Khashoggi’s death is radioactive for Saudi Arabia’s crown prince | Financial Times:
Saudi Arabia’s latest explanation for the death of Jamal Khashoggi — that he was killed in a “fist-fight” with “rogue” operators lying in wait at its Istanbul consulate — is beneath contempt. After more than two weeks of lies, Riyadh has acknowledged the killing but wrapped it in a preposterous story that cannot survive even the scrutiny of US president Donald Trump, an unstinting fan of the Saudi royal family and its riches, who has called it “ the worst cover-up ever”.
Turkish president Recep Tayyip Erdogan denounced Khashoggi’s killing as a premeditated murder by a Saudi hit-squad. Mr Erdogan, an unlikely champion of press freedom, is now orchestrating what has turned into a spectacularly global crisis, subjecting Mohammed bin Salman, the young Saudi crown prince who is accused of ordering Khashoggi’s liquidation, to death by a thousand leaks.
Turkish intelligence sources have drip-fed local and international media with alleged details of how Khashoggi — who settled in the US last year as a columnist for the Washington Post after the crown prince’s office silenced him — was lured to the Istanbul consulate and then murdered and dismembered.
Wednesday, 24 October 2018
Exclusive: Bahrain's Mumtalakat has $15bn under management and open to exiting GEMS - The National
Exclusive: Bahrain's Mumtalakat has $15bn under management and open to exiting GEMS - The National:
Mumtalakat, the sovereign wealth fund of Bahrain, is now managing about $15 billion in assets and is open to selling its stake in GEMS Education, its chief executive said on Wednesday.
"If the opportunity arises, we will leave [GEMS]. If there's a long-term prospect then we don’t mind [staying]," Mahmood Alkooheji said in an interview with The National at the Future Investment Initiative conference in Riyadh.
Blackstone, Dubai-based Fajr Capital, Mumtalakat and the Varkey Group, which is a majority owner in the education provider, are considering selling some or all of their stakes in GEMS in a deal that could value it at about $4 billion, Bloomberg reported earlier this month. GEMS, which owns and operates 47 schools and nurseries across the GCC, was slated to list in London but delayed its initial public offering according to media reports in June.
Mumtalakat, the sovereign wealth fund of Bahrain, is now managing about $15 billion in assets and is open to selling its stake in GEMS Education, its chief executive said on Wednesday.
"If the opportunity arises, we will leave [GEMS]. If there's a long-term prospect then we don’t mind [staying]," Mahmood Alkooheji said in an interview with The National at the Future Investment Initiative conference in Riyadh.
Blackstone, Dubai-based Fajr Capital, Mumtalakat and the Varkey Group, which is a majority owner in the education provider, are considering selling some or all of their stakes in GEMS in a deal that could value it at about $4 billion, Bloomberg reported earlier this month. GEMS, which owns and operates 47 schools and nurseries across the GCC, was slated to list in London but delayed its initial public offering according to media reports in June.
How airspace is distributed in the Gulf
How airspace is distributed in the Gulf:
Back in June 2017, a Saudi-led unjust blockade on the State of Qatar pushed the distribution of airspace in the Gulf into the spotlight. Blockading states — the UAE, Saudi Arabia, Bahrain, and also Egypt — issued NOTAMS (notices to flight crew) announcing the immediate closure of their airspace to all Qatari registered aircraft, a breach of ICAO’s Chicago Convention.
For Qatar, the closure of Bahrain’s airspace had been the most critical. Qatar’s own “airspace” is very small, and thus its airline relied on flying through Bahrain’s comparatively vast “airspace”. When Bahrain announced it had closed its airspace in order to impose an air blockade on its Gulf neighbour — the Middle East realised the huge (air) territorial power Bahrain had possessed for the last 50 years.
Sovereign airspace by international law corresponds with the maritime definition of territorial waters as being 12 nautical miles out from a nation’s coastline. Airspace not within any country’s territorial limit is considered international. When I refer to ‘airspace’, I’m actually referring to a “flight information region” shape (FIR).
