Oil down more than $1 a barrel on U.S. crude build, delay in U.S.-China trade pact - Reuters:
Oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories and after Reuters reported that the signing of a U.S.-China trade deal could be delayed until December.
Brent crude LCOc1 settled at $61.74 a barrel, losing $1.22 cents, or 1.94 percent. West Texas Intermediate crude CLc1 settled at $56.35 a barrel, losing 88 cents, or 1.54%.
Prices extended losses after Reuters reported that a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue.
Wednesday 6 November 2019
Flood of trades sends Uber to record low as insiders allowed to sell - Reuters
Flood of trades sends Uber to record low as insiders allowed to sell - Reuters:
Uber Technologies Inc’s (UBER.N) stock dropped 3% to a record low in its busiest trading session since the ride-hailing company’s Wall Street debut as employees and early investors on Wednesday became free to sell their shares.
Over 110 million shares, worth around $3 billion, had been traded at mid-day, second only to the 186 million shares exchanged in Uber’s first session on the stock market on May 10.
The majority of Uber’s 1.7 billion outstanding shares were restricted from trading until Wednesday, a so-called lockup period intended to avoid an avalanche of sales for the newly public company that could have undermined the stock price.
Uber Technologies Inc’s (UBER.N) stock dropped 3% to a record low in its busiest trading session since the ride-hailing company’s Wall Street debut as employees and early investors on Wednesday became free to sell their shares.
Over 110 million shares, worth around $3 billion, had been traded at mid-day, second only to the 186 million shares exchanged in Uber’s first session on the stock market on May 10.
The majority of Uber’s 1.7 billion outstanding shares were restricted from trading until Wednesday, a so-called lockup period intended to avoid an avalanche of sales for the newly public company that could have undermined the stock price.
Brazil’s blockbuster oil auction falls flat | Financial Times
Brazil’s blockbuster oil auction falls flat | Financial Times:
Brazil’s much-anticipated auction of deep-sea oil deposits ended in ignominy on Wednesday as global energy groups backed away from bids on almost all the offerings.
The development will be a blow to the Brazilian oil industry’s hopes as well as the administration of President Jair Bolsonaro, which had hoped to raise $25bn in licensing fees and tens of billions more in production compensation from the auction.
Steep prices, complex sharing rules and a broader reticence about Brazil appear to have frightened away major global players. After weeks of hype, two of the four deepwater prospects received no offers and the other two received the lowest possible bids.
Brazil’s much-anticipated auction of deep-sea oil deposits ended in ignominy on Wednesday as global energy groups backed away from bids on almost all the offerings.
The development will be a blow to the Brazilian oil industry’s hopes as well as the administration of President Jair Bolsonaro, which had hoped to raise $25bn in licensing fees and tens of billions more in production compensation from the auction.
Steep prices, complex sharing rules and a broader reticence about Brazil appear to have frightened away major global players. After weeks of hype, two of the four deepwater prospects received no offers and the other two received the lowest possible bids.
Rosneft returns to growth after Russia-Europe pipeline closure | Financial Times
Rosneft returns to growth after Russia-Europe pipeline closure | Financial Times:
Russia’s top crude producer Rosneft returned to profit growth in the third quarter after it restored its oil sales following a temporary Russia-Europe pipeline shutdown.
The state-owned oil group, responsible for about 40 per cent of Russia’s total crude output, increased its net profit attributable to shareholders by 42 per cent year on year to Rbs225bn ($3.6bn) in the July-September period, following a 15 per cent drop in the previous quarter.
The company increased “liquids production quarter on quarter and partially [compensated] for a second-quarter production decline as a result of the restriction of oil intake into Transneft system of trunk pipelines,” the company said. “We restored crude oil refining throughput and strengthened our positions in the traditional markets.”
Russia’s top crude producer Rosneft returned to profit growth in the third quarter after it restored its oil sales following a temporary Russia-Europe pipeline shutdown.
The state-owned oil group, responsible for about 40 per cent of Russia’s total crude output, increased its net profit attributable to shareholders by 42 per cent year on year to Rbs225bn ($3.6bn) in the July-September period, following a 15 per cent drop in the previous quarter.
