After sinking below $94 a barrel earlier this week, US crude soared 8% to $102.65 a barrel in recent trading. Brent crude spiked 9% to $107 a barrel. The swift rebound in oil prices will be watched closely by leaders in Washington and Wall Street because high energy prices threaten to exacerbate inflation and slow down the economy, reported CNN.
As Russian troops appeared to stall in their advance on Ukrainian cities, the US voiced concern that China might assist Moscow with military equipment as the war entered its fourth week.
Over 350,000 people are sheltering in the besieged southern port of Mariupol, officials said. Rescuers are combing the rubble of a theatre in Mariupol bombed on Wednesday for survivors. Russia denies striking it. Italy said it will rebuild it.
The governor of the northern Chernihiv region said 53 civilians had been in killed in the past 24 hours. The dead included a U.S. citizen as he waited in a bread line, his family said. Russia denies targeting civilians. The U.N. said it had recorded 780 confirmed civilian deaths since the invasion began, and 3.2 million have fled. The video shows that Ukrainians, who are still facing a humanitarian crisis, are in a state of shock and some people have come forward to help.
.@DavidMuir has an update on the outpouring of support from those looking to help the people of Ukraine after our report on the family-owned Wisconsin candle company working to assist Ukrainians. #AmericaStrong https://t.co/8gZBaFJVJ4 pic.twitter.com/rHpT6zXQdU
— World News Tonight (@ABCWorldNews) March 18, 2022
Russia’s invasion has largely stalled on all fronts in recent days amid heavy losses, British military intelligence and the Ukrainian armed forces said. A “very, very big gap” remains between Ukraine and Russia, Western officials said after another day of peace talks. Russian President Vladimir Putin shows little desire to compromise, they said, while Ukraine wants to retain sovereignty over areas occupied since 2014 by Russia and pro-Russian forces. U.S. President Joe Biden will hold a call on Friday with Chinese leader Xi Jinping. Washington said it was concerned China was considering military support for Russia. Russia accused the United States of stoking “Russophobia” and said it had the power to put its “brash enemies into place”.
The U.N. Security Council pulled a vote on Friday on a Russian-drafted call for aid access and civilian protection in Ukraine. Diplomats said the measure was set to fail because it does not push for an end to the fighting or withdrawal of Russian troops. The OECD estimates the war could knock more than 1 percentage point off global growth this year. Some creditors have received payment of Russian bond coupons which fell due this week, market sources said, meaning Russia may for now have averted a debt default.
Germany-based Scope Ratings has become the first EU rating agency to withdraw its Russian sovereign credit score after a move by the bloc to ban their provision. S&P, meanwhile, lowered Russia’s rating.
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