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Oil market set for seventh weekly climb as WTI nears $92 a barrel

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Oil market set for seventh weekly climb as WTI nears  a barrel

Oil prices rose for a seventh straight week as investors focused on rapidly tightening global markets and geopolitical tensions.

West Texas Intermediate (WTI) hit a fresh seven-year high near $92 a barrel and is set to gain more than 4% this week. Brent has surged 18% since the start of the year, with banks including Goldman Sachs expecting it to hit $100.

This week’s gains were driven by a combination of factors. Investors are skeptical that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will be able to fully implement plans to increase production. Meanwhile, traders are tracking the situation in Ukraine amid fears of a planned Russian invasion, which Moscow denies. In Texas, a wave of cold weather affected some supplies.

Oil has surged over the past year and commodity prices have generally risen as demand recovers from the painful effects of the pandemic. The rally cut inventories and prompted traders to pay hefty premiums to secure near-term supplies. The jump will fuel inflationary pressures, squeeze consumers and alert politicians concerned about the fast-rising cost of living.

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“Oil prices remain constructive amid solid fundamentals,” said John Driscoll, director of JTD Energy Services Pte in Singapore. “OPEC continues to miss its goals, although it is expected to do better.”

Complete News Source : Business Standard

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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