Saudi-Russian Fling Becomes Marriage With Oil Deal to `Eternity' - Bloomberg:
It was supposed to be a six-month fling, but Saudi Arabia and Russia have instead signed up for eternity.
Complete with poem and celebratory badges, Moscow and Riyadh led two dozen countries in signing a charter to formalize the OPEC+ group that for the past 2 1/2 years has coordinated supply to prop up the price of oil.
OPEC Secretary General Mohammad Barkindo compared the pact to a “Catholic marriage,” saying it would last for “eternity.”
Tuesday 2 July 2019
Oil Plunges in Worst Reaction to OPEC Since 2014 on Demand Woes - Bloomberg
Oil Plunges in Worst Reaction to OPEC Since 2014 on Demand Woes - Bloomberg:
Oil had its worst reaction to an OPEC meeting in more than four years, with prices sliding just after the cartel agreed to prolong production curbs as fears about the global economy mount.
Futures closed down 4.8% in New York, the steepest decline since May 31 and the biggest drop after an OPEC gathering since November 2014. Bank of England Governor Mark Carney warned of dangers from rising protectionism around the globe, citing a “widespread slowdown” that may require a major policy response. That added to worries following weak manufacturing reports from the U.S., China and Europe.
The anxieties blotted out optimism despite Tuesday’s agreement by major oil exporters to extend production cuts for nine months. Divisions remained over Saudi Arabia’s push to target even deeper reductions, with Russia expressing doubts at the end of a summit in Vienna.
Oil had its worst reaction to an OPEC meeting in more than four years, with prices sliding just after the cartel agreed to prolong production curbs as fears about the global economy mount.
Futures closed down 4.8% in New York, the steepest decline since May 31 and the biggest drop after an OPEC gathering since November 2014. Bank of England Governor Mark Carney warned of dangers from rising protectionism around the globe, citing a “widespread slowdown” that may require a major policy response. That added to worries following weak manufacturing reports from the U.S., China and Europe.
The anxieties blotted out optimism despite Tuesday’s agreement by major oil exporters to extend production cuts for nine months. Divisions remained over Saudi Arabia’s push to target even deeper reductions, with Russia expressing doubts at the end of a summit in Vienna.
West Texas Intermediate crude for August delivery slipped $2.84 to settle at $56.25 a barrel on the New York Mercantile Exchange. The slide accelerated as the contract crashed through several key technical trading levels, with WTI crossing below its 50-, 100- and 200-day moving averages.
Brent for September settlement declined $2.66 to $62.40 a barrel on the ICE Futures Europe Exchange.
Oil Plunges as Shaky Outlook for Demand Counters OPEC+ Promise - Bloomberg
Oil Plunges as Shaky Outlook for Demand Counters OPEC+ Promise - Bloomberg:
Oil slid to its worst loss in two weeks as mounting fears about the global economy undercut the latest plan from OPEC and its allies to stabilize markets.
Futures dropped by as much as 4.3% in New York, the steepest intraday decline since June 12. Bank of England Governor Mark Carney warned of the dangers of rising protectionism around the globe, citing a “widespread slowdown” that may require a major policy response. That added to worries following weak manufacturing reports from the U.S., China and Europe.
The anxieties blotted out optimism despite Tuesday’s agreement by major oil exporters to extend production cuts for nine more months. Divisions remained over Saudi Arabia’s push to target even deeper reductions, with Russia expressing doubts at the end of a summit in Vienna.
Oil slid to its worst loss in two weeks as mounting fears about the global economy undercut the latest plan from OPEC and its allies to stabilize markets.
Futures dropped by as much as 4.3% in New York, the steepest intraday decline since June 12. Bank of England Governor Mark Carney warned of the dangers of rising protectionism around the globe, citing a “widespread slowdown” that may require a major policy response. That added to worries following weak manufacturing reports from the U.S., China and Europe.
