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Gulf Today Report
Oil prices jumped on Tuesday as dollar declines aiding commodities and crude inventories dropped in the United States.
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.
The decline in the dollar has made oil more affordable for holders of other currencies.
In a note, ING Economics said, "US dollar weakness continues to offer support to the commodities complex ... despite concerns over oil demand in certain regions."
Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities because of a budget dispute with the country's central bank.
The disruption could cut Libya's oil output by 280,000 barrels per day (bpd), knocking production below 1 million bpd for the first time since October, ING said.
Meanwhile, India has recorded a tremendous increase in COVID-19 cases in the last week. Being the world’s third-biggest oil importer and consumer, the coronavirus situation has dampened optimism for recovery in global fuel demand.
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.
China’s new bank loans fell more than expected in April while money supply growth slowed to a 21-month low, as the central bank gradually scales back pandemic-driven stimulus to reduce debt and financial risks in hot areas of the economy. The world’s second-largest
Toyota Motor Corp forecast its profit would bounce back to pre-pandemic levels this year, as the world’s biggest automaker exuded confidence it can tackle a global chip shortage that has stung its rivals. Japan’s top automaker, which has been stockpiling the
The Danish Government has confirmed its official participation in Expo 2020 Dubai, partnering the Danish Business Council at the six-month global gathering. Reem Bint Ibrahim Al Hashemy, Minister of State for International Cooperation, and Director General
Oil prices rose on Wednesday after a drop in US crude inventories reinforced Opec’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. US West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57