Back in June 2017, a Saudi-led unjust blockade on the State of Qatar pushed the distribution of airspace in the Gulf into the spotlight. Blockading states — the UAE, Saudi Arabia, Bahrain, and also Egypt — issued NOTAMS (notices to flight crew) announcing the immediate closure of their airspace to all Qatari registered aircraft, a breach of ICAO’s Chicago Convention.
For Qatar, the closure of Bahrain’s airspace had been the most critical. Qatar’s own “airspace” is very small, and thus its airline relied on flying through Bahrain’s comparatively vast “airspace”. When Bahrain announced it had closed its airspace in order to impose an air blockade on its Gulf neighbour — the Middle East realised the huge (air) territorial power Bahrain had possessed for the last 50 years.
Sovereign airspace by international law corresponds with the maritime definition of territorial waters as being 12 nautical miles out from a nation’s coastline. Airspace not within any country’s territorial limit is considered international. When I refer to ‘airspace’, I’m actually referring to a “flight information region” shape (FIR).
Qatar-Turkey trade likely to reach $2bn by year-end
Qatar-Turkey trade likely to reach $2bn by year-end:
Qatar-Turkey trade volume is expected to reach $2bn by the end of 2018, according to ambassador Fikret Ozer, who spoke on the sidelines of the ‘Turkey Festival’ launching at Al Meera Hyatt Plaza held on Wednesday.
Ambassador Fikret Ozer said the volume of trade between Qatar and Turkey stood at $1.3bn from January to August 2018, pointing to the possibility of reaching $2bn by year-end, state-run Qatar News Agency (QNA) reported.
He also said there is a possibility to establish a company specialised in maritime transport between the two countries, which is under study and is scheduled to launch soon as he stressed on the need for such a company. Ozer noted that the volume of contracts awarded to the Turkish companies engaged in contracting works in Qatar is estimated at $15bn.
Qatar-Turkey trade volume is expected to reach $2bn by the end of 2018, according to ambassador Fikret Ozer, who spoke on the sidelines of the ‘Turkey Festival’ launching at Al Meera Hyatt Plaza held on Wednesday.
Ambassador Fikret Ozer said the volume of trade between Qatar and Turkey stood at $1.3bn from January to August 2018, pointing to the possibility of reaching $2bn by year-end, state-run Qatar News Agency (QNA) reported.
He also said there is a possibility to establish a company specialised in maritime transport between the two countries, which is under study and is scheduled to launch soon as he stressed on the need for such a company. Ozer noted that the volume of contracts awarded to the Turkish companies engaged in contracting works in Qatar is estimated at $15bn.
Aramco Signals Chemical Ambitions Beyond $70 Billion Sabic Deal - Bloomberg
Aramco Signals Chemical Ambitions Beyond $70 Billion Sabic Deal - Bloomberg:
Saudi Aramco’s chief executive officer said he has bigger ambitions in petrochemicals beyond the planned $70 billion acquisition of a strategic stake in local company Sabic, touting plastics as a key hedge against an electric-car driven slowdown in global oil demand growth.
"We still have to do more," Amin Nasser, chief executive officer of state-owned Aramco, said in an interview in Riyadh.
Nasser’s comments are the latest signal Aramco is transforming from a giant oil producer into a vertically integrated energy company, mirroring a shift that major publicly-listed companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc performed years ago. The shift comes as the International Energy Agency forecast that demand for petrochemicals -- the building blocks for plastics -- will become the largest force in global oil demand growth, out-pacing consumption from cars, planes and trucks.
Saudi Aramco’s chief executive officer said he has bigger ambitions in petrochemicals beyond the planned $70 billion acquisition of a strategic stake in local company Sabic, touting plastics as a key hedge against an electric-car driven slowdown in global oil demand growth.
"We still have to do more," Amin Nasser, chief executive officer of state-owned Aramco, said in an interview in Riyadh.
