Large Crude Inventory Build Sends Prices Tumbling | OilPrice.com:
The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.
Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build of 3.5-million barrels for that week.
Oil prices were down in the afternoon hours, after trending upward earlier in the day on news that OPEC was in talks about what action to take in response to the effects of the coronavirus that have disrupted travel within China and consequently, oil demand.
At 3:39 pm EST on Tuesday the WTI benchmark was trading down $0.23 (-0.46%) at $49.88—more than $3 down compared to last week’s levels. The price of a Brent barrel was also trading down on Tuesday, by $0.22 (-0.40%), at $54.23—off more than $4 per barrel compared to last week’s prices. Overall, the benchmarks have slid more than $10 since the beginning of the year.
Tuesday 4 February 2020
Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts - Reuters
Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts - Reuters:
Oil prices sank about 1% on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.
Brent crude settled at $53.96 a barrel, sliding 49 cents, or 0.9%, while U.S. West Texas Intermediate (WTI) crude settled at $49.61 a barrel, losing 50 cents, or 1%. Both benchmarks were at their lowest since January 2019.
“I think the fear of demand destruction continues to really have the market by its throat,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.
Oil prices sank about 1% on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.
Brent crude settled at $53.96 a barrel, sliding 49 cents, or 0.9%, while U.S. West Texas Intermediate (WTI) crude settled at $49.61 a barrel, losing 50 cents, or 1%. Both benchmarks were at their lowest since January 2019.
“I think the fear of demand destruction continues to really have the market by its throat,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut.
#Saudi Fund Sold Almost All of Tesla Holding Last Quarter - Bloomberg
Saudi Fund Sold Almost All of Tesla Holding Last Quarter - Bloomberg:
Saudi Arabia’s sovereign-wealth fund sold almost all of its Tesla Inc. shares last quarter, nearly exiting what had been one of the largest holdings in the electric-car maker.
The Saudi Arabia Public Investment Fund held just 39,151 shares at the end of the year, according to a regulatory filing. The fund previously had more than 8.2 million shares and ranked among the five biggest owners, according to data compiled by Bloomberg.
The fund sold as Tesla went on an epic run to end the year, powered by a surprise profit and faster rollout of its Model Y crossover. The stock has built on that momentum in 2020, surging about 121% after posting record deliveries and another report of better-than-expected earnings.
The Saudis factored prominently in Elon Musk’s short-lived effort to take Tesla private a year and a half ago. After a report emerged that the fund had built a roughly $2 billion stake in the company, the billionaire chief executive officer tweeted that he had “funding secured” for a buyout.
Saudi Arabia’s sovereign-wealth fund sold almost all of its Tesla Inc. shares last quarter, nearly exiting what had been one of the largest holdings in the electric-car maker.
The Saudi Arabia Public Investment Fund held just 39,151 shares at the end of the year, according to a regulatory filing. The fund previously had more than 8.2 million shares and ranked among the five biggest owners, according to data compiled by Bloomberg.
The fund sold as Tesla went on an epic run to end the year, powered by a surprise profit and faster rollout of its Model Y crossover. The stock has built on that momentum in 2020, surging about 121% after posting record deliveries and another report of better-than-expected earnings.
The Saudis factored prominently in Elon Musk’s short-lived effort to take Tesla private a year and a half ago. After a report emerged that the fund had built a roughly $2 billion stake in the company, the billionaire chief executive officer tweeted that he had “funding secured” for a buyout.
DP World boss sees 'positive signs' despite trade challenges in 2019 - Arabianbusiness
DP World boss sees 'positive signs' despite trade challenges in 2019 - Arabianbusiness:
Dubai-based port operator DP World handled 71.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes up 1 percent on a like-for-like basis.
Like-for-like gross volumes in the fourth quarter of 2019 accelerated by 2.1 percent with growth driven by Asia Pacific and Africa, the company said in a statement.
It added that Jebel Ali in Dubai handled 14.1 million TEU in 2019, down 5.6 percent year-on-year due to a decline in low margin cargo.
At a consolidated level, DP World terminals handled 39.9 million TEU in 2019, down 0.5 percent year-on-year on a like-for-like basis.
Dubai-based port operator DP World handled 71.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes up 1 percent on a like-for-like basis.
Like-for-like gross volumes in the fourth quarter of 2019 accelerated by 2.1 percent with growth driven by Asia Pacific and Africa, the company said in a statement.
It added that Jebel Ali in Dubai handled 14.1 million TEU in 2019, down 5.6 percent year-on-year due to a decline in low margin cargo.
At a consolidated level, DP World terminals handled 39.9 million TEU in 2019, down 0.5 percent year-on-year on a like-for-like basis.
Chinese LNG importers consider invoking force majeure | Financial Times
Chinese LNG importers consider invoking force majeure | Financial Times:
Chinese state-backed importers of liquefied natural gas are examining if they can provisionally halt contracts for the supercooled fuel, as the coronavirus outbreak depresses energy demand in the world’s second-largest economy.
Two sources briefed on the discussions said the move could see the temporary cancellation of contracts — under a condition known as force majeure — by companies such as China National Offshore Oil Corporation, and possibly Sinopec and China National Petroleum Corporation. Gas demand has fallen rapidly after the extended Chinese new year holiday, as Beijing struggles to bring the coronavirus outbreak under control by shutting down cities and restricting travel.
The companies did not immediately respond to requests for comment outside normal business hours.
“China’s LNG market got off to a very weak start this year,” said an official at Huayou Zhonglan Energy Co, a LNG factory based in the southwestern city of Bazhong. It is not one of those considering force majeure. “Our future depends on how quickly the government puts the disease under control.”
Chinese state-backed importers of liquefied natural gas are examining if they can provisionally halt contracts for the supercooled fuel, as the coronavirus outbreak depresses energy demand in the world’s second-largest economy.
Two sources briefed on the discussions said the move could see the temporary cancellation of contracts — under a condition known as force majeure — by companies such as China National Offshore Oil Corporation, and possibly Sinopec and China National Petroleum Corporation. Gas demand has fallen rapidly after the extended Chinese new year holiday, as Beijing struggles to bring the coronavirus outbreak under control by shutting down cities and restricting travel.
The companies did not immediately respond to requests for comment outside normal business hours.
“China’s LNG market got off to a very weak start this year,” said an official at Huayou Zhonglan Energy Co, a LNG factory based in the southwestern city of Bazhong. It is not one of those considering force majeure. “Our future depends on how quickly the government puts the disease under control.”
Etihad sells aircraft to investment firm KKR, Altