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Gulf Today Report
Oil prices jumped on Monday as traders remain hopeful for a COVID-19 vaccine soon. Fresh lockdowns in Europe and the US also affected the prices.
Brent crude futures rose 21 cents, or 0.5%, to $45.17 a barrel by 0436 GMT while US West Texas Intermediate crude gained 10 cents, or 0.2%, to $42.52 a barrel. Both benchmarks jumped 5% last week.
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Stephen Innes, Chief Global Markets Strategist at axi said the news of coronavirus vaccine in development and OPEC+ meeting set for ending of the month is keeping market hopeful.
Markets are hopeful that OPEC+ will decide to delay the increase in output for at least three months in the meeting.
However, some Russian companies would be pumping more crude in spite of the global deal to reduce production.
Brent crude fell 35 cents, or 0.8%, to $43.97 a barrel by 0541 GMT, and U.S. West Texas Intermediate (WTI) crude dropped 39 cents, or 0.9%, to $41.53.
Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.
US West Texas Intermediate (WTI) crude futures eased 4 cents, or 0.1% to $40.97 a barrel at 0655 GMT, while Brent crude futures fell 11 cents, or 0.3% to $44.04 a barrel.
US West Texas Intermediate (WTI) crude futures climbed 12 cents, or 0.3%, to $41.57 a barrel at 04:36 GMT, while Brent crude futures rose 9 cents, or 0.2%, to $43.89 a barrel.
Strong incentives for UAE investors to target the Israeli high-tech market are underlined in a first of its kind report published on Sunday following record investment activity and growth in 2020, despite the COVID-19 pandemic.
The Sharjah Airport International Free Zone (SAIF Zone) has signed an investment agreement with TORRECID of Spain, a globalised multinational business group dedicated to providing products, services,
Bahrain-GCC trade reached $5.7 billion in 2020, accounting for 25 per cent of Bahrain’s global bilateral trade for the year ($20.8 billion).
Jafza, the flagship freezone of DP World, UAE Region, has signed a Memorandum of Understanding (MoU) with UAE-based STAR-K Kosher Certification to educate its partners in the food and agricultural commodities sector