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Brent crude futures declined by 8 cents, or 0.1%, to $55.38 a barrel while US West Texas Intermediate crude was at $52.26 a barrel, down 1 cent.
Brent crude was down 15 cents at $55.73 while US crude was also lower, dropping 5 cents to $52.72.
Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel while US West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel.
As of Monday, the total inventory amounted to 21.759 million barrels, 1.8 per cent below that of the previous week.
The total value of the UAE’s non-oil trade in the first half of 2019 increased to Dhs786 billion, a 3.3 per cent growth compared to Dhs760.5 billion in the first half of 2018, according to the Federal Competitiveness and Statistics Authority, FCSA.
United Arab Emirates’ energy minister Suhail Al Mazrouei said on Saturday that an Opec+ decision to cut oil supply will have a major impact on rebalancing the oil market amid the coronavirus outbreak.
Opec on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last.
The Saudi energy minister told a conference of the G20 group of the world’s largest economies on Friday that ensuring affordable energy supply is key to facilitating a global economic recovery.
Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia's King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim was to stabilise the global oil trade, the Kremlin said.
National Energy Company (Taqa), one of the largest listed integrated utilities in the region, reported consolidated financial results for the three months ended March 31, 2022.