Nasser’s comments are the latest signal Aramco is transforming from a giant oil producer into a vertically integrated energy company, mirroring a shift that major publicly-listed companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc performed years ago. The shift comes as the International Energy Agency forecast that demand for petrochemicals -- the building blocks for plastics -- will become the largest force in global oil demand growth, out-pacing consumption from cars, planes and trucks.
Saudi Prince’s Performance Will Only Play in Riyadh - Bloomberg
Saudi Prince’s Performance Will Only Play in Riyadh - Bloomberg:
If Mohammed bin Salman is feeling the walls close in on him over the Khashoggi affair, there was certainly no inkling of anxiety in his performance at the Saudi investment conference in Riyadh on Wednesday. In brief comments about the murder of the Washington Post columnist, the kingdom’s de facto ruler declared the killing a “heinous crime,” adding that all legal measures were being pursued. He promised that it would not create a “wedge” between Saudi Arabia and Turkey. Thereafter, his contributions to a panel discussion were limited to economic matters.
But for all his sangfroid, pressure on Prince Mohammed is growing. In Washington, the U.S. President Donald Trump was unusually forthright when asked about the possible involvement of “MBS” in the murder: “Well, the prince is running things over there more so at this stage. He’s running things and so if anybody were going to be, it would be him.” He also described the initial Saudi narrative about what happened at the consulate in Istanbul as “the worst cover-up ever.”
Trump seems to be swinging ever closer to the position of senior figures in Congress such as the Republican Lindsey Graham, who have scoffed openly at the idea that the murder of a prominent critic of the royal family could have been carried out without the knowledge of the crown prince. “In terms of what we ultimately do I’m going to leave it very much — in conjunction with me — up to Congress,” Trump said. A bipartisan group of senators has already written to the president demanding action, triggering an investigation, and potential sanctions under the Magnitsky Act — which has been used to target Russians.
If Mohammed bin Salman is feeling the walls close in on him over the Khashoggi affair, there was certainly no inkling of anxiety in his performance at the Saudi investment conference in Riyadh on Wednesday. In brief comments about the murder of the Washington Post columnist, the kingdom’s de facto ruler declared the killing a “heinous crime,” adding that all legal measures were being pursued. He promised that it would not create a “wedge” between Saudi Arabia and Turkey. Thereafter, his contributions to a panel discussion were limited to economic matters.
But for all his sangfroid, pressure on Prince Mohammed is growing. In Washington, the U.S. President Donald Trump was unusually forthright when asked about the possible involvement of “MBS” in the murder: “Well, the prince is running things over there more so at this stage. He’s running things and so if anybody were going to be, it would be him.” He also described the initial Saudi narrative about what happened at the consulate in Istanbul as “the worst cover-up ever.”
Trump seems to be swinging ever closer to the position of senior figures in Congress such as the Republican Lindsey Graham, who have scoffed openly at the idea that the murder of a prominent critic of the royal family could have been carried out without the knowledge of the crown prince. “In terms of what we ultimately do I’m going to leave it very much — in conjunction with me — up to Congress,” Trump said. A bipartisan group of senators has already written to the president demanding action, triggering an investigation, and potential sanctions under the Magnitsky Act — which has been used to target Russians.
Saudi Prince Praises Qatar's Economy in Surprising Shift - Bloomberg
Saudi Prince Praises Qatar's Economy in Surprising Shift - Bloomberg:
Saudi Crown Prince Mohammed bin Salman acknowledged the resilience of Qatar’s “strong economy” in a surprising shift of tone for the man who has spent more than a year enforcing an embargo against the small gas-rich emirate.
“Even Qatar, despite our differences with them, has a very strong economy and will be very different” in the next five years, the prince said at an investment summit in the Saudi capital as he explained his vision for the Middle East’s place in the world. He listed Qatar among the countries in the region capable of changing for the better in the next five years.
