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Gulf Today Report
Oil prices slipped on Thursday following an increase in US gasoline stocks, causing concerns about demand.
Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 01:36 GMT while US Oil fell 38 cents, or 0.6%, to $59.39 a barrel.
The United States stocks dropped beyond analysts’ expectations while the gasoline inventories surged sharply above expectations too, according to the Department of Energy.
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Refiners are ramping up production before summer driving season.
"Refiners may want to pull back on the run rate a bit to keep gasoline storage from challenging the all-time record," said Bob Yawger, director of energy futures at Mizuho Securities.
According to International Monetary Fund, large public spending may lead to a 6% global growth increase this year.
Higher economic growth would boost demand for Oil and its products, helping to reduce stockpiles.
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.
US West Texas Intermediate (WTI) crude futures were trading up 14 cents, or 0.4%, at $37.47 a barrel by around 0629 GMT. Brent crude was 6 cents, or 0.2%, higher at $39.89 a barrel.
Brent crude rose 85 cents, or 2.1%, to $41.38 a barrel by 0645 GMT, while US crude rose 92 cents, or 2.4%, to $39.20. Both contracts rose by more than 2% on Tuesday.
Brent crude was down 4 cents at $41.90 a barrel by 0635 GMT, while US West Texas Intermediate (WTI) crude dropped 8 cents to $40.23.
DAE, a long-term Boeing partner, has 162 Boeing aircraft in its fleet. The 737 MAX 8 is a member of the 737 MAX family designed to offer more fuel efficiency, reliability, and flexibility in the single-aisle airplane market.
Brent crude futures for June delivery had risen by 66 cents, or 1%, to $67.71 a barrel as at 06:42 GMT while US West Texas Intermediate (WTI) crude futures for May delivery were up 70 cents, or 1.1%, at $64.08 barrel.
Spot gold was down 0.1% at $1,768.01 per ounce by 07:11 GMT while US gold futures eased 0.1% to $1,769 per ounce.
The COVID-19 pandemic has had a positive impact on work practices in the United Arab Emirates overall, and a large percentage of professionals across various sectors hope to continue working remotely.