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Gulf Today Report
Oil prices declined on Thursday after official data indicated an increase in US crude and fuel inventories.
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.
According to data, US crude inventories increased for four straight weeks after refineries closed due to bad weather.
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Last week, the US crude inventories increased by 2.4 million barrels, the US Energy Information Administration (EIA) said on Wednesday.
According to ING, "refiners continue to bring back capacity after the freezing conditions in February."
However, the slow-paced of vaccination programmes and the prospect of restrictions has capped demand.
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.
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.
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.
Global economic leaders on Friday hailed China’s move away from its hardline zero-Covid policy, with the IMF chief saying the “decisive actions” would help revive growth both in the country and globally.
The British public’s expectations for inflation over the next one to two years rose to their joint-highest level in nearly a decade and satisfaction with the Bank of England slid,
A total of 3,186 real estate transactions worth over Dhs9.1 billion were conducted during the week ending 9th December, 2022, according to figures released by the Dubai Land Department (DLD).
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