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Gulf Today Report
Oil prices dropped on Monday due to concerns of surging COVID-19 cases in India likely to drag down fuel demand and investors gearing up for the scheduled increase in OPEC+ oil output from May.
Brent crude futures dropped 38 cents, or 0.6%, to $65.73 a barrel by 05:07 GMT while US West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.5%, at $61.83 a barrel.
As the world’s third-largest oil importer set a new global record for the most COVID-19 infections in a day, Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution.
Meanwhile, in Japan, the third state of emergency has been declared in Tokyo, Osaka and two other prefectures began on Sunday.
According to Fujitomi's Saito, "investors, including speculators, have been shifting funds from Oil markets to grain markets recently as volatility has been much higher in prices of corn and other grains."
As OPEC+ sets to increase supply from May, "Brent could head down to around $60 a barrel going forward as a recovery in demand will likely be limited without active travel restrictions worldwide," Naohiro Niimura, a partner at Market Risk Advisory said.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, surprised the market at its April 1 meeting by agreeing to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.
LONDON: British oil major BP agreed to sell all its Alaskan properties for $5.6 billion to privately held Hilcorp Energy Co, exiting a region where it operated for 60 years. The deal, which includes interests
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.
To take advantage of the growing crypto market in the region, Bluechip Group of Companies launched recently ‘Bluechip Token’ and ‘Acre N Yard’ in the UAE market.
Tecom Group said on Monday it raised Dhs1.7 billion ($462.87 million) from investors for its initial public offering (IPO). The company announced its plan on June 8
Over 1,600 new African member companies have registered with Dubai Chambers since October 2021, growing 6.5 per cent to reach 26,420 today, the Chambers have revealed.