oblast, and other areas.The Saudi Civil Defense Authority has lifted the emergency alert for Najran.The Saudi Civil Defense Authority issued an emergency alert in Najran.

Oil prices rise in response to signs of increased demand

Charlie Brooks

Aug 26, 2022 10:46

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Oil prices rose in early trade on Friday amid signs of improving fuel demand, but gains were limited as the market awaited hints from the U.S. Federal Reserve chairman's speech regarding the likelihood of rate hikes.


At 0051 GMT, Brent crude futures climbed 46 cents, or 0.5%, to $99.80 per barrel. Futures for West Texas Intermediate (WTI) crude rose 48 cents, or 0.5%, to $93.00 a barrel. Each decreased by nearly $2 on Thursday.


Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, concerns about oil demand destruction diminished this week, leaving both benchmark oil contracts on track for weekly gains of approximately 3 percent.


ANZ Research analysts noted that statements made by numerous U.S. central bank officials before Chairman Jerome Powell's speech on Friday put a shadow over the economic outlook.


ANZ Research analysts observed in a research that there are indicators of a healthy market, citing optimistic traffic growth figures.


"According to the most recent TomTom Congestion Index data, traffic volumes grew dramatically throughout Asia Pacific, Europe, and North America during the week of August 24,"


ANZ also observed an increase in congestion in China, citing data from Baidu (NASDAQ:BIDU).


In addition to market anxiety anticipating Powell's speech, the probable return of Iranian crude to global markets restrained price gains.


Tehran is assessing Washington's reaction to a European Union-drafted final offer to revive a nuclear deal; the EU anticipates a response soon; however, it is doubtful how quickly Iranian oil exports will resume, even if a deal is reached.


If sanctions were lifted, it would take Iran almost a year and a half to reach its full capacity of 4 million barrels per day, an increase of 1.4 million bpd from its current output.

Nevertheless, the Organization of Petroleum Exporting Countries (OPEC) would consider decreasing output to offset any increase from Iran, according to sources from OPEC this week, after Saudi Arabia underlined the possibility of enacting cuts.

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