Oil Updates — Crude edged down; Russian shelling causes oil leak in Ukrainian facility; Iran, Venezuela sign cooperation plan


Brent crude fell $1.06 to settle at $122.01 a barrel. (Shutterstock)

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Oil prices fell Friday after US consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.

Brent crude fell $1.06 to settle at $122.01 a barrel. US West Texas Intermediate crude fell 84 cents to settle at $120.67 a barrel.

Both benchmarks still posted weekly gains, 1.9 percent for Brent and 1.5 percent for WTI.

Ukraine plant shelling causes oil leak and fire

Russian shelling of the Azot chemical plant in the embattled Ukraine city of Sievierodonetsk caused a massive fire to break out after a leak of tons of radiator oil, Luhansk governor Serhiy Gaidai said Saturday.

Speaking on national television, Gaidai did not say if the fire at the plant, where hundreds of civilians are sheltering, had been extinguished. Reuters could not independently verify the report.

Gaidai said non-stop fighting was underway in Sievierodonetsk, a small city in Luhansk province that has become the focus of Russia’s advance in eastern Ukraine.

“Unfortunately, the enemy’s artillery is simply taking apart, floor by floor, buildings that are being used as shelters,” he said.

Iran, Venezuela sign 20-year cooperation plan

Iran and Venezuela signed a 20-year cooperation plan on Saturday, according to live coverage on Iranian state TV.

The plan includes cooperation in oil, petrochemicals, tourism, and culture.

The signing ceremony was held in North Tehran’s Saadabad Palace in the presence of visiting Venezuelan President Nicolas Maduro and his Iranian counterpart Ebrahim Raisi.

(With input from Reuters) ARAB NEWS

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