The company increased “liquids production quarter on quarter and partially [compensated] for a second-quarter production decline as a result of the restriction of oil intake into Transneft system of trunk pipelines,” the company said. “We restored crude oil refining throughput and strengthened our positions in the traditional markets.”
#AbuDhabi to Open ICE-Operated Exchange for Murban Oil Futures - Bloomberg
Abu Dhabi to Open ICE-Operated Exchange for Murban Oil Futures - Bloomberg:
Oil-rich Abu Dhabi plans next year to start a commodities exchange to offer trading in the emirate’s first crude futures contract.
The platform will be based in Abu Dhabi’s financial district and operated by Intercontinental Exchange Inc., according to people with knowledge of the situation. Atlanta-based ICE will be the majority owner, with Abu Dhabi National Oil Co. and several European and Asian oil companies and traders taking minority stakes, the people said, asking not to be identified because the information isn’t public.
Media officials for ICE and government-run Adnoc declined to comment.
Oil-rich Abu Dhabi plans next year to start a commodities exchange to offer trading in the emirate’s first crude futures contract.
The platform will be based in Abu Dhabi’s financial district and operated by Intercontinental Exchange Inc., according to people with knowledge of the situation. Atlanta-based ICE will be the majority owner, with Abu Dhabi National Oil Co. and several European and Asian oil companies and traders taking minority stakes, the people said, asking not to be identified because the information isn’t public.
Media officials for ICE and government-run Adnoc declined to comment.
Aramco Sale Gets Going on #Saudi Highways and at ATMs - Bloomberg
Aramco Sale Gets Going on Saudi Highways and at ATMs - Bloomberg:
For what’s likely to be the world’s largest initial public offering, the marketing campaign at home in Saudi Arabia appears to be starting gradually.
Advertisements to drum up interest among Saudis in the sale of their oil giant, Aramco, appear on a few billboards, bank machines and online, though even in the urban sprawl near the company’s Dhahran headquarters you had to look for them. There were a couple on the highway from the city of Al Khobar to Dammam and at an ATM in the vast Al Rashid shopping mall.
The sale kicked off on Sunday at a news conference broadcast live from Aramco, and many Saudis have said they’ve been saving up to buy into the industry that has fed their economy for decades and underpins Crown Prince Mohammed bin Salman’s transformation of the kingdom.
For what’s likely to be the world’s largest initial public offering, the marketing campaign at home in Saudi Arabia appears to be starting gradually.
Advertisements to drum up interest among Saudis in the sale of their oil giant, Aramco, appear on a few billboards, bank machines and online, though even in the urban sprawl near the company’s Dhahran headquarters you had to look for them. There were a couple on the highway from the city of Al Khobar to Dammam and at an ATM in the vast Al Rashid shopping mall.
The sale kicked off on Sunday at a news conference broadcast live from Aramco, and many Saudis have said they’ve been saving up to buy into the industry that has fed their economy for decades and underpins Crown Prince Mohammed bin Salman’s transformation of the kingdom.
Aramco IPO News: China Considers $10 Billion Stake in #Saudi Oil - Bloomberg
Aramco IPO News: China Considers $10 Billion Stake in Saudi Oil - Bloomberg:
Chinese state-owned entities are in talks about investing a combined $5 billion to $10 billion in Aramco’s initial public offering, as Saudi Arabia seeks commitments from friendly governments to shore up the record share sale, people with knowledge of the matter said.
The Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to the people, who asked not to be identified because the information is private. Some other Chinese funds or state-owned enterprises may also join, the people said.
President Xi Jinping has been seeking to increase China’s political clout and revive ancient trading routes under his “One Belt, One Road” initiative. An investment in Aramco would cement ties with Saudi Arabia as well as provide China a way to profit from rising oil prices.
Chinese state-owned entities are in talks about investing a combined $5 billion to $10 billion in Aramco’s initial public offering, as Saudi Arabia seeks commitments from friendly governments to shore up the record share sale, people with knowledge of the matter said.
The Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to the people, who asked not to be identified because the information is private. Some other Chinese funds or state-owned enterprises may also join, the people said.
President Xi Jinping has been seeking to increase China’s political clout and revive ancient trading routes under his “One Belt, One Road” initiative. An investment in Aramco would cement ties with Saudi Arabia as well as provide China a way to profit from rising oil prices.
#AbuDhabi's multi-billion dollar airport likely to open in 2020: sources | ZAWYA MENA Edition
Abu Dhabi's multi-billion dollar airport likely to open in 2020: sources | ZAWYA MENA Edition:
Abu Dhabi International Airport's new terminal is unlikely to meet its new deadline of opening this year, further delaying the multi-billion dollar project, five sources familiar with the matter told Reuters.
The 10.8 billion dirham ($2.94 billion) Midfield Terminal project, which will increase the airport's passenger handling capacity to 45 million a year, has already faced a series of delays from the initial July 2017 opening.
The opening is now scheduled for the fourth quarter this year but three sources said that was unlikely as more time was needed to complete the construction. Two mores sources said it would open in 2020 with one of them saying by next October.
Abu Dhabi International Airport's new terminal is unlikely to meet its new deadline of opening this year, further delaying the multi-billion dollar project, five sources familiar with the matter told Reuters.
The 10.8 billion dirham ($2.94 billion) Midfield Terminal project, which will increase the airport's passenger handling capacity to 45 million a year, has already faced a series of delays from the initial July 2017 opening.
The opening is now scheduled for the fourth quarter this year but three sources said that was unlikely as more time was needed to complete the construction. Two mores sources said it would open in 2020 with one of them saying by next October.
#Saudi mall operator Arabian Centres plans debut dollar bond sale – sources - Reuters
Saudi mall operator Arabian Centres plans debut dollar bond sale – sources - Reuters:
Saudi Arabian mall operator Arabian Centres is planning an inaugural sale of U.S. dollar-denominated sukuk, or Islamic bonds, sources familiar with the matter said, as firms in the Gulf take advantage of low interest rates to raise debt.
The company, which went public earlier this year, is looking to raise $500 million from the issue, said the three sources.
Arabian Centres did not respond to a request for comment.
Saudi Arabian mall operator Arabian Centres is planning an inaugural sale of U.S. dollar-denominated sukuk, or Islamic bonds, sources familiar with the matter said, as firms in the Gulf take advantage of low interest rates to raise debt.
The company, which went public earlier this year, is looking to raise $500 million from the issue, said the three sources.
Arabian Centres did not respond to a request for comment.
#UAE GDP growth seen at 2.5% next year: IMF - Reuters
UAE GDP growth seen at 2.5% next year: IMF - Reuters:
The United Arab Emirates is expected to see gross domestic product (GDP) growth of 2.5% next year, the International Monetary Fund (IMF) said.
In a statement after a visit to the Gulf country, the IMF said non-oil growth in the UAE could exceed 1% this year and pick up to 3% next year.
The United Arab Emirates is expected to see gross domestic product (GDP) growth of 2.5% next year, the International Monetary Fund (IMF) said.
In a statement after a visit to the Gulf country, the IMF said non-oil growth in the UAE could exceed 1% this year and pick up to 3% next year.
Oil prices slide on U.S. crude build, euro zone data - Reuters
Oil prices slide on U.S. crude build, euro zone data - Reuters:
Oil prices fell on Wednesday after a larger-than-expected build in U.S. crude inventories and weak euro zone economic figures, reversing some of the gains of the previous three sessions.
Brent crude LCOc1 was down 32 cents at $62.64 a barrel by 1439 GMT. West Texas Intermediate crude CLc1 was down 7 cents at $57.16 per barrel.
The slide followed figures from the American Petroleum Institute (API) showing U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels. Analysts forecast a rise of just 1.5 million barrels.
Oil prices fell on Wednesday after a larger-than-expected build in U.S. crude inventories and weak euro zone economic figures, reversing some of the gains of the previous three sessions.
