Picture used for illustrative purpose. File
Gulf Today Report
Oil prices fell on Monday as some countries record rising coronavirus cases inducing worries that stronger measures to contain the pandemic will hit economic activity.
Brent crude was down 23 cents, or 0.3%, at $66.54 a barrel by 04:26 GMT while US oil was down 27 cents, or 0.2%, at $62.96 a barrel.
In a report on Monday, ANZ Research said, "the progress of vaccination drives in the developed markets can be seen in road traffic levels, but resurging case numbers have reversed the recovery in the emerging countries."
India has recorded a tremendous rise in coronavirus infections recently. Hong Kong plans on banning flights from India, Pakistan and the Philippines. Meanwhile, Japan is forecasting another round of coronavirus infections.
In the United States, energy companies added oil and natural gas rigs for a fifth consecutive week for the first time since February as higher oil prices this year encouraged drillers to return to the wellpad.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
September PMI data from S&P Global saw operating conditions improve at a robust pace once again across the UAE non-oil economy, as strong new business growth continued to drive increases in output and employment. Firms also encountered relatively mild price pressures, as input costs rose only slightly after a renewed fall in August.
The third edition of the Future Food Forum, kicked off on Wednesday at the Grand Hyatt Dubai deliberating on key initiatives taken by the food and beverage sector in ensuring future sustainability and food security. The event, organised and hosted by the UAE Food & Beverage Manufacturers Business Group in strategic partnership
Global stocks rallied on Tuesday and the dollar dipped as weak US data sparked hopes the Federal Reserve could ease its interest-rate hiking plans.