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Gulf Today Report
Fujairah oil products stockpiles recorded gains across all categories for the first time in eight weeks.
On Monday, the total inventory amounted to 23.282 million barrels, recording a 7 per cent increase from the previous week, according to Fujairah Oil Industry Zone data.
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Middle distillates had the highest gains, recording 15 per cent gain to 5.171 million barrels after rising 16 per cent a week earlier.
Heavy distillates inventories, including marine bunkers and the fuel used in power generation, stood at 10.78 million barrels, increasing by 8 per cent from the previous week.
Light distillates stockpiles, including gasoline and naphtha, amounted to 7.331 million barrels, up 1 per cent from the previous week.
"The participation of our international partners in the investigation will help us arrive at impartial conclusions in a transparent manner. That is precisely what the UAE wants from this probe."
As of Monday, the total inventory amounted to 21.759 million barrels, 1.8 per cent below that of the previous week.
On Monday, the stockpiles had a total inventory of 20, 854 million barrels, down 1.6 per cent from the previous week, according to Fujairah Oil Industry Zone (FOIZ).
On Monday, stockpiles inventories amounted to 19.671 million barrels, lower by 2.8 per cent from a week earlier, making it the lowest since 26th October when it was at a 13-month low.
European and US stock markets slumped on Friday as investors dwelled on the prospect of rising US interest rates. Europe’s main bourses all fell nearly two per cent.
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank but end its long struggle to dispose of the business as it focuses on Asia.
Sharjah Islamic Bank (SIB) has opened its newest branch in Abu Dhabi Mall. The decision serves as a key step forward in strengthening the bank’s network in the UAE and reach its growing customer base in the capital city.
Bilateral trade between UAE and Malaysia grew 26.52 per cent to $1.97 billion (Dhs7.25 billion) in the first quarter of 2021, compared to from $1.56 billion (Dh5.73 billion) in the corresponding period last year, reflecting the resilience in two-way trade.