Economy
More than 2pc Oil prices surge as Putin mobilizes additional troops
Oil prices gave up early gains on Wednesday as a soaring dollar and global recession fears offset worries about a Russian military mobilization.
A big increase in U.S. crude stocks could also weaken oil prices. Analysts forecast U.S. crude stocks rose 2.2 million barrels last week.
On Tuesday, data from the American Petroleum Institute (API) industry group showed crude stocks rose 1.0 million barrels in the week to Sept. 16.
Brent futures were 10 cents, or 0.1pc, lower at $90.52 a barrel by 10:13 a.m. EDT (1413 GMT), while U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.3pc, to $83.66.
Both contracts were up more than $2 earlier in the session.
Putin said he had signed a decree on partial mobilisation, saying he was defending Russian territories and that the West wanted to destroy the country.
“The oil complex (advanced) largely off Putin’s apparent escalation of the Ukraine war,” analysts at energy consulting firm Ritterbusch and Associates said, noting the strong dollar and expected higher U.S. interest rates will limit oil price gains.
Oil prices soared to a multi-year high in March after the Ukraine war broke out. European Union sanctions banning seaborne imports of Russian crude will come into force on Dec. 5.
Investors this week have been bracing for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand.
The Fed is widely expected to hike rates by 75 basis points for the third time in a row later on Wednesday in its drive to rein in inflation.
The dollar was on track for its highest close against a basket of other currencies in over 20 years. A strong dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies.
Signs of a recovery in Chinese demand, hit by COVID-19 shutdowns, had also helped lift prices earlier in the session.
At least three Chinese state oil refineries and a privately run mega refiner are considering increasing runs by up to 10pc in October from September, eyeing stronger demand and a possible surge in fourth-quarter fuel exports, people with knowledge of the matter said.
Meanwhile, the United States said that it did not expect a breakthrough on reviving the 2015 Iran nuclear deal at this week’s U.N. General Assembly, reducing the prospects of a return of Iranian barrels to the international market.
The OPEC+ producer grouping – the Organization of the Petroleum Exporting Countries and associates including Russia – is now falling a record 3.58 million barrels per day short of its production targets, or about 3.5pc of global demand. The shortfall highlights the underlying tightness of supply in the market.
This year, the Islamic Foundation has set the Fitra minimum at Tk 115 with a maximum of Tk 2, 640.
The National Committee on Fitra set the donation rate at a meeting on Sunday (2n April) led by committee President Hafez Mufti Mohammad Ruhul Amin, also the khatib of the Baitul Mukarram National Mosque.
The amount of Fitra for all Muslim people has been determined based on the market prices of flour, dates, raisin, cheese, and some other essential items.
Fitra, also known as Zakat al-fitr, is the compulsory charity that Muslims have to give to the poor before the Eid day prayer congregation or Jamaat. Without giving these alms, their Eid is considered incomplete.
Dhaka’s air quality is ‘unhealthy’ on Sunday morning (2nd April).
With an air quality index (AQI) score of 125 at 9 am, Dhaka ranked 10th in the list of cities worldwide with the worst air quality.
Thailand’s Chiang Mai, China’s Beijing and India’s Delhi occupied the first three spots in the list, with AQI scores of 254, 166 and 160, respectively.
An AQI between 101 and 150 is considered ‘unhealthy’, AQI between 201 and 300 is said to be ‘very unhealthy’, while a reading of 301+ is considered ‘hazardous’, posing serious health risks to residents.
Air pollution consistently ranks among the top risk factors for death and disability worldwide.
As per the World Health Organization (WHO), air pollution kills an estimated seven million people worldwide every year, largely as a result of increased mortality from stroke, heart disease, chronic obstructive pulmonary disease, lung cancer and acute respiratory infections.
The price of gold in the bangladesh national market has been set at yet another all-time high, just below Tk 1 lakh per bhori.
Bangladesh Jeweller’s Association (BAJUS) announced a hike of Tk 1,516 for 22-carat gold, setting the new price at Tk99,144 per bhori, effective from Sunday (2nd April).
BAJUS in a press release on Saturday said the price of 22-carat gold with hallmark would be sold at Tk 99,144. Apart from this, the price of hallmarked 21-carat gold bars will be Tk 94,653, 18 carats will be Tk 81,123 and traditional gold bars will be Tk 67,593.
However, the price of another precious metal, silver, was left unchanged.
On Saturday, a bhori of 22-carat gold ornaments was sold at Tk 97,628, 21-carat at Tk 93,195, 18-carat at Tk 79,898 and traditional style gold ornaments are being sold at Tk 66,543.
In other words, from tomorrow, 22-carat gold bars will be increased by Tk 1,516, 21-carat by Tk 1,458, 18-carat by Tk 1,225, and traditional gold bars by Tk 1,500.
