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Gulf Today Report
Oil prices inch up, highest in 13 months on Tuesday due to a reduction in supply by major producers and hope for improvement in oil demand.
Brent crude futures for April gained 48 cents, or 0.8%, to $61.04 a barrel by 04:43 GMT. US West Texas Intermediate crude (WTI) for March was at $58.42 a barrel, up 45 cents, or 0.8%.
This is Brent and WTI highest gain since January 2020.
Supply cuts by major producers in February and March have played major roles in tightening supplies and balancing global markets.
Investors are hopeful for demand recovery due to the ongoing vaccine rollout in various parts of the world.
Stephen Innes, chief global markets strategist at brokerage "Progress on US stimulus and optimism around the roll-out and effect of vaccines across the remainder of 2021 and a slightly weaker USD help the view (for a recovery) albeit there was mixed news on the impact of the current vaccines formulated on the emerging South African variant."
Investors are looking ahead to the US weekly oil inventories data due later in the week.
Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel.
Brent crude for November delivery dropped 40 cents, or 1%, to $40.63 per barrel by 06:35 GMT. West Texas Intermediate fell 32 cents, or 0.8%, to $38.97.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.