War in Ukraine pushes oil higher for third day as Chancellor plans to cut fuel taxes Business


Oil prices climb for the third straight session as EU countries continue to weigh an embargo on Russian supplies ahead of a meeting with US President Joe Biden.

With the conflict in Ukraine showing few signs of abating, Brent rose more than 3% to around $111 a barrel on Monday, with traders betting the market would remain tight.

It comes as a reduction in fuel duty was reported by Boris Johnson and Rishi Sunak as they seek to ease the cost of living crisis facing families in the spring statement.

It comes as EU governments consider an oil embargo against Russia or its invasion of Ukraine, on top of a series of punitive sanctions already imposed.

They had previously backed down from such a move, but Baltic countries, including Lithuania, continue to push for it, according to Reuters. Biden is due to arrive in Brussels for a NATO summit on Thursday.

5 things to start your day

1) The government attacks the “cartel” of large real estate developers The upgrade secretary has opened a new front in his war with homebuilders amid a row over building safety.

2) M&S chairman warns of rising prices The retailer’s chairman said clothes and food would become more expensive after the war in Ukraine drove up energy costs.

3) Chancellor breaks with Cabinet colleagues in P&O freeport row Rishi Sunak says the involvement of the parent company of the Dubai-based ferry company is separate from the layoff fury.

4) Go-Ahead is set to retain the Govia Thameslink rail line The joint venture is set to continue running Britain’s biggest rail franchise despite its departure from the South East and a £26million fine

5) Russia faces a new default test Despite payments made last week, Moscow still has $40 billion in bonds outstanding and major payments are approaching.

What happened overnight

Asian stock markets started the week in a sober mood on Monday as fighting in Ukraine raged with no signs of stopping, leaving investors clinging to hopes of an eventual peace deal.

Investors were also eagerly waiting to see if Russia would face more interest repayments this week. It has to pay $615 million in coupons this month while on April 4, a $2 billion bond is due.

Trade was sluggish with Japan on holiday, leaving S&P 500 stock futures down 0.3pc and Nasdaq futures down 0.4pc. EUROSTOXX 50 futures fell 0.1pc and FTSE futures edged up 0.1pc.

MSCI’s broadest Asia Pacific ex-Japan equity index was flat. The Japanese Nikkei was closed, but futures traded about 200 points above the spot close.

Chinese blue chips firmed 0.1pc as investors awaited further details on a possible stimulus from Beijing.

coming today

  • Business : Photo-Me International, Raven real estate group (annual results); Three (commercial statement)
  • Economy: Producer price inflation (Germany)

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This notice was published: 2022-03-21 08:17:58

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