Picture used for illustrative purpose. File
Gulf Today Report
Oil steadied on Wednesday due to OECD optimism for global economic recovery and OPEC+ output curbs, although rising US inventories capped it.
Brent crude fell 2 cents, or less than 0.1%, to $67.50 a barrel by 09:43 GMT while US West Texas Intermediate crude rose 11 cents, or 0.2%, at $64.12 a barrel.
According to the Organisation for Economic Cooperation and Development, the world economy is likely to bounce back this year with 5.6% growth and expand 4.0% next year.
In a note, Standard Chartered said, "in our view, the 4 March OPEC+ meeting has not just left the door to higher prices open, it has taken that door off its hinges and chopped it up for firewood."
In the United States, crude inventories rose by 12.8 million barrels last week, analysts expected 800,000 barrels.
Brent crude was down 37 cents, or 0.5%, at $67.63 a barrel by 05:35 GMT while US oil was also down 32 cents, or 0.5%, at $64.28 a barrel, having fallen 0.3% the previous session.
US West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 05:52 GMT while Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel.
Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel by 01:36 GMT while US oil was off by 68 cents, or 1.1%, at $60.74 a barrel.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, today toured the 43rd edition of the Big 5, the largest and most influential construction event in the Middle East, Africa and South Asia, at the Dubai World Trade Centre. Sheikh Hamdan said Dubai aims to be a
India’s central bank raised its key policy rate by 35 basis points to 6.25 per cent on Wednesday, the highest in over three years and its fifth straight increase, and vowed there will be no let up in its fight to tame high inflation. While there have been signs recently that price pressures may be moderating, Reserve Bank of India (RBI)
AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, to address infrastructure gaps across the continent. The agreement provides the basis for the two organisations to join forces on identifying, financing, developing and investing in much-needed
Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), and Vice Chairman of the Federation of UAE Chambers of Commerce and Industry (FCCI), has received a high-level business delegation from Uzbekistan’s Chambers of Commerce and Industry. The delegation was led by Vakhabov Davron,