The anxieties blotted out optimism despite Tuesday’s agreement by major oil exporters to extend production cuts for nine more months. Divisions remained over Saudi Arabia’s push to target even deeper reductions, with Russia expressing doubts at the end of a summit in Vienna.
#Saudi Makeover Masks the Same Old Habits When It Comes to Jobs - Bloomberg
Saudi Makeover Masks the Same Old Habits When It Comes to Jobs - Bloomberg:
Saudi Arabia’s private businesses may be shedding jobs, but there’s one place that’s hiring: The government.
Payrolls are swelling at state agencies involved in Crown Prince Mohammad bin Salman’s revamp of the economy -- from the wealth fund to new entities called “Vision Realization Programs.” Not surprisingly, the kingdom is finally making a dent in citizen unemployment after it peaked last year at nearly 13%, the highest in over a decade.
But that’s where the good news ends. Although joblessness among Saudis declined to 12.5% in the first quarter, the number of citizens working in the private sector actually fell. The government, still the main employer for the kingdom’s nationals, has added more than 20,000 jobs for Saudis since the third quarter of last year, when the statistics service started reporting the breakdown by sector.
Saudi Arabia’s private businesses may be shedding jobs, but there’s one place that’s hiring: The government.
Payrolls are swelling at state agencies involved in Crown Prince Mohammad bin Salman’s revamp of the economy -- from the wealth fund to new entities called “Vision Realization Programs.” Not surprisingly, the kingdom is finally making a dent in citizen unemployment after it peaked last year at nearly 13%, the highest in over a decade.
But that’s where the good news ends. Although joblessness among Saudis declined to 12.5% in the first quarter, the number of citizens working in the private sector actually fell. The government, still the main employer for the kingdom’s nationals, has added more than 20,000 jobs for Saudis since the third quarter of last year, when the statistics service started reporting the breakdown by sector.
New Royal decrees aim to boost #Oman’s economy | ZAWYA MENA Edition
New Royal decrees aim to boost Oman’s economy | ZAWYA MENA Edition:
Four of the Royal Decrees issued by HM Sultan Qaboos Bin Said on Monday, 1 July, will boost the Sultanate’s economy, making Oman more globally competitive and an even more attractive investment hub, according to the government.
The royal decrees were issued regarding a new Foreign Capital Investment Law, Privatisation Law, Law for Partnership between the Public and Private Sectors, and Bankruptcy Law.
A joint statement released by the Government Cooperation Centre - Ithraa, the Ministry of Finance, and the Ministry of Commerce and Industry read: "These royal decrees come in the framework of the government's continued efforts towards creating an attractive legislative framework for investment in all ways, and to continue to issue and update legislation to keep up with accelerating changes and to serve the Sultanate's future vision goals and to make the country more competitive globally.
Four of the Royal Decrees issued by HM Sultan Qaboos Bin Said on Monday, 1 July, will boost the Sultanate’s economy, making Oman more globally competitive and an even more attractive investment hub, according to the government.
The royal decrees were issued regarding a new Foreign Capital Investment Law, Privatisation Law, Law for Partnership between the Public and Private Sectors, and Bankruptcy Law.
A joint statement released by the Government Cooperation Centre - Ithraa, the Ministry of Finance, and the Ministry of Commerce and Industry read: "These royal decrees come in the framework of the government's continued efforts towards creating an attractive legislative framework for investment in all ways, and to continue to issue and update legislation to keep up with accelerating changes and to serve the Sultanate's future vision goals and to make the country more competitive globally.
UPDATE 4- #SaudiArabia to raise 3 billion with debut euro debt sale - Reuters
UPDATE 4-Saudi Arabia to raise 3 billion with debut euro debt sale - Reuters:
Saudi Arabia is set to raise 3 billion euro out of orders in excess of 14.5 billion with its first bond issuance denominated in that currency, as the kingdom taps new financing sources to cover its budgetary needs in an era of lower oil prices.
