Oil falls on Ukraine peace talk hopes, China demand fears




Oil prices on Tuesday extended losses from the previous day as Ukraine and Russia headed for peace talks and on concerns about demand as China's financial hub of Shanghai shut down to curb a surge in COVID-19 cases.

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Brent crude futures were down 60 cents, or 0.5per cent, at $111.88 a barrel at 0649 GMT, having fallen as low as $109.97.

U.S. West Texas Intermediate (WTI) crude futures were down 59 cents, or 0.6per cent, at $105.37 after hitting a low of $103.46.

Both benchmark contracts lost around 7per cent on Monday.

Ukraine and Russia were set to meet in Istanbul on Tuesday for their first peace talks in over two weeks. Sanctions imposed on Russia after it invaded Ukraine have curtailed oil supply and sent prices to 14-year highs earlier this month.

Russia calls its actions in Ukraine a "special operation" to disarm its neighbour.

"Oil prices are under pressure again on expectations for peace talks between Ukraine and Russia, which could lead to an easing or avoidance of Western sanctions on Russian oil," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

"A successful ceasefire could also raise the prospect of reviving an Iranian nuclear deal," he added.

Cross Hands cow killed by police after escaping abattoir



A cow that escaped from an abattoir has been killed by police officers.

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Dyfed-Powys Police said the cow escaped from Cig Calon Cymru in Cross Hands, Carmarthenshire, at about 07:20 GMT on Tuesday.

The force said the animal was "behaving aggressively" towards people and was "extremely agitated" and there was no feasible way to contain it.

Police said the cow was "humanely destroyed" after officers sought advice from experts, but has not said how.

The road leading to the abattoir at the Cross Hands Industrial Estate was closed, but has since reopened.

Ukraine refugee scheme needs more support, says Mark Drakeford




A UK scheme for people to host Ukrainian refugees in their homes may not offer the support that is needed, Wales' first minister has warned.

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The Homes for Ukraine scheme will offer households taking part £350 a month, tax-free, the UK government has said.

But Mark Drakeford said he was anxious that the project "relies entirely on individuals to find one another".

A "different level of public service support" was needed to give the scheme the best chance of success, he added.

People wishing to offer a rent-free space in their home or a separate residence, for at least six months, can register their interest online.

They will be able to individually sponsor a Ukrainian national's visa from Friday, with initial applications relying on the applicant knowing a named individual from Ukraine they want to help.

Ukrainian refugees with no family or other links to the UK can and will be hosted as part of the scheme, senior UK minster Michael Gove has said.

He said the sponsorship scheme was initially only between people who are already known to each other so it gets "up and running as soon as possible".

But, during Tuesday's First Minister's Questions, Mark Drakeford warned: "My anxiety for the UK scheme is that it relies entirely on individuals to find one another

Higher energy bills 'almost inevitable' says Ofgem





Households are heading for an "almost inevitable" rise in energy bills in the autumn, the boss of energy regulator Ofgem has said.

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Spikes in wholesale gas prices, which were rising even before Russia's invasion of Ukraine, will be passed on to consumers, Jonathan Brearley said.

He called for the shift to green energy to speed up the move away from gas.

The UK government has previously said the energy price cap would "insulate" customers from gas price rises.

Mr Brearley warned in a speech that the gas price volatility caused by Russia's invasion of Ukraine would lead to higher costs being passed on to consumers.

"While it is too early to predict what the price cap will be in October, a price increase is almost inevitable," he said.

The energy price cap is the maximum amount that suppliers in England, Scotland and Wales can charge customers for each unit of energy.

It is set to rise in April when millions of households will face an increase in average energy bills of nearly £700.

In October, the price cap will be reset, and Ofgem warned last week that average bills could reach £3,000.

Dutch apology over violence in Indonesia rekindles pain of revolutionary period





Mdm Ami was only five years old at the time, but she remembered the day her father died on Dec 9, 1947.

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That day, hundreds of heavily armed Dutch troops surrounded the tiny village of Rawagede, some 50km east of the Indonesian capital Jakarta, in search for an Indonesian freedom fighter by the name of Lukas Kustaryo.

The troops rounded up every male member of the village, some as young as 15, and brutally killed them for refusing to reveal the location of Kustaryo and his band of guerrilla fighters.       

Mdm Ami, who like many Indonesians goes by one name, said her family was too terrified to leave their wooden house as gunshots echoed throughout the village.

“There were dogs looking for those who hid in the woods. The dogs barked, followed by more gunshots. Some men were hiding in a river near my house. They too were gunned down.

“That river turned red with blood. There were houses being burned down. There were bodies everywhere,” the 80-year-old told CNA at her home.

Hours after the Dutch had left, news came that Mdm Ami’s father, Mr Samba, who was travelling to town to sell rice that day, was gunned down on his way home. His lifeless body was lying at the side of the unpaved village road.

Arab oil producers say OPEC+ should stick to current output agreement





OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, ministers of Arab oil-producing countries said on Sunday (Feb 20) as they gathered in Saudi Arabia, rejecting calls to pump more to ease pressure on prices.

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The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Feb 2 to stick to moderate rises in oil output, citing persistent uncertainty.

The Saudi energy minister Prince Abdulaziz bin Salman told an industry conference in Riyadh the pandemic and the recovery underway "have taught us the value of caution".

"Caution, a word that I know some people hate me for, but ... I will continue being cautious, and (mindful of) the need to retain flexibility in our strategy and adopt a long-term perspective," Prince Abdulaziz said.

The minister was speaking at a conference attended also by the UAE and Bahraini energy ministers, the Iraqi and Kuwaiti oil ministers and Egypt's petroleum minister.

The OPEC+ alliance was already struggling to meet existing targets, and has been under pressure from top consumers calling for more crude to cap surging prices amid fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders.

On Wednesday, the International Energy Agency urged OPEC+ to narrow the gap between its oil production targets and actual output.

US crude prices stand at around US$91 a barrel after surging some 40 per cent since Dec 1 and earlier this week touched their highest level since 2014. Prices for Brent crude, the global benchmark, have also soared and are near 7-year highs.

UAE energy minister Suhail al-Mazrouei said OPEC+ is always looking at supply and demand, and blamed geopolitics for soaring oil prices.

IT technician jailed for revenge cyber-attacks




An IT technician has been jailed for revenge cyber-attacks on a school and IT firm after both of the employers sacked him.

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Adam Georgeson's attack on Welland Park Academy in Leicestershire caused some pupils to lose coursework and parents to lose irreplaceable family photos.

It also stopped remote learning for four days, when pupils were reliant on this due to the coronavirus lockdown.

Judge Mark Watson gave Georgeson, who is 29, a 21-month sentence.

He told him he will serve half of this in prison before being released on licence.

Julie McBrearty, principal of Welland Park Academy, said she believed the sentence was "appropriate".

"It cost the school £15,000 to repair the damage caused by the cyber-attack, although you cannot put a cost on lost learning," she said.

"This sentence will make it clear that this criminal activity has significant consequences for both victims and perpetrator."

She added police had been "brilliant" and helped recover data and limit damage.