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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."
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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 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.
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
Brent crude dropped 70 cents, or 1.1%, to $62.99 a barrel by 04:57 GMT while US West Texas Intermediate (WTI) crude fell 71 cents, or 1.2%, to $59.93 a barrel.
The Dubai Crown Prince confirmed on Tuesday that the Emirate of Dubai has managed to overcome the consequences of the current exceptional global situation thanks to the directives and leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
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)