The Saudis have sold nearly $60 billion in international bonds since their debut as a global borrower in late 2016, making the kingdom one of the biggest debt issuers among emerging markets.
Its foray in the euro debt market - the first by a Gulf government - will allow it in the future to tap different investors at different times.
Saudi Arabia is set to raise 3 billion euro out of orders in excess of 14.5 billion with its first bond issuance denominated in that currency, as the kingdom taps new financing sources to cover its budgetary needs in an era of lower oil prices.
The Saudis have sold nearly $60 billion in international bonds since their debut as a global borrower in late 2016, making the kingdom one of the biggest debt issuers among emerging markets.
Its foray in the euro debt market - the first by a Gulf government - will allow it in the future to tap different investors at different times.
MIDEAST STOCKS-Banks halt #Saudi gains, MSCI upgrade keeps #Kuwait gaining - Reuters
MIDEAST STOCKS-Banks halt Saudi gains, MSCI upgrade keeps Kuwait gaining - Reuters:
Saudi Arabia's stock market snapped a
five-day winning streak on Tuesday as most banks dropped, while
Kuwait rose for a fourth straight session after MSCI announced
it would upgrade Kuwaiti equities to its main emerging-markets
index.
The Saudi index was down 0.2% with Al Rajhi Bank
shedding 0.7% and Samba Financial Group falling 1.5%.
That comes after five days of gains, and the index is still
up 12.6% this year, led by foreign investors.
Saudi Arabia's stock market snapped a
five-day winning streak on Tuesday as most banks dropped, while
Kuwait rose for a fourth straight session after MSCI announced
it would upgrade Kuwaiti equities to its main emerging-markets
index.
The Saudi index was down 0.2% with Al Rajhi Bank
shedding 0.7% and Samba Financial Group falling 1.5%.
That comes after five days of gains, and the index is still
up 12.6% this year, led by foreign investors.
#UAE Eases Rules on 100% Foreign Ownership to Lure Investment - Bloomberg
U.A.E. Eases Rules on 100% Foreign Ownership to Lure Investment - Bloomberg:
The United Arab Emirates will allow foreigners to own 100% of businesses across industries as the Arab world’s second-largest economy courts investors.
The federal government will leave it up to individual sheikdoms to “decide the ownership percentage in each activity according to their circumstances,” Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum, said Tuesday on Twitter. “We want to open up new economic sectors and attract new foreign investors,” he said.
The new rules essentially lift a federal requirement that has long capped foreign ownership in local companies at 49%. The change frees the country’s seven emirates to open up their industries to foreign investors, many of whom demand full control over their operations. Economic free zones sprang up across Dubai and much of the U.A.E. as a way to satisfy foreign companies that couldn’t fully own businesses onshore.
The United Arab Emirates will allow foreigners to own 100% of businesses across industries as the Arab world’s second-largest economy courts investors.
The federal government will leave it up to individual sheikdoms to “decide the ownership percentage in each activity according to their circumstances,” Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum, said Tuesday on Twitter. “We want to open up new economic sectors and attract new foreign investors,” he said.
The new rules essentially lift a federal requirement that has long capped foreign ownership in local companies at 49%. The change frees the country’s seven emirates to open up their industries to foreign investors, many of whom demand full control over their operations. Economic free zones sprang up across Dubai and much of the U.A.E. as a way to satisfy foreign companies that couldn’t fully own businesses onshore.
Oil Falls as Gloomy Economic Data Counters OPEC+ Output Cuts - Bloomberg
Oil Falls as Gloomy Economic Data Counters OPEC+ Output Cuts - Bloomberg:
Oil declined as investors weighed OPEC and its allies’ extension of supply curbs into 2020 against troubling economic data from around the world.
