Picture used for illustrative purpose. File
Gulf Today Report
Oil slumped on Tuesday as Europe tightens restrictions and prediction for slow demand next year overshadows the rollout of the vaccine.
US West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.8%, to $46.63 a barrel at 05:06 GMT, while Brent crude futures fell 40 cents, or 0.8%, to $49.89 a barrel, erasing Monday's gains.
London has asked restaurants and bars to close, Italy is likely to impose more restrictions during the Christmas holiday and Germany has shut down non-essential stores until Jan.10.
In a note, ANZ analysts said: "While the market has been buoyed by the rollout of COVID-19 vaccines, a path towards normalisation of demand remains a difficult one."
On Monday, OPEC cut down its prediction for oil demand in 2021 by 350,000 barrels per day.
However, a rapid rollout of the vaccine could upturn the forecast.
LONDON: British oil major BP agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years. The deal, which includes interests
Brent crude rose 32 cents, or 0.5%, to $64.46 a barrel at 05:25 GMT while US West Texas Intermediate (WTI) crude futures climbed 26 cents, or 0.4%, to $60.81 a barrel.
Oil prices rose on Thursday on optimism about U.S and European economic recoveries and expectations OPEC and its allies will keep production curbs in place.
The World Expos like Expo 2020 Dubai, have provided a platform to showcase or announce the greatest innovations that have shaped the world we live in today. The Expo 2020 continues the tradition as a number of latest technologies on display at various pavilions.
The Ministry of Culture and Youth unveiled its strategic agenda and announced a series of international conferences for Expo 2020 Dubai, which opened its doors to visitors on October 1, 2021. The Ministry’s programme aims to showcase the richness and diversity of the UAE’s cultural landscape,
Another breakthrough was sealed between the UAE and Israel on Wednesday morning with the signing of a Memorandum of Understanding (MoU) on space exploration. Details of the MoU, signed at the Leadership Pavilion within the Expo 2020 Dubai, by UAE Minister of State for
Economic progression happens where businesses are making massive transactions to further trade of good ad services. Kashif Ansari, CEO Juwai IQI speaking to Gulf Today exclusively from Kuala Lumpur shared his thoughts that with global economy opening, investors and travellers.