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake
Saudi Crown Prince Mohammed bin Salman acknowledged the resilience of Qatar’s “strong economy” in a surprising shift of tone for the man who has spent more than a year enforcing an embargo against the small gas-rich emirate.
“Even Qatar, despite our differences with them, has a very strong economy and will be very different” in the next five years, the prince said at an investment summit in the Saudi capital as he explained his vision for the Middle East’s place in the world. He listed Qatar among the countries in the region capable of changing for the better in the next five years.
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake
Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters
Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters:
Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts.
Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.
The bank made 2.57 billion riyals ($685.2 million) net profit in the three months to Sept. 30, up from 2.27 billion riyals in the same period a year earlier, it said in a bourse statement.
Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts.
Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.
The bank made 2.57 billion riyals ($685.2 million) net profit in the three months to Sept. 30, up from 2.27 billion riyals in the same period a year earlier, it said in a bourse statement.
EU mechanism for Iran trade to be symbolically ready on Nov. 4: diplomats | Reuters
EU mechanism for Iran trade to be symbolically ready on Nov. 4: diplomats | Reuters:
A new European Union mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of U.S. sanctions hit, but will not be operational until early next year, three diplomats said.
The mechanism, a so-called special purpose vehicle (SPV), is designed to circumvent the sanctions, under which Washington can cut off any bank that enables oil transactions with Iran.
The SPV, which could incorporate a barter system, aims to sidestep the U.S. financial system by using an EU intermediary to handle trade with Iran. It could ensure, for example, that Iranian oil bought by Europeans could be paid for with EU goods and services of the same value.
A new European Union mechanism to facilitate payments for Iranian exports should be legally in place by Nov. 4, when the next phase of U.S. sanctions hit, but will not be operational until early next year, three diplomats said.
The mechanism, a so-called special purpose vehicle (SPV), is designed to circumvent the sanctions, under which Washington can cut off any bank that enables oil transactions with Iran.
The SPV, which could incorporate a barter system, aims to sidestep the U.S. financial system by using an EU intermediary to handle trade with Iran. It could ensure, for example, that Iranian oil bought by Europeans could be paid for with EU goods and services of the same value.
NMC Health, Hassana Investment sign agreement to build Saudi healthcare network | Reuters
NMC Health, Hassana Investment sign agreement to build Saudi healthcare network | Reuters:
NMC Health said it has signed an agreement with Hassana Investment Company, the investment arm of the General Organization for Social Insurance (GoSI) of Saudi Arabia, to develop a pan Saudi Arabian network of world-class healthcare facilities.
The memorandum of understanding targets a total investment of 6 billion Saudi riyals and the employment of up to 10,000 staff over the next five years, NMC said in a statement.
NMC Health said it has signed an agreement with Hassana Investment Company, the investment arm of the General Organization for Social Insurance (GoSI) of Saudi Arabia, to develop a pan Saudi Arabian network of world-class healthcare facilities.
The memorandum of understanding targets a total investment of 6 billion Saudi riyals and the employment of up to 10,000 staff over the next five years, NMC said in a statement.
Factbox: Foreign investment in Saudi Arabia | Reuters
Factbox: Foreign investment in Saudi Arabia | Reuters:
Scandal surrounding the killing of Saudi journalist Jamal Khashoggi has shrunk the attendance of senior executives from multinational companies at this week’s Future Investment Initiative conference in Riyadh.
But the Gulf’s largest economy remains an important market for global businesses, ranging from oil majors to leading banks.
More than $50 billion in deals were signed at the conference on Tuesday, including a deal between Total (TOTF.PA) and Saudi Aramco [IPO-ARMO.SE] to create a retail network in the kingdom.
Scandal surrounding the killing of Saudi journalist Jamal Khashoggi has shrunk the attendance of senior executives from multinational companies at this week’s Future Investment Initiative conference in Riyadh.
But the Gulf’s largest economy remains an important market for global businesses, ranging from oil majors to leading banks.
