No matching items found
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices advanced on Wednesday as investors remain hopeful of OPEC+ decision to delay the scheduled increase in oil output.
Brent crude futures for January rose 22 cents, or 0.5%, to $43.97 a barrel by 07:33 GMT, while US West Texas Intermediate crude for December climbed 6 cents, or 0.1%, to $41.49 a barrel.
Earlier in the session, both benchmarks fell following the American Petroleum Institute report on US crude stockpiles rising by 4.2 million barrels last week.
Gold surge as hope for COVID-19 vaccine weighs against rising cases
Oil demand remains resilient, hints at optimism for recovery
World markets at record peak on new COVID-19 vaccine optimism
Saudi Arabia calls on OPEC+ to be meticulous in dealing with the oil markets as the demand for energy has decreased due to surging COVID-19 cases.
Hiroyuki Kikukawa, general manager of research at Nissan Securities said WTI might stay boxed into a range of $39 to $44 until a decision is made concerning holding off the increase in output.
OPEC+ is scheduled to hold a full ministerial meeting on Nov.30 and Dec.1.
OPEC+ members are considering delaying the increase in output that was scheduled for January.
Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the US Energy Information Administration reported a sharp, unexpected 10.6 million barrel drop in crude stockpiles last week.
January Brent crude futures, which will expire later on Monday, dropped 46 cents, or 1%, to $47.72 a barrel by 03:55 GMT. Brent contract was at $47.83 a barrel, down 42 cents. US West Texas Intermediate crude futures for January fell 48 cents, or 1.1%, to $45.05 a barrel.
Brent crude futures reaching $53.17 a barrel, the highest since March 2020. US West Texas Intermediate crude touched $49.71 a barrel, the highest since February 2020.
Brent crude futures were up 36 cents, or 0.7%, at $55.40 a barrel while US West Texas Intermediate (WTI) gained 24 cents, or 0.5%, to $52.44. Both benchmarks gained nearly 8% in January.
Spot gold eased 0.1% to $1,767.81 per ounce by 05:20 GMT while US gold futures fell 0.6% to $1,765.70.
US West Texas Intermediate (WTI) crude futures dropped 72 cents, or 1.1%, to $62.81 a barrel at 05:16 GMT while Brent crude futures for April, which expires on Friday, fell 63 cents, or 0.9%, to $66.25 a barrel.
The real estate and properties transactions valued at Dhs4.31 billion in total during the week.
The UAE has been ranked first in the Arab region and 17th worldwide, up from last year’s 18th ranking, in the Global Soft Power Index 2021.