Brent crude LCOc1 was down 32 cents at $62.64 a barrel by 1439 GMT. West Texas Intermediate crude CLc1 was down 7 cents at $57.16 per barrel.
The slide followed figures from the American Petroleum Institute (API) showing U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels. Analysts forecast a rise of just 1.5 million barrels.
#Saudi deficit contained in third-quarter despite 25% oil revenue drop - Reuters
Saudi deficit contained in third-quarter despite 25% oil revenue drop - Reuters:
Saudi Arabia posted a fiscal deficit of 32.1 billion riyals ($8.56 billion) in the third quarter this year, a big jump from the 7.3 billion riyals during the same period last year but 4% less than the previous quarter.
The finances of the Gulf state, the world’s largest oil exporter, have been hurt this year because of low crude prices and OPEC-led production cuts.
Oil revenues dropped to 131.8 billion riyals from 174.9 billion riyals the previous quarter, a 24.6% drop, a statement issued by the Saudi ministry of finance showed.
Saudi Arabia posted a fiscal deficit of 32.1 billion riyals ($8.56 billion) in the third quarter this year, a big jump from the 7.3 billion riyals during the same period last year but 4% less than the previous quarter.
The finances of the Gulf state, the world’s largest oil exporter, have been hurt this year because of low crude prices and OPEC-led production cuts.
Oil revenues dropped to 131.8 billion riyals from 174.9 billion riyals the previous quarter, a 24.6% drop, a statement issued by the Saudi ministry of finance showed.
#SaudiArabia’s Final Plan For Higher Oil Prices | OilPrice.com
Saudi Arabia’s Final Plan For Higher Oil Prices | OilPrice.com:
Rather than advocating for a deeper overall cut, OPEC’s largest producer and de facto leader Saudi Arabia will be pressuring non-compliant cartel members to fall in line with their quotas, but will nevertheless seek higher oil prices ahead of the listing of Aramco expected for December.
This would remind potential investors in the Kingdom’s oil giant that Saudi Arabia retains its influence over OPEC and has the final word on the cartels policy, The Wall Street Journal reported on Wednesday, citing sources with knowledge of the Saudi plan ahead of the OPEC meeting in early December.
Saudi Arabia is on a mission to get all overproducing countries in OPEC, and in the larger OPEC+ group such as Kazakhstan, to respect their production quotas under the deal.
Rather than advocating for a deeper overall cut, OPEC’s largest producer and de facto leader Saudi Arabia will be pressuring non-compliant cartel members to fall in line with their quotas, but will nevertheless seek higher oil prices ahead of the listing of Aramco expected for December.
This would remind potential investors in the Kingdom’s oil giant that Saudi Arabia retains its influence over OPEC and has the final word on the cartels policy, The Wall Street Journal reported on Wednesday, citing sources with knowledge of the Saudi plan ahead of the OPEC meeting in early December.
Saudi Arabia is on a mission to get all overproducing countries in OPEC, and in the larger OPEC+ group such as Kazakhstan, to respect their production quotas under the deal.
MIDEAST STOCKS-Most of Gulf drops, blue-chip sell off hurts Egypt - Reuters
MIDEAST STOCKS-Most of Gulf drops, blue-chip sell off hurts Egypt - Reuters:
Most major gulf markets ended lower on
Wednesday, amid falling oil prices and lingering concerns over
the outcome of U.S.-China trade talks, while Egypt snapped a
nine-day winning streak.
Oil prices fell on Wednesday, pulled down by a
larger-than-expected build in U.S. crude stocks and weak euro
zone economic figures, after gaining for three sessions on
expectations of an easing in U.S.-China trade tensions.
Brent crude was down 43 cents, or 0.7%, at $62.53 a
barrel by 1010 GMT.
In Saudi Arabia, the benchmark index slipped 0.4%,
with Banque Saudi Fransi declining 3.2% and Saudi
British Bank (SABB) losing 2%.
On Sunday, the former had posted a nearly 7% fall in
third-quarter net profit, which it blamed on higher operating
expenses and impairment charges.
