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Gulf Today Report
Oil prices declined above 1% on Wednesday following an unexpected increase in US crude oil inventories and President Donald Trump threatening to not sign the stimulus bill.
Brent crude futures fell 71 cents, or 1.4%, to $49.37 a barrel at 06:46 GMT while US West Texas Intermediate (WTI) crude futures slid 67 cents, or 1.4%, to $46.35 a barrel.
The uncertainty of recovery in fuel demand hangs over the market as the 70% transmissible coronavirus strain spreads in Britain, leading to most of the world closing its borders to the country.
"This is the holiday period when people go out and that prompts fuel demand. But now, a majority of flights have been cancelled to and from the UK, so this is going to impact oil demand (overall)," said Ravindra Rao, vice president, commodities at Kotak Securities.
On Tuesday, the American Petroleum Institute reported an increase in the US crude inventories. It rose by 2.7 million barrels.
Trump threatened not to sign the $892 billion relief bill approved on Monday, he said Congress should increase the amount of the check.
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.
Boeing Co’s 787 Dreamliner has returned to the world market for newly delivered aircraft at a time when demand for wide-body jetliners is finally stirring to life after a prolonged slump.
Global rating agencies S&P and Fitch on Friday lowered Ukraine’s foreign currency ratings to selective default and restricted default as they consider the country’s debt restructuring as distressed.
AD Ports Group announced its financial results for the quarter ended 30 June 2022. The Group’s revenue grew 35% Year-on-Year to Dhs1,242 million in Q2 2022