Oil drops to 10-month low; biggest first-half slide in 20 years | Reuters:
"Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut.
U.S. crude futures CLc1 settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies.
More than 1 million front-month crude contracts changed hands on Wednesday, far exceeding the daily average of 560,000 contracts."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Wednesday 21 June 2017
Exclusive: Qatar sovereign fund moves stakes to government, may sell assets - sources | Reuters
Exclusive: Qatar sovereign fund moves stakes to government, may sell assets - sources | Reuters:
"Qatar's sovereign wealth fund has transferred over $30 billion worth of its domestic equity holdings to the finance ministry and may sell other assets as part of a restructuring drive, people familiar with the matter told Reuters. Stakes in 18 companies were transferred earlier this year, before Qatar's diplomatic rift with other Gulf states. The stakes include major holdings in some of the country's top firms such as Qatar National Bank QNBK.QA, telecommunications operator Ooredoo ORDS.QA and Qatar Electricity & Water Co QEWC.QA."
'via Blog this'
"Qatar's sovereign wealth fund has transferred over $30 billion worth of its domestic equity holdings to the finance ministry and may sell other assets as part of a restructuring drive, people familiar with the matter told Reuters. Stakes in 18 companies were transferred earlier this year, before Qatar's diplomatic rift with other Gulf states. The stakes include major holdings in some of the country's top firms such as Qatar National Bank QNBK.QA, telecommunications operator Ooredoo ORDS.QA and Qatar Electricity & Water Co QEWC.QA."
'via Blog this'
Saudi Gain Is a Loss for Qatar Reeling From $13 Billion Slump - Bloomberg
Saudi Gain Is a Loss for Qatar Reeling From $13 Billion Slump - Bloomberg:
"Add Saudi Arabia’s government changes to the reasons why investors should steer clear of Qatar.
The diplomatic standoff that’s erased $13 billion from Qatari stocks and pressured the country’s 16-year dollar peg isn’t likely to ease any time soon after Mohammed bin Salman was elevated to crown prince, making him first in line to the Saudi throne. Salman is seen as the main driver of the nation’s political and economic policies since his father became king in 2015, including the blockade of Qatar earlier this month."
'via Blog this'
"Add Saudi Arabia’s government changes to the reasons why investors should steer clear of Qatar.
The diplomatic standoff that’s erased $13 billion from Qatari stocks and pressured the country’s 16-year dollar peg isn’t likely to ease any time soon after Mohammed bin Salman was elevated to crown prince, making him first in line to the Saudi throne. Salman is seen as the main driver of the nation’s political and economic policies since his father became king in 2015, including the blockade of Qatar earlier this month."
'via Blog this'
MIDEAST STOCKS-Saudi cheers new crown prince, MSCI news; oil price hits rest of Gulf | Reuters
MIDEAST STOCKS-Saudi cheers new crown prince, MSCI news; oil price hits rest of Gulf | Reuters:
"Saudi Arabia's stock market jumped over 5 percent on Wednesday after the architect of the kingdom's economic reforms was appointed crown prince and index compiler MSCI said it would consider upgrading Riyadh to emerging market status. The stock index surged 5.5 percent, its largest single-day rise since August 2015, to 7,335 points, its highest level since December 2015. Trading volume was the largest this year. Fund managers said the appointment of Prince Mohammed bin Salman, previously deputy crown prince, to be first in line for the throne was not unexpected, but came sooner than anticipated."
'via Blog this'
"Saudi Arabia's stock market jumped over 5 percent on Wednesday after the architect of the kingdom's economic reforms was appointed crown prince and index compiler MSCI said it would consider upgrading Riyadh to emerging market status. The stock index surged 5.5 percent, its largest single-day rise since August 2015, to 7,335 points, its highest level since December 2015. Trading volume was the largest this year. Fund managers said the appointment of Prince Mohammed bin Salman, previously deputy crown prince, to be first in line for the throne was not unexpected, but came sooner than anticipated."
'via Blog this'
Eni signs deal to carry out feasibility study in Iran
Eni signs deal to carry out feasibility study in Iran:
"Eni has signed a provisional agreement with Iran to carry out feasibility studies on the development of oil and gasfields in the country, with government officials pointing to the move as the latest sign that global companies are not being deterred from investing in the country despite tensions between the country and regional rival Saudi Arabia. Italy’s largest oil and gas group signed a memorandum of understanding on Tuesday with the National Iranian Oil Company (NIOC), the state-owned energy group, to explore a potential investment in the Kish gasfield in the Gulf and the third phase of development of the Darquain oilfield in south-west Iran within the next six months. Iran had signed provisional agreements at the end of last year on the two fields with Royal Dutch Shell, Russia’s Gazprom, Philippines’ PNOC and an Iran’s Ghadir Investment Company."
'via Blog this'
"Eni has signed a provisional agreement with Iran to carry out feasibility studies on the development of oil and gasfields in the country, with government officials pointing to the move as the latest sign that global companies are not being deterred from investing in the country despite tensions between the country and regional rival Saudi Arabia. Italy’s largest oil and gas group signed a memorandum of understanding on Tuesday with the National Iranian Oil Company (NIOC), the state-owned energy group, to explore a potential investment in the Kish gasfield in the Gulf and the third phase of development of the Darquain oilfield in south-west Iran within the next six months. Iran had signed provisional agreements at the end of last year on the two fields with Royal Dutch Shell, Russia’s Gazprom, Philippines’ PNOC and an Iran’s Ghadir Investment Company."
'via Blog this'
MIDEAST STOCKS-Saudi rises sharply on appointment of new crown prince | Reuters
MIDEAST STOCKS-Saudi rises sharply on appointment of new crown prince | Reuters:
"Saudi Arabia's stock market rose sharply in early trade on Wednesday after Deputy Crown Prince Mohammed bin Salman, architect of the kingdom's economic reforms, was promoted to the post of crown prince. The Saudi stock index was 2.2 percent higher after seven minutes of trade. National Commercial Bank, the biggest listed lender, surged 4.8 percent. Prince Mohammed's promotion gives further assurance that key reforms – including a plan to sell a stake in national oil giant Saudi Aramco, and austerity measures to close a budget deficit caused by shrunken oil revenues - will continue."
'via Blog this'
"Saudi Arabia's stock market rose sharply in early trade on Wednesday after Deputy Crown Prince Mohammed bin Salman, architect of the kingdom's economic reforms, was promoted to the post of crown prince. The Saudi stock index was 2.2 percent higher after seven minutes of trade. National Commercial Bank, the biggest listed lender, surged 4.8 percent. Prince Mohammed's promotion gives further assurance that key reforms – including a plan to sell a stake in national oil giant Saudi Aramco, and austerity measures to close a budget deficit caused by shrunken oil revenues - will continue."
'via Blog this'