Futures fell 1.2% in New York, erasing Monday’s 1.1% gain. The OPEC+ group agreed to maintain production cuts for another nine months in an effort to reduce stockpiles. Still, a slew of disappointing manufacturing reports from the U.S., China and Europe continued to shake faith in oil demand. Trade concerns resurfaced after Washington proposed more tariffs on European Union goods in retaliation for aircraft subsidies.
Oil has rallied since mid-June as tensions escalated in the Middle East and there were signs of progress in resolving the U.S.-China trade war. While announcing the extension of the Organization of Petroleum Exporting Countries’ production curbs, Saudi Arabian Energy Minister Khalid Al-Falih signaled that the group may have a long fight on its hands as American production booms. Forecasts for sluggish demand growth are also a concern for producers.
Oil declined as investors weighed OPEC and its allies’ extension of supply curbs into 2020 against troubling economic data from around the world.
Futures fell 1.2% in New York, erasing Monday’s 1.1% gain. The OPEC+ group agreed to maintain production cuts for another nine months in an effort to reduce stockpiles. Still, a slew of disappointing manufacturing reports from the U.S., China and Europe continued to shake faith in oil demand. Trade concerns resurfaced after Washington proposed more tariffs on European Union goods in retaliation for aircraft subsidies.
Oil has rallied since mid-June as tensions escalated in the Middle East and there were signs of progress in resolving the U.S.-China trade war. While announcing the extension of the Organization of Petroleum Exporting Countries’ production curbs, Saudi Arabian Energy Minister Khalid Al-Falih signaled that the group may have a long fight on its hands as American production booms. Forecasts for sluggish demand growth are also a concern for producers.
#SaudiArabia starts marketing debut euro debt sale - Reuters
Saudi Arabia starts marketing debut euro debt sale - Reuters:
Saudi Arabia started marketing its debut euro-denominated bonds on Tuesday with initial price guidance of around 115 basis points over mid-swaps for an eight-year tranche, and around 170 bps over the same benchmark for a 20-year tranche, a document issued by one of the banks leading the deal showed.
Saudi Arabia will use the proceeds from the debt sale - the first by a Gulf government denominated in euros - for domestic budgetary purposes, according to the document.
Goldman Sachs and Societe Generale are coordinating the transaction, which is expected to be concluded on Tuesday.
Saudi Arabia started marketing its debut euro-denominated bonds on Tuesday with initial price guidance of around 115 basis points over mid-swaps for an eight-year tranche, and around 170 bps over the same benchmark for a 20-year tranche, a document issued by one of the banks leading the deal showed.
Saudi Arabia will use the proceeds from the debt sale - the first by a Gulf government denominated in euros - for domestic budgetary purposes, according to the document.
Goldman Sachs and Societe Generale are coordinating the transaction, which is expected to be concluded on Tuesday.
#Saudi Aramco Is Said to Restart Preparations for Mega IPO - Bloomberg
Saudi Aramco Is Said to Restart Preparations for Mega IPO - Bloomberg:
Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said.
Aramco, the world’s most profitable company, recently held talks with a select group of investment banks to discuss potential roles on the offering, according to the people. Detailed work on the IPO may pick up speed later this year or early next year, the people said, asking not to be identified because the information is private.
The revived IPO plan will still face significant hurdles, including the ability of kingdom to achieve the $2 trillion valuation it’s been seeking for the company. Demand for the share sale would also likely be affected by lower oil prices as well as growing concerns among top institutional investors about pouring money into fossil-fuel companies that contribute to climate change.
Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said.
Aramco, the world’s most profitable company, recently held talks with a select group of investment banks to discuss potential roles on the offering, according to the people. Detailed work on the IPO may pick up speed later this year or early next year, the people said, asking not to be identified because the information is private.
The revived IPO plan will still face significant hurdles, including the ability of kingdom to achieve the $2 trillion valuation it’s been seeking for the company. Demand for the share sale would also likely be affected by lower oil prices as well as growing concerns among top institutional investors about pouring money into fossil-fuel companies that contribute to climate change.