More than $50 billion in deals were signed at the conference on Tuesday, including a deal between Total (TOTF.PA) and Saudi Aramco [IPO-ARMO.SE] to create a retail network in the kingdom.
U.S. oil prices up after sharp drop in fuel stocks | Reuters
U.S. oil prices up after sharp drop in fuel stocks | Reuters:
Oil prices rose modestly on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured a seasonal increase in refining demand.
However, traders remain concerned about worldwide demand, and that weakness in global equities would also reduce buying of assets like oil by investment managers. On Tuesday, oil prices slumped 5 percent on concerns about a weaker economic outlook.
Looming U.S. sanctions on oil exporter Iran have helped support prices.
Oil prices rose modestly on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured a seasonal increase in refining demand.
However, traders remain concerned about worldwide demand, and that weakness in global equities would also reduce buying of assets like oil by investment managers. On Tuesday, oil prices slumped 5 percent on concerns about a weaker economic outlook.
Looming U.S. sanctions on oil exporter Iran have helped support prices.
MIDEAST STOCKS-Saudi's fall cushioned by results, Qatar drops on profit taking | Reuters
MIDEAST STOCKS-Saudi's fall cushioned by results, Qatar drops on profit taking | Reuters:
Saudi Arabia’s stock market slipped modestly in quiet trade on Wednesday, despite volatility from selling by foreign and retail investors after the killing of Saudi journalist Jamal Khashoggi.
President Donald Trump said on Tuesday Saudi authorities staged the “worst cover-up ever” in the killing of Khashoggi, as the United States vowed to revoke the visas of some of those believed to be responsible.
The Saudi index lost 0.5 percent, but many stocks outperformed the index on the back of their corporate earnings.
Saudi Arabia’s stock market slipped modestly in quiet trade on Wednesday, despite volatility from selling by foreign and retail investors after the killing of Saudi journalist Jamal Khashoggi.
President Donald Trump said on Tuesday Saudi authorities staged the “worst cover-up ever” in the killing of Khashoggi, as the United States vowed to revoke the visas of some of those believed to be responsible.
The Saudi index lost 0.5 percent, but many stocks outperformed the index on the back of their corporate earnings.
More Saudi sectors opened to foreign investment
More Saudi sectors opened to foreign investment:
Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.
The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.
The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.
Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.
The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.
The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.
MIDEAST STOCKS-Company results lift Saudi market; Abu Dhabi, Dubai and Qatar slip | Agricultural Commodities | Reuters
MIDEAST STOCKS-Company results lift Saudi market; Abu Dhabi, Dubai and Qatar slip | Agricultural Commodities | Reuters:
Saudi Arabia’s stock market took a breather on Wednesday, rising modestly on the back of corporate earnings despite continued investor concern and sell-offs arising from the killing of Saudi journalist Jamal Khashoggi.
The main index edged up by 0.2 percent in early trading, with banks and petrochemical shares gaining.
Saudi Co for Hardware jumped nearly 10 percent after reporting an increase in third-quarter profit.
Saudi Arabia’s stock market took a breather on Wednesday, rising modestly on the back of corporate earnings despite continued investor concern and sell-offs arising from the killing of Saudi journalist Jamal Khashoggi.
The main index edged up by 0.2 percent in early trading, with banks and petrochemical shares gaining.
Saudi Co for Hardware jumped nearly 10 percent after reporting an increase in third-quarter profit.
Saudi Stocks 'Buying Opportunity' Seen, Arqaam Capital's Meijer Says – Bloomberg
Saudi Stocks 'Buying Opportunity' Seen, Arqaam Capital's Meijer Says – Bloomberg:
Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai, talks about geopolitical issues Saudi Arabia faces, and the implications for the country's financial markets. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai, talks about geopolitical issues Saudi Arabia faces, and the implications for the country's financial markets. He speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Oman starts marketing dollar sukuk -IFR | ZAWYA MENA Edition
Oman starts marketing dollar sukuk -IFR | ZAWYA MENA Edition:
The government of Oman has begun marketing a seven-year U.S. dollar-denominated sukuk, or Islamic bond, according to IFR, a fixed-income news service.
