UAE to expand recognition of fund licenses in bid to lure investment | Reuters:
United Arab Emirates regulators said they would expand their recognition of investment fund licenses in an effort to persuade more funds to base themselves in the country, in the face of competition for the business from other states in the region.
Funds can be licensed in three UAE jurisdictions: the Dubai International Financial Centre (DIFC), the Abu Dhabi Global Market (ADGM), or onshore in the UAE. At present a fund licensed in one area faces restrictions on how it can be marketed and sold in the other two areas, slowing sales and raising costs.
Authorities agreed to remove those barriers by recognizing a single license across the country, regardless of where it was issued, regulatory agencies for the three jurisdictions said in a statement this week.
Friday 30 November 2018
Oil drops; losses limited by hopes of OPEC, Russia output cut | Reuters
Oil drops; losses limited by hopes of OPEC, Russia output cut | Reuters:
Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week.
The two benchmarks, North Sea Brent LCOc1 and U.S. crude CLc1, still have had their weakest month in more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.
Front-month Brent futures fell 80 cents, or 1.3 percent, to settle at $58.71 a barrel, ahead of expiry. The more active February Brent crude futures LCOG9 lost 45 cents to settle at $59.46 a barrel. U.S. crude CLc1 dropped 52 cents, or 1 percent, to $50.93 a barrel.
Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week.
The two benchmarks, North Sea Brent LCOc1 and U.S. crude CLc1, still have had their weakest month in more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.
Front-month Brent futures fell 80 cents, or 1.3 percent, to settle at $58.71 a barrel, ahead of expiry. The more active February Brent crude futures LCOG9 lost 45 cents to settle at $59.46 a barrel. U.S. crude CLc1 dropped 52 cents, or 1 percent, to $50.93 a barrel.
Oil falls as high inventories outweigh likely OPEC cuts | Reuters
Oil falls as high inventories outweigh likely OPEC cuts | Reuters:
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.
Both international oil benchmarks, North Sea Brent LCOc1 and U.S. light crude CLc1, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.
Brent was down 85 cents at $58.66 a barrel by 1210 GMT.
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.
Both international oil benchmarks, North Sea Brent LCOc1 and U.S. light crude CLc1, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.
Brent was down 85 cents at $58.66 a barrel by 1210 GMT.
Oil Poised for Worst Month in 10 Years on Specter of Supply Glut - Bloomberg
Oil Poised for Worst Month in 10 Years on Specter of Supply Glut - Bloomberg:
Oil’s on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers.
Futures in New York are set to drop about 21 percent in November, falling for a second month. While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an OPEC meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices. Meanwhile, the specter of expanding U.S. crude stockpiles has also been haunting the market.
After reaching a four-year high in early October, crude has collapsed more than 30 percent, marking the worst crash since 2015. While oversupply concerns were fueled by American exemptions on sanctioned Iranian oil, a trade dispute between the U.S. and China has threatened to hurt demand. Oil has remained in an oversold territory this month, and seesawed near the $50 threshold this week -- a key budgetary marker for shale drillers.
Oil’s on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers.
Futures in New York are set to drop about 21 percent in November, falling for a second month. While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an OPEC meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices. Meanwhile, the specter of expanding U.S. crude stockpiles has also been haunting the market.
After reaching a four-year high in early October, crude has collapsed more than 30 percent, marking the worst crash since 2015. While oversupply concerns were fueled by American exemptions on sanctioned Iranian oil, a trade dispute between the U.S. and China has threatened to hurt demand. Oil has remained in an oversold territory this month, and seesawed near the $50 threshold this week -- a key budgetary marker for shale drillers.
Don’t Punish America for Saudi Arabia’s Crimes - Bloomberg
Don’t Punish America for Saudi Arabia’s Crimes - Bloomberg:
If you want to understand why the Senate voted this week to move forward with a resolution ending U.S. support for the Saudi-led war in Yemen, read the speech that Bob Corker delivered from the Senate floor on Wednesday.
