Picture used for illustrative purpose. File
Gulf Today Report
Oil prices gain on Monday as investors hope OPEC+ might cap output at current levels due to the effects of coronavirus on demand.
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.
March Brent crude futures were at $52.97 a barrel, up $1.17 or 2.3%, by 0617 GMT while February WTI crude futures rose $1, or 2.1%, to $49.52 a barrel.
According to Virendra Chauhan, an energy aspect analyst, a decline in dollars and investors forecast for recovery of the oil sector this year could aid oil prices.
Mohammad Barkindo, Secretary-General of OPEC said on Sunday that while crude demand is expected to rise by 5.9 million barrels per day (bpd) to 95.9 million bpd this year, the group sees plenty of downside demand risks in the first half of 2021.
Prices are still recuperating from the pandemic and lockdown measures, despite the slashing of output.
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 were down 35 cents, or 0.8%, at $42.79 a barrel as of 0633 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $40.30 a barrel.
Brent crude dipped 8 cents, or 0.2%, to $43.26 a barrel by 0403 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.22 a barrel, down 7 cents, or 0.2%.
Fiat Chrysler and Peugeot SA sealed their long-awaited merger on Saturday to create Stellantis, the world’s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.
The benchmark KSE-100 index has given a 50 per cent return since March’s crash and experts predict the rally will continue this year (2021).
Customs transactions recorded by Dubai Customs (DC) saw a significant rise of 23 per cent to reach 16 million in 2020, despite the challenging global environment caused by the COVID-19 pandemic.
Pavilions Premiere bookings can be made from Jan.16 at https://expo2020dubai.com/en/pavilions-premiere with each visit costing Dhs25. Visitors are urged to book early as the experience will operate five days per week with limited operating hours...