The paper is being marketed with initial price guidance of about 300 basis points over mid-swaps.
The sukuk will be of benchmark size, which generally means upwards of $500 million.
The government of Oman has begun marketing a seven-year U.S. dollar-denominated sukuk, or Islamic bond, according to IFR, a fixed-income news service.
The paper is being marketed with initial price guidance of about 300 basis points over mid-swaps.
The sukuk will be of benchmark size, which generally means upwards of $500 million.
Qatar's Commercial Bank Q3 profit leaps on lower bad loan losses | Reuters
Qatar's Commercial Bank Q3 profit leaps on lower bad loan losses | Reuters:
Commercial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by assets, reported a jump in third-quarter net profit as losses on bad loans fell.
The bank earned a net profit of 404.6 million riyals ($111.2 million) in the three months to Sept. 30, it said in a statement on Wednesday. That compares with a profit of 79.4 million riyals in the same period a year earlier.
EFG Hermes forecast the bank would post a profit of 419.7 million riyals, while SICO Bahrain forecast a profit of 426.2 million riyals.
Commercial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by assets, reported a jump in third-quarter net profit as losses on bad loans fell.
The bank earned a net profit of 404.6 million riyals ($111.2 million) in the three months to Sept. 30, it said in a statement on Wednesday. That compares with a profit of 79.4 million riyals in the same period a year earlier.
EFG Hermes forecast the bank would post a profit of 419.7 million riyals, while SICO Bahrain forecast a profit of 426.2 million riyals.
UPDATE 1-Saudi Arabia reassures boycotting banks, prince to address forum | Reuters
UPDATE 1-Saudi Arabia reassures boycotting banks, prince to address forum | Reuters:
Saudi Arabia said on Wednesday it would not penalize foreign banks boycotting an investment forum in a message of reassurance for a gathering overshadowed by a global outcry over slain journalist Jamal Khashoggi.
The kingdom’s powerful Crown Prince Mohammed bin Salman is due to speak later at the meeting of international investors in his most high profile remarks since the columnist, one of his most prominent critics, was killed in Istanbul on Oct. 2.
The world’s top oil exporter has come under increasing pressure over the killing of Khashoggi in a crisis that has strained its ties with the West.
Saudi Arabia said on Wednesday it would not penalize foreign banks boycotting an investment forum in a message of reassurance for a gathering overshadowed by a global outcry over slain journalist Jamal Khashoggi.
The kingdom’s powerful Crown Prince Mohammed bin Salman is due to speak later at the meeting of international investors in his most high profile remarks since the columnist, one of his most prominent critics, was killed in Istanbul on Oct. 2.
The world’s top oil exporter has come under increasing pressure over the killing of Khashoggi in a crisis that has strained its ties with the West.
Brent stable after hefty losses as Iran sanctions return to focus | Reuters
Brent stable after hefty losses as Iran sanctions return to focus | Reuters:
Brent crude prices stabilized on Wednesday after heavy losses the day before, with looming U.S. sanctions against Iran back in focus.
Front-month Brent crude oil futures LCOc1 were at $76.52 a barrel at 0658 GMT, up 1 cent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were weaker, down 10 cents at $66.33 a barrel, pressured by a report by the American Petroleum Institute (API) that U.S. crude stocks rose by 9.9 million barrels in the week to Oct. 19 to 418.4 million barrels.
Brent crude prices stabilized on Wednesday after heavy losses the day before, with looming U.S. sanctions against Iran back in focus.
Front-month Brent crude oil futures LCOc1 were at $76.52 a barrel at 0658 GMT, up 1 cent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were weaker, down 10 cents at $66.33 a barrel, pressured by a report by the American Petroleum Institute (API) that U.S. crude stocks rose by 9.9 million barrels in the week to Oct. 19 to 418.4 million barrels.
Subscribe to:
Posts (Atom)