The outgoing chairman of the Senate Foreign Relations Committee has long been an ally of Saudi Arabia in Washington. And yet Corker voted to move the Yemen resolution out of his committee. Mind you, he didn’t say he would be supporting it when it comes to the floor for a vote. Rather, he was sending a message to the Trump administration to come down harder on Saudi crown prince Mohammed bin Salman for his role in the murder of Washington Post columnist Jamal Khashoggi.
Corker was disappointed by the briefing he and his colleagues received from Secretary of Defense James Mattis and Secretary of State Mike Pompeo. Some of this is about procedure: Many senators wanted a briefing about Khashoggi from CIA director Gina Haspel. Some of this is about style: Many senators were infuriated by President Donald Trump’s statement on the crown prince’s unknowable culpability in the murder. Both objections beg the question: What does any of this have to do with Saudi Arabia’s war in Yemen?
If you want to understand why the Senate voted this week to move forward with a resolution ending U.S. support for the Saudi-led war in Yemen, read the speech that Bob Corker delivered from the Senate floor on Wednesday.
The outgoing chairman of the Senate Foreign Relations Committee has long been an ally of Saudi Arabia in Washington. And yet Corker voted to move the Yemen resolution out of his committee. Mind you, he didn’t say he would be supporting it when it comes to the floor for a vote. Rather, he was sending a message to the Trump administration to come down harder on Saudi crown prince Mohammed bin Salman for his role in the murder of Washington Post columnist Jamal Khashoggi.
Corker was disappointed by the briefing he and his colleagues received from Secretary of Defense James Mattis and Secretary of State Mike Pompeo. Some of this is about procedure: Many senators wanted a briefing about Khashoggi from CIA director Gina Haspel. Some of this is about style: Many senators were infuriated by President Donald Trump’s statement on the crown prince’s unknowable culpability in the murder. Both objections beg the question: What does any of this have to do with Saudi Arabia’s war in Yemen?
Oil Hinges on Saudi Dilemma: Bust Budget or Anger Trump? - Bloomberg
Oil Hinges on Saudi Dilemma: Bust Budget or Anger Trump? - Bloomberg:
The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.
For Mohammed bin Salman, the kingdom’s crown prince and day-to-day ruler, the dilemma has been sharpened by the murder of Jamal Khashoggi in the Saudi consulate in Istanbul. Under pressure from angry senators and other Washington power players, he needs Trump’s political protection.
Things will come to a head this weekend at the Group of 20 summit in Buenos Aires, a meeting that could shape the oil market in 2019 and affect everything from the war in Yemen to the share price of Exxon Mobil Corp. Vladimir Putin will also play a key role -- Russia and Saudi Arabia have spent the last two years working together to manage the oil market.
The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.
For Mohammed bin Salman, the kingdom’s crown prince and day-to-day ruler, the dilemma has been sharpened by the murder of Jamal Khashoggi in the Saudi consulate in Istanbul. Under pressure from angry senators and other Washington power players, he needs Trump’s political protection.
Things will come to a head this weekend at the Group of 20 summit in Buenos Aires, a meeting that could shape the oil market in 2019 and affect everything from the war in Yemen to the share price of Exxon Mobil Corp. Vladimir Putin will also play a key role -- Russia and Saudi Arabia have spent the last two years working together to manage the oil market.
Oil steady as expected OPEC cuts balance high inventory | Reuters
Oil steady as expected OPEC cuts balance high inventory | Reuters:
Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.
Both international oil benchmarks, North Sea Brent LCOc1 and U.S. light crude CLc1, have had their weakest month for more than 10 years in November, losing 28 percent and 30 percent respectively as global supply has outstripped demand.
Brent was up 25 cents at $59.76 a barrel by 0910 GMT. U.S. crude was unchanged at $51.45. Both contracts are up about 1 percent this week, the first weekly gains in almost two months.
Oil prices steadied on Friday as expectations that OPEC and Russia would agree some form of production cut next week balanced pressure from swelling inventories.
Both international oil benchmarks, North Sea Brent LCOc1 and U.S. light crude CLc1, have had their weakest month for more than 10 years in November, losing 28 percent and 30 percent respectively as global supply has outstripped demand.
Brent was up 25 cents at $59.76 a barrel by 0910 GMT. U.S. crude was unchanged at $51.45. Both contracts are up about 1 percent this week, the first weekly gains in almost two months.
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