#Iran Says Deeper Oil Cuts May Be Needed One Day: OPEC+ Update - Bloomberg
Iran Says Deeper Oil Cuts May Be Needed One Day: OPEC+ Update - Bloomberg:
Oil ministers are once again converging on OPEC’s Vienna secretariat as the group’s partner countries meet to ratify Monday’s decision to keep cutting production.
Members of the Organization of Petroleum Exporting Countries settled on maintaining quotas for another nine months, with de facto leader Saudi Arabia committing to deeper cuts than its cap requires. The rollover of curbs into a fourth year shows producers are ever more bogged down in a struggle to wrest control of the market from the booming U.S. shale industry.
Iran’s Oil Minister Bijan Namdar Zanganeh suggested Tuesday that OPEC+ may need to make deeper oil-output cuts than the current 1.2 million barrels a day at some point as it continues to lose market share to U.S. shale. Iran itself -- subject to American sanctions -- is working “day and night” to find ways to export its crude, Zanganeh said in a Bloomberg Television interview in Vienna.
Oil ministers are once again converging on OPEC’s Vienna secretariat as the group’s partner countries meet to ratify Monday’s decision to keep cutting production.
Members of the Organization of Petroleum Exporting Countries settled on maintaining quotas for another nine months, with de facto leader Saudi Arabia committing to deeper cuts than its cap requires. The rollover of curbs into a fourth year shows producers are ever more bogged down in a struggle to wrest control of the market from the booming U.S. shale industry.
Iran’s Oil Minister Bijan Namdar Zanganeh suggested Tuesday that OPEC+ may need to make deeper oil-output cuts than the current 1.2 million barrels a day at some point as it continues to lose market share to U.S. shale. Iran itself -- subject to American sanctions -- is working “day and night” to find ways to export its crude, Zanganeh said in a Bloomberg Television interview in Vienna.
#Saudi Heat Map Shows Economy Is Starting to Look Stronger: Chart - Bloomberg
Saudi Heat Map Shows Economy Is Starting to Look Stronger: Chart - Bloomberg:
Saudi Arabia’s non-oil growth has been anemic since 2016, expanding by less than 2.5%, but the latest data show the economy is on track to break through this threshold as the fiscal stimulus could finally show up in the growth numbers. Bloomberg Economics’ heat map shows non-oil growth improving in the second quarter, probably to levels last seen almost four years ago, before lower oil prices really hit economic activity. We expect non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption.
Saudi Arabia’s non-oil growth has been anemic since 2016, expanding by less than 2.5%, but the latest data show the economy is on track to break through this threshold as the fiscal stimulus could finally show up in the growth numbers. Bloomberg Economics’ heat map shows non-oil growth improving in the second quarter, probably to levels last seen almost four years ago, before lower oil prices really hit economic activity. We expect non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption.
Saudis Dig In for Shale Fight as OPEC Extends Cuts to 2020 - Bloomberg
Saudis Dig In for Shale Fight as OPEC Extends Cuts to 2020 - Bloomberg:
Saudi Arabia, OPEC’s dominant producer, pledged to keep doing the heavy lifting as the cartel was all but forced to extend its effort to counter the U.S. shale boom into a fourth year.
After ministers from the Organization of Petroleum Exporting Countries settled on continuing production limits for another nine months, Saudi Oil Minister Khalid Al-Falih used the closing press conference to say the kingdom was willing to keep cutting more deeply than its quota requires.
“This is a commitment to reduce inventories, and whatever it takes for them to do it,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd. The Saudis are likely to keep production at around 10 million barrels a day -- below their target -- and “if required after nine months, they will continue with the deal.”
Saudi Arabia, OPEC’s dominant producer, pledged to keep doing the heavy lifting as the cartel was all but forced to extend its effort to counter the U.S. shale boom into a fourth year.