Most major gulf markets ended lower on
Wednesday, amid falling oil prices and lingering concerns over
the outcome of U.S.-China trade talks, while Egypt snapped a
nine-day winning streak.
Oil prices fell on Wednesday, pulled down by a
larger-than-expected build in U.S. crude stocks and weak euro
zone economic figures, after gaining for three sessions on
expectations of an easing in U.S.-China trade tensions.
Brent crude was down 43 cents, or 0.7%, at $62.53 a
barrel by 1010 GMT.
In Saudi Arabia, the benchmark index slipped 0.4%,
with Banque Saudi Fransi declining 3.2% and Saudi
British Bank (SABB) losing 2%.
On Sunday, the former had posted a nearly 7% fall in
third-quarter net profit, which it blamed on higher operating
expenses and impairment charges.
#UAE to Allow Israelis to Enter for Expo 2020, Yedioth Reports - Bloomberg
U.A.E. to Allow Israelis to Enter for Expo 2020, Yedioth Reports - Bloomberg:
The U.A.E. is planning to allow Israelis to enter the country for the 2020 World Expo in Dubai, and may also let them visit after it closes, Yedioth Ahronoth reported.
Senior Israel and U.A.E. officials have been discussing the possibility for some time, Yedioth said, citing unidentified Expo officials.
Israel is building a pavilion for the Expo, and while it doesn’t have official diplomatic relations with the U.A.E., ties have been warming in recent years, largely over a shared distrust of Iran. Until now, Israelis have not been permitted to freely enter the country, though dual citizens can visit and special entrance permits have been issued for diamond dealers and others.
The U.A.E. is planning to allow Israelis to enter the country for the 2020 World Expo in Dubai, and may also let them visit after it closes, Yedioth Ahronoth reported.
Senior Israel and U.A.E. officials have been discussing the possibility for some time, Yedioth said, citing unidentified Expo officials.
Israel is building a pavilion for the Expo, and while it doesn’t have official diplomatic relations with the U.A.E., ties have been warming in recent years, largely over a shared distrust of Iran. Until now, Israelis have not been permitted to freely enter the country, though dual citizens can visit and special entrance permits have been issued for diamond dealers and others.
Etihad-Air Arabia Discount Carrier Aims to Fill India Void - Bloomberg
Etihad-Air Arabia Discount Carrier Aims to Fill India Void - Bloomberg:
Etihad Airways and Air Arabia’s plan for a new discount airline will focus on flights between India and Abu Dhabi following the collapse of Jet Airways.
The future carrier will take over most of the 100 slot pairs for the market held by Etihad after ally Jet failed this year, according to the plan originated by Air Arabia Chief Executive Officer Adel Ali, Deepa Rajesh, sales director at the company’s Cozmo holiday arm, said in an interview.
Air Arabia, the Middle East’s biggest low-cost carrier, could deploy around 70% of the 100 short-haul jets it’s planning to order at the new venture, Rajesh said at the World Travel Market tourism fair in London. Air Arabia Abu Dhabi may also serve Egypt, Turkey, Jordan and Lebanon, she said.
Etihad Airways and Air Arabia’s plan for a new discount airline will focus on flights between India and Abu Dhabi following the collapse of Jet Airways.
The future carrier will take over most of the 100 slot pairs for the market held by Etihad after ally Jet failed this year, according to the plan originated by Air Arabia Chief Executive Officer Adel Ali, Deepa Rajesh, sales director at the company’s Cozmo holiday arm, said in an interview.
Air Arabia, the Middle East’s biggest low-cost carrier, could deploy around 70% of the 100 short-haul jets it’s planning to order at the new venture, Rajesh said at the World Travel Market tourism fair in London. Air Arabia Abu Dhabi may also serve Egypt, Turkey, Jordan and Lebanon, she said.
#Lebanon’s Debt Downgraded Again by Moody’s Amid Bond Meltdown - Bloomberg
Lebanon’s Debt Downgraded Again by Moody’s Amid Bond Meltdown - Bloomberg:
Lebanon’s credit rating was cut one level further into junk territory by Moody’s Investors Service on Tuesday as protests roil the nation, reflecting the increased likelihood of debt rescheduling or other steps that may constitute a default.
