Picture used for illustrative purpose. File
Gulf Today Report
Oil dropped beyond 2% on Monday after it was announced that salvage crews have been able to move the giant container ship blocking the Suez Canal.
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.
The stranded container ship Ever Given has almost been completely floated and will be inspected before it is moved, a source said.
Oil prices have dangled in the last few days following the impact of the Suez Canal blockage and the effect of new coronavirus restrictions.
"Given the volatility last week, Brent looks set to move to the lower end of its $60.00 to $65.00 a barrel range," Jeffrey Halley, senior market analyst at OANDA said, while US oil is "likely to drop to the lower side of its $57.50 to $62.50 a barrel weekly range."
Prices are getting some support from expectations that the Organization of the Petroleum Exporting Countries and its allies will maintain lower output levels when they meet this week.
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.
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).