After ministers from the Organization of Petroleum Exporting Countries settled on continuing production limits for another nine months, Saudi Oil Minister Khalid Al-Falih used the closing press conference to say the kingdom was willing to keep cutting more deeply than its quota requires.
“This is a commitment to reduce inventories, and whatever it takes for them to do it,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd. The Saudis are likely to keep production at around 10 million barrels a day -- below their target -- and “if required after nine months, they will continue with the deal.”
#Saudi buyer of Glasgow's Sauchiehall building keen on other UK, US assets | ZAWYA MENA Edition
Saudi buyer of Glasgow's Sauchiehall building keen on other UK, US assets | ZAWYA MENA Edition:
The Saudi Arabian investment company which announced the £60 million ($74.7 million) purchase of the Sauchiehall building in Glasgow city centre in Scotland on Monday as its first major international purchase is keen on doing other deals in the United Kingdom and the United States, one of the firm’s senior management told Zawya.
Ahmed Bucheeri, an investments principal at the 10 year-old firm, which has historically focused on investments in the kingdom, says that a change of management and of business model at the firm last year has led to it taking more of an international approach to its investment.
The firm, which has around 900 million Saudi riyals ($240 million) following the Sauchiehall building purchase, had traditionally focussed on asset management through investments in the kingdom's stock market, and investments in development properties in the country (mainly in Eastern province cities close to its Dammam headquarters).
The Saudi Arabian investment company which announced the £60 million ($74.7 million) purchase of the Sauchiehall building in Glasgow city centre in Scotland on Monday as its first major international purchase is keen on doing other deals in the United Kingdom and the United States, one of the firm’s senior management told Zawya.
Ahmed Bucheeri, an investments principal at the 10 year-old firm, which has historically focused on investments in the kingdom, says that a change of management and of business model at the firm last year has led to it taking more of an international approach to its investment.
The firm, which has around 900 million Saudi riyals ($240 million) following the Sauchiehall building purchase, had traditionally focussed on asset management through investments in the kingdom's stock market, and investments in development properties in the country (mainly in Eastern province cities close to its Dammam headquarters).
Six Flags gets $7.5 million payout after #Dubai partner ends project - Reuters
Six Flags gets $7.5 million payout after Dubai partner ends project - Reuters:
Six Flags will receive $7.5 million from the U.S. company’s Dubai partner DXB Entertainments, which has ended plans to build a Six Flags theme park.
DXB owns Dubai Parks and Resorts, a group of theme parks in the south of Dubai including the Hollywood-inspired Motiongate and a Lego-themed water park.
It said in February plans for Six Flags Dubai would not go ahead because financing was no longer available.
Six Flags will receive $7.5 million from the U.S. company’s Dubai partner DXB Entertainments, which has ended plans to build a Six Flags theme park.
DXB owns Dubai Parks and Resorts, a group of theme parks in the south of Dubai including the Hollywood-inspired Motiongate and a Lego-themed water park.
It said in February plans for Six Flags Dubai would not go ahead because financing was no longer available.
#Qatar Investment Authority, Douglass Emmett acquire $365 mln California real estate complex - Reuters
Qatar Investment Authority, Douglass Emmett acquire $365 mln California real estate complex - Reuters:
Qatar Investment Authority (QIA) and real estate investment trust Douglas Emmett Inc (DEI.N) have acquired a $365 real estate development in California, the Qatari sovereign wealth fund said on Monday.
The deal is for the acquisition of The Glendon, a residential community in Westwood, California with 350 apartments and approximately 50,000 square feet of retail, the statement said.
Qatar, whose wealth comes from the world’s largest exports of liquefied natural gas, manages about $300 billion in assets via its sovereign wealth fund.
Qatar Investment Authority (QIA) and real estate investment trust Douglas Emmett Inc (DEI.N) have acquired a $365 real estate development in California, the Qatari sovereign wealth fund said on Monday.
