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Gulf Today Report
Oil prices bounced back above $1 on Monday following the passing of a huge stimulus package by the US legislators.
Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by 04:10 GMT while US West Texas Intermediate (WTI) crude futures jumped $1.01, or 1.6%, to $62.51 a barrel.
Stephen Innes, chief global markets strategist at Axi said, "Oil prices are recovering this morning in line with most risk assets on the back of the US stimulus bill passing the House."
Crude supplies going to top importers like China are likely to ease as demand for oil price rallies.
OPEC+ would be meeting on Thursday, one of the agendas of the meeting is allowing 1.5 million barrels per day of crude back in the market.
According to analysts at Singapore’s OCBC bank, "we think if the combined (OPEC+) increase does not exceed 500,000 bpd that will be bullish for prices."
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.
Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil.
Mariam Bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, called upon UAE businesses to mainstream sustainability into all their operations
The UAE’s EDGE Group, one of the world’s leading advanced technology and defence groups, has announced the acquisition of a 50 per cent stake in Brazilian smart weapons and high-tech systems specialist, SIATT.