Moody’s analyst Elisa Parisi-Capone said the viability of the currency’s peg to the U.S. dollar and macroeconomic stability are both threatened by mass protests and a loss of investor confidence. Moody’s downgraded Lebanon’s long-term foreign debt to Caa2 and said the rating remains on watch negative, meaning more cuts may be in store.
Lebanese debt has lost investors 18% so far this year, a collapse exceeded only by Venezuela and Argentina. Bonds maturing in 2027 extended the day’s drop to 4.8% after the decision, the worst performance among emerging-market sovereign bonds.
Lebanon’s credit rating was cut one level further into junk territory by Moody’s Investors Service on Tuesday as protests roil the nation, reflecting the increased likelihood of debt rescheduling or other steps that may constitute a default.
Moody’s analyst Elisa Parisi-Capone said the viability of the currency’s peg to the U.S. dollar and macroeconomic stability are both threatened by mass protests and a loss of investor confidence. Moody’s downgraded Lebanon’s long-term foreign debt to Caa2 and said the rating remains on watch negative, meaning more cuts may be in store.
Lebanese debt has lost investors 18% so far this year, a collapse exceeded only by Venezuela and Argentina. Bonds maturing in 2027 extended the day’s drop to 4.8% after the decision, the worst performance among emerging-market sovereign bonds.
#UAE Banks' Bad Loans at 5-Year High as Property Slumps: Chart - Bloomberg
U.A.E. Banks' Bad Loans at 5-Year High as Property Slumps: Chart - Bloomberg:
United Arab Emirates banks’ bad-loan ratio climbed to the highest level in more than five years as falling property prices and a sluggish economy took their toll on businesses. That’s prompted some lenders in the second-biggest Arab economy to ease payment terms by extending loan maturities and lowering interest rate. The ratio, which hit 6.4% at the end of September, compares with 1.7% in Saudi Arabia and 1.9% in Qatar at the end of June, according to data compiled by Bloomberg Intelligence.
United Arab Emirates banks’ bad-loan ratio climbed to the highest level in more than five years as falling property prices and a sluggish economy took their toll on businesses. That’s prompted some lenders in the second-biggest Arab economy to ease payment terms by extending loan maturities and lowering interest rate. The ratio, which hit 6.4% at the end of September, compares with 1.7% in Saudi Arabia and 1.9% in Qatar at the end of June, according to data compiled by Bloomberg Intelligence.
#Saudi Aramco makes IPO offer to Malaysia's Petronas - Reuters
Saudi Aramco makes IPO offer to Malaysia's Petronas - Reuters:
Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco’s initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.
The Saudi government plans to sell 2% of state-run Aramco, the world’s most profitable company, in a domestic listing on Dec. 11, three sources familiar with the matter told Reuters.
The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and petrochemical project built jointly with Aramco in southern Malaysia.
Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco’s initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.
The Saudi government plans to sell 2% of state-run Aramco, the world’s most profitable company, in a domestic listing on Dec. 11, three sources familiar with the matter told Reuters.
The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and petrochemical project built jointly with Aramco in southern Malaysia.
Oil falls after three-day rally on larger-than-expected U.S. crude build - Reuters
Oil falls after three-day rally on larger-than-expected U.S. crude build - Reuters:
Oil prices fell on Wednesday, pulled down by a larger-than-expected build in U.S. crude stocks, after gaining for three sessions on expectations of an easing in U.S.-China trade tensions.
Brent crude futures LCOc1 stood at $62.58 a barrel by 0738 GMT, down 38 cents, or 0.6%. Brent settled up 1.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 30 cents, or 0.5%, to $56.93 per barrel, having closed up 1.2% in the previous session.
U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts’ forecast for an increase of 1.5 million barrels.
Oil prices fell on Wednesday, pulled down by a larger-than-expected build in U.S. crude stocks, after gaining for three sessions on expectations of an easing in U.S.-China trade tensions.