The deal is for the acquisition of The Glendon, a residential community in Westwood, California with 350 apartments and approximately 50,000 square feet of retail, the statement said.
Qatar, whose wealth comes from the world’s largest exports of liquefied natural gas, manages about $300 billion in assets via its sovereign wealth fund.
#SaudiArabia may cut August crude oil prices to Asia: sources - Reuters
Saudi Arabia may cut August crude oil prices to Asia: sources - Reuters:
Top oil exporter Saudi Arabia is expected to cut prices of most crude grades it sells to Asia in August after Middle East benchmarks weakened last month, trade sources said on Tuesday.
That would mark the first reduction in Saudi crude prices to Asia in five months after sanctions on Venezuela and Iran tightened supplies and boosted prices for replacement oil from the Middle East.
The official selling price (OSP) for flagship Arab Light crude to Asia could fall between 30 and 50 cents a barrel in August after hitting the highest since January 2014 in July, a Reuters survey of five refiners showed.
Top oil exporter Saudi Arabia is expected to cut prices of most crude grades it sells to Asia in August after Middle East benchmarks weakened last month, trade sources said on Tuesday.
That would mark the first reduction in Saudi crude prices to Asia in five months after sanctions on Venezuela and Iran tightened supplies and boosted prices for replacement oil from the Middle East.
The official selling price (OSP) for flagship Arab Light crude to Asia could fall between 30 and 50 cents a barrel in August after hitting the highest since January 2014 in July, a Reuters survey of five refiners showed.
Oil prices climb as OPEC extends cuts, but demand worries persist - Reuters
Oil prices climb as OPEC extends cuts, but demand worries persist - Reuters:
Oil gained on Tuesday as producer club OPEC agreed to extend supply cuts until next March, although prices were pressured by worries demand could ease amid hints of a slowdown in the global economy.
Brent crude futures LCoc1 for September delivery were trading up 17 cents, or 0.3%, at $65.23 a barrel by 0706 GMT, after earlier falling to $64.66.
U.S. crude futures for August CLc1 were up 9 cents at $59.18 a barrel, after touching their highest in over five weeks on Monday.
Oil gained on Tuesday as producer club OPEC agreed to extend supply cuts until next March, although prices were pressured by worries demand could ease amid hints of a slowdown in the global economy.
Brent crude futures LCoc1 for September delivery were trading up 17 cents, or 0.3%, at $65.23 a barrel by 0706 GMT, after earlier falling to $64.66.
U.S. crude futures for August CLc1 were up 9 cents at $59.18 a barrel, after touching their highest in over five weeks on Monday.
MIDEAST STOCKS- #Saudi stock rally ends, #Kuwait keeping gaining on MSCI upgrade - Reuters
MIDEAST STOCKS-Saudi stock rally ends, Kuwait keeping gaining on MSCI upgrade - Reuters:
Saudi Arabia’s stock market fell on Tuesday after five days of gains, pressured by its financial stocks, while Kuwait continued to rise after MSCI announced it would upgrade Kuwaiti equities to its main emerging-markets index.
The Saudi index was down 0.1% with Arab National Bank dropping 1.1% and Samba Financial Group falling 0.6%.
This comes after five days of gains, and the index is still up 13% this year, led by foreign investors. Saudi exchange data released late on Monday showed foreigners bought a net 16.16 billion riyals ($4.31 billion) worth of Saudi stocks last month.
Saudi Arabia’s stock market fell on Tuesday after five days of gains, pressured by its financial stocks, while Kuwait continued to rise after MSCI announced it would upgrade Kuwaiti equities to its main emerging-markets index.
The Saudi index was down 0.1% with Arab National Bank dropping 1.1% and Samba Financial Group falling 0.6%.
This comes after five days of gains, and the index is still up 13% this year, led by foreign investors. Saudi exchange data released late on Monday showed foreigners bought a net 16.16 billion riyals ($4.31 billion) worth of Saudi stocks last month.
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