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Gulf Today Report
Oil prices slipped on Monday due to worries about global fuel demand as coronavirus restrictions across Europe toughens and China imposes restrictions due to jump in cases.
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.
In a note, Stephen Innes, chief global market strategist at Axi said: "covid hot spots flaring again in Asia, with 11 million people (in) lockdowns in China's Hebei province...along with a touch of Fed policy uncertainty, has triggered some profit taking out of the gates."
Shijiazhuang, China’s epicentre of the new outbreak is currently under lockdown. According to the Oxford stringency index, most of Europe is currently under strict restrictions.
"Brent is underperforming after Crown Prince Mohammed bin Salman revealed Saudi Arabia's future beyond oil and Iraq increased their pricing for crude sales to Asia in February," said Edward Moya, a senior market analyst at OANDA.
However, US President-elect Joe Biden’s plan to announce new virus relief bills later in the week has curtailed oil price loss.
Crude prices were supported by Saudi Arabia's pledge last week for a voluntary oil output cut of 1 million barrels per day (bpd) in February and March as part of a deal for most OPEC+ producers to hold production steady during
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.
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.
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)