Brent crude futures LCOc1 stood at $62.58 a barrel by 0738 GMT, down 38 cents, or 0.6%. Brent settled up 1.3% on Tuesday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 30 cents, or 0.5%, to $56.93 per barrel, having closed up 1.2% in the previous session.
U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. That was nearly triple analysts’ forecast for an increase of 1.5 million barrels.
SoftBank's Son humbled after Vision Fund's $8.9 billion loss - Reuters
SoftBank's Son humbled after Vision Fund's $8.9 billion loss - Reuters:
SoftBank reported its first quarterly loss in 14 years on Wednesday, whiplashed by an $8.9 billion hit at its giant Vision Fund and marking a rare, humbling moment for CEO Masayoshi Son over his backing of troubled startup WeWork.
The scale of the loss shows the risks in Son’s strategy of splashing out big on cash-burning startups. It has also cast a pall on his efforts to raise another massive fund.
WeWork’s spectacular flame-out this year has also raised questions about Son’s judgement in backing unconventional tech founders such as WeWork’s Adam Neumann. SoftBank was forced last month to spend more than $10 billion to bail out the office-sharing startup after its IPO attempt flopped.
SoftBank reported its first quarterly loss in 14 years on Wednesday, whiplashed by an $8.9 billion hit at its giant Vision Fund and marking a rare, humbling moment for CEO Masayoshi Son over his backing of troubled startup WeWork.
The scale of the loss shows the risks in Son’s strategy of splashing out big on cash-burning startups. It has also cast a pall on his efforts to raise another massive fund.
WeWork’s spectacular flame-out this year has also raised questions about Son’s judgement in backing unconventional tech founders such as WeWork’s Adam Neumann. SoftBank was forced last month to spend more than $10 billion to bail out the office-sharing startup after its IPO attempt flopped.
#Kuwait says talks with #Saudi regarding Neutral Zone are continuing - Reuters
Kuwait says talks with Saudi regarding Neutral Zone are continuing - Reuters:
Kuwait’s deputy foreign minister Khaled al-Jarallah said on Tuesday that positive consultations with Saudi Arabia regarding the Neutral Zone are continuing, and “they are looking forward to the final signing as soon as possible”.
The two countries halted output from the jointly run oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.
Kuwait’s deputy foreign minister Khaled al-Jarallah said on Tuesday that positive consultations with Saudi Arabia regarding the Neutral Zone are continuing, and “they are looking forward to the final signing as soon as possible”.
The two countries halted output from the jointly run oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day or 0.5 percent of global oil supply.
MIDEAST STOCKS-Most Gulf stocks dragged down by financial services; #Dubai up - Reuters
MIDEAST STOCKS-Most Gulf stocks dragged down by financial services; Dubai up - Reuters:
Most major Gulf stock markets fell on Wednesday, driven down by their financial-services shares, while Dubai gained along with its property shares.
In Saudi Arabia, the benchmark index edged down 0.1%. Al Rajhi Bank fell 0.5% and Banque Saudi Fransi dropped 2% after reporting a decline in third-quarter net profit, which it blamed on higher operating expenses and impairment charges.
Alahli Takaful fell 0.7% after third-quarter profit declined more than 35% as its general and administrative expenses rose.
Jarir Marketing added 0.6% after it proposed a third-quarter dividend of 2.5 riyals per share, higher than the Sthird quarter a year earlier.
Most major Gulf stock markets fell on Wednesday, driven down by their financial-services shares, while Dubai gained along with its property shares.
In Saudi Arabia, the benchmark index edged down 0.1%. Al Rajhi Bank fell 0.5% and Banque Saudi Fransi dropped 2% after reporting a decline in third-quarter net profit, which it blamed on higher operating expenses and impairment charges.
Alahli Takaful fell 0.7% after third-quarter profit declined more than 35% as its general and administrative expenses rose.
Jarir Marketing added 0.6% after it proposed a third-quarter dividend of 2.5 riyals per share, higher than the Sthird quarter a year earlier.