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Gulf Today Report
Oil prices surged on Monday following data from China showcasing economic recovery, increasing energy demand outlook at the world’s largest oil importer.
Brent crude futures for May gained 47 cents, or 0.7%, to $69.69 a barrel by 04:38 GMT while US West Texas Intermediate crude for April was at $66.10 a barrel, up 49 cents, or 0.8%.
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China has recorded growth above expectation in January-February, with its daily refinery data increasing by 15% from the same period a year ago.
Further supporting prices, Saudi Arabia has reduced the supply of April-loading crude to at least four north Asian buyers by up to 15%.
OPEC+ has announced its decision to extend most of its supply cuts into April.
Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the US Energy Information Administration reported a sharp, unexpected 10.6 million barrel drop in crude stockpiles last week.
Brent oil was down $1.38, or 2.1%, at $63.19 a barrel by 05:11 GMT while US crude fell 1.48 cents, or 2.4%, to $59.49 a barrel.
Brent crude was down 21 cents, or 0.3%, at $65.19 a barrel by 04:11 GMT while US oil was up 19 cents, or 0.3%, at $61.75 a barrel.
US West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 01:49 GMT while Brent crude futures for May dropped by 68 cents, or 1.1% to $63.94, erasing a 9 cent gain in the previous session.
Russia plans to increase budget spending by 25.8% to 36.6 trillion roubles ($383 billion) in 2024, Prime Minister Mikhail Mishustin said on Friday,
The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by 28 per cent in 2022, reaching Dhs 137.51 billion, compared to Dhs107.41 billion in 2018.
In a glittering ceremony held at the Jumeirah Mina A’Salam Hotel in Dubai, the Arabian Business Arab Woman Awards 2023 recognised and celebrated exceptional women
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, announced that it has successfully completed the planned redemption of its $750 million