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Oil falls $7 on Russia-Ukraine talk hopes, China lockdowns

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Ukraine and Russia report rare progress at peace talks.China’s COVID cases this year now exceed the 2021 total.UK urges Saudi Arabia to raise oil output.


LONDON: Oil prices fell around $7 a barrel on Monday as investors pinned hopes on diplomatic efforts between Ukraine and Russia to end their conflict, while a surge in COVID-19 cases in China spooked the markets.

Brent was down by $6.78, or 6%, at $105.89 a barrel at 1358 GMT and US crude fell $7.01, or 6.4%, to $102.32.

Both benchmarks have surged since Russia’s February 24 invasion of Ukraine and are up roughly 40% in the year to date.

Ukrainian and Russian negotiators are set to talk again on Monday via video link. Negotiators had given their most upbeat assessments after weekend negotiations, suggesting there could be positive results within days.

“Beside new talks between Ukraine and Russia, I guess new lockdowns in China are the reason for a negative start of the week for crude oil,” said UBS analyst Giovanni Staunovo.

A northeastern Chinese province on Monday imposed a rare travel ban on its population as the region’s Omicron outbreak helped drive China’s tally of new local COVID-19 cases so far this year higher than the total in 2021.

“Oil prices might continue moderating this week as investors have been digesting the impact of sanctions on Russia, along with parties showing signs of negotiation towards [a] ceasefire,” said Tina Teng, an analyst at CMC Markets.

Russia’s output of oil and gas condensate rose to 11.12 million barrels per day (bpd) so far in March, two sources familiar with production data told Reuters, despite sanctions.

The United States has announced a ban on Russian oil imports and Britain said it would phase them out by the end of 2022. Russia is the world’s top exporter of crude and oil products combined, shipping about 7 million bpd or 7% of global supplies.

A senior minister said British Prime Minister Boris Johnson was trying to persuade Saudi Arabia to increase its oil output, while International Energy Agency (IEA) chief Fatih Birol urged oil-producing countries to pump more.

India said it would take “appropriate” steps to calm the rise in oil prices, indicating the country could release more oil from its national stocks if required.

Indian officials also said New Delhi was considering a Russian offer to buy its crude oil and other commodities at discounted prices via a rupee-rouble transaction.

Meanwhile, investors are watching this week’s meeting of the US Federal Reserve, which is expected to start raising interest rates, a move that would boost the dollar and could push down oil prices.

A stronger greenback makes dollar-denominated oil more expensive for holders of foreign currencies.

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As of today, the F-8 Underpass is now open to traffic. Naqvi

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According to Interior Minister Mohsin Naqvi, traffic will begin to flow through the F-8 Exchange Underpass today.

During his inspection visit to the F-8 Exchange Interchange and Serena Interchange Projects in Islamabad, the minister made the statement.

According to him, the F-8 Exchange Chowk Interchange Project is still being worked on nonstop.

Serena Chowk Interchange will be opened in January, according to Mohsin Naqvi, and the construction will be finished in 60 days.

He said any kind of hindrance to the projects should be removed and projects be completed on time at all costs.

He said with the completion of the projects, citizens’ traffic woes will end.
The minister also ordered protection of trees during construction of projects.

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An event for medical training is being held at CMH Peshawar, and Major General Masood is distributing awards.

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Romina Khurshid Alam, the Coordinator of the Prime Minister’s Office, underlined the significance of gender-inclusive climate resilience during her presentation on climate change. This was done in light of the fact that Pakistan is seeing a worsening of the consequences of climate change.

When Alam was having a conversation with a group of people from the Green Tech Hub at NUST and UN-Women, he brought up the idea that women who live in rural regions are particularly vulnerable, but that they are also quite important in the process of creating solutions that are sustainable.

It was discussed by the delegation that the Green Tech Hub, which was formed in October at NUST, should be enlarged in order to foster innovation in the disciplines of climate adaptation and renewable energy. This was done in order to encourage innovation in these domains. For the purpose of bolstering the initiative, Romina Alam has committed to give assistance in the search of collecting funds and collaborations.

The necessity of providing women with the knowledge and tools necessary to create resilience was emphasized by Romina Alam, who also called for climate strategies that are inclusive and take into account the specific issues that women face and the potential that they have to take on leadership roles.

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Climate-related challenges are growing in Pakistan, and the prime minister’s climate aide is advocating for gender-inclusive climate resilience.

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During her presentation on climate change, Prime Minister’s Coordinator Romina Khurshid Alam emphasized the importance of gender-inclusive climate resilience in light of the fact that Pakistan is experiencing a worsening of the effects of climate change.

Alam brought up the fact that women living in rural areas are especially vulnerable, but they are also vital to finding sustainable solutions during a discussion with a team from the Green Tech Hub at NUST and UN-Women.

It was discussed by the delegation that the Green Tech Hub, which was established in October at NUST, should be expanded in order to encourage innovation in the fields of climate adaptation and renewable energy. In order to bolster the project, Romina Alam has committed to providing help in the pursuit of acquiring financing and collaborations.

The necessity of providing women with the knowledge and tools necessary to create resilience was emphasized by Romina Alam, who also called for climate strategies that are inclusive and take into account the specific issues that women face and the potential that they have to take on leadership roles.

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