Oil prices recorded a second steep weekly loss, as market participants continued to digest the growing prospects of a peace deal between Russia and Ukraine.
This has also offset concerns about supply disruption in the midst of simmering tension between the US and Venezuela. Together with the Russia-Ukraine talks, these themes have dominated the oil market since last week.
Brent, the benchmark for two thirds of the world’s oil, gained 1.1 per cent to close at $60.47 a barrel on Friday. West Texas Intermediate, (WTI), the gauge that tracks US crude, gained 0.9 per cent to settle above $56.6 a barrel. That put Brent and WTI down about 1 per cent this week after both crude benchmarks fell about 4 per cent last week.
In the year to date, Brent has now given up 20 per cent, while WTI has receded by 22 per cent.
The week’s developments have shown signs of extending oil’s reduction, as market participants price in a large oversupply for early 2026, said Vijay Valecha, chief investment officer of Dubai-based Century Financial.
Crude prices are “expected to demonstrate strong bearish momentum with the growing prominence of oversupply instead of geopolitical risks”, he said.
“Expectations for a peace settlement between Russia and Ukraine further pressured oil, as markets expect loosening of sanctions and a potential rise in Russian exports, which further support the oversupply theme.”
Negotiations about ending the war in Ukraine have reached a “major moment”, UK Defence Secretary John Healey said this week, despite warnings that the peace deal is an “illusion” that Russia will not accept.
The outcome of high-level talks involving top US envoys in Berlin, where Ukraine appeared to accept that any deal would mean it could not join Nato, has been well received in Washington.
US President Donald Trump hailed potential progress from “very long and very good talks” with Ukrainian President Volodymyr Zelenskyy and the leaders of the UK, France, Germany and Nato.
“I think we’re closer now than we have been ever,” Mr Trump said.
Meanwhile, oil prices rose early on Wednesday as supply concerns increased after Mr Trump ordered a “complete and total” blockade of sanctioned oil tankers moving in and out of Venezuela – part of continuing US military action against the South American country.
The US has bolstered its forces in what Washington says is a campaign to curb illegal drugs. Venezuelan President Nicolas Maduro has accused the White House of attempting to use military pressure to overthrow him.
Caracas has also suggested the US is attempting to get hold of Venezuela’s crude reserves, which were estimated at more than 300 billion barrels last year, and are the world’s largest. Saudi Arabia is ranked second with 267 billion barrels.
The oil market has also been weighed down by Opec+ moves to boost production, analysts at MUFG Bank have said.
The Opec+ group of producers, led by Saudi Arabia and Russia, last month agreed to keep oil production levels unchanged and approved a mechanism to determine members’ maximum output capacity.
Oxford Economics expects the Opec+ output hike pause to be extended to the second quarter of 2026, “dragging on first-half momentum”.
Analysts at the UK-based research firm expect Gulf countries to “resume raising oil supply again in the second half of 2026 and project a full unwinding of the remaining caps on production by mid-2027” .
Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
‘Fantastic Beasts: The Secrets of Dumbledore’
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
The 15 players selected
Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans
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Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Wenger’s Arsenal reign in numbers
1,228 – games at the helm, ahead of Sunday’s Premier League fixture against West Ham United.
704 – wins to date as Arsenal manager.
3 – Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 – goals scored in Premier League matches by Wenger’s teams.
10 – major trophies won.
473 – Premier League victories.
7 – FA Cup triumphs, with three of those having come the last four seasons.
151 – Premier League losses.
21 – full seasons in charge.
49 – games unbeaten in the Premier League from May 2003 to October 2004.
Lampedusa: Gateway to Europe
Pietro Bartolo and Lidia Tilotta
Quercus
Benefits of first-time home buyers’ scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa’s co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
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