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Gulf Today Report
Oil prices advanced on Wednesday, uplifted by the progress made in US vaccine rollouts, although uncertainty about OPEC+ Thursday meeting curtailed gains.
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.
According to analysts, demand has recovered due to the rollouts of vaccine, thereby, supporting oil prices.
Market is paying close attention to OPEC+ forthcoming meeting, as it remains positive on the oil market outlook.
The market widely expects them to ease production cuts, which were the deepest ever, by about 1.5 million barrels per day (bpd), with OPEC's leader, Saudi Arabia, ending its voluntary production cut of 1 million bpd.
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.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Board of Trustees of the Dubai Future Foundation, on Wednesday approved a set of new projects across key sectors, including transportation, aviation, urban planning and healthcare.
The Middle East’s premium Rotating Machinery Technology & Innovation gathering - RoTIC Symposium 2023 concluded with resounding success, bringing together industrial leaders, manufacturers, and chief engineers from various sectors. The symposium, which focused on Rotating Machinery and its
Abu Dhabi Department of Economic Development (ADDED) and MT Group, a Shanghai-based valve manufacturer, have signed an agreement to strengthen value chain for high-precision equipment in Abu Dhabi, attract more Chinese industrial investments to the emirate and promote sustainable development.
Abu Dhabi Securities Exchange (ADX) has partnered with Sharjah Islamic Bank (SIB) to streamline and facilitate greater access to Initial Public Offering (IPO) subscriptions for investors. The partnership will see both ADX and SIB work together to simplify the process of obtaining a National Investor Number (NIN)