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Gulf Today Report
Oil prices decline on Wednesday as US crude oil inventories gains and countries continue to impose tighter restrictions.
Brent crude futures fell 11 cents, or 0.2%, to $50.65 a barrel at 04:21 GMT, while US West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $47.53 a barrel.
Edward Moya, senior market analyst at OANDA said: "Crude prices are slightly softer after the API (American Petroleum Institute) inventory report posted a second consecutive build."
According to industry group API, US inventories increased by 2 million barrels in the week to about 495 million barrels.
Analysts are anticipating a draw of 1.9 million barrels, according to official government data scheduled later today.
Although the vaccine is being rolled out in different part of the world, it won't quickly revive the low oil demand, the International Energy Agency (IEA) said on Tuesday.
The IEA has toned down its estimates for oil demand this year by 50,000 barrels per day (bpd) and 170,000 bpd for next year due to scarcity of jet fuel.
In a note, FGE analysts said: "On the demand side, the biggest near-term downside risk to oil demand expectations is the United States, predominately due to persistent weaknesses in US gasoline demand, given the current trajectory of COVID-19 in the country."
Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, or 0.8%, to $51.80 a barrel.
Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 03:50 GMT while US crude decline 35 cents or 0.6% to $58.33 a barrel.
US West Texas Intermediate (WTI) crude futures dropped 34 cents, or 0.8%, to $40.26 a barrel at 06:45 GMT. The more-active Brent crude futures for December fell 32 cents, or 0.8%, to $42.55 a barrel. The November contract, which expires on Wednesday, fell 27 cents to $42.16 per barrel.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued Law No. (16) of 2021 creating the Dubai Integrated Economic Zones Authority,
The Dubai property sales volume increased by 136.5 per cent in August 2021compared to same month of last year, according to report of fam Properties.
The Chinese Pavilion at Expo 2020 Dubai is expected to receive around two million visitors, a top executive of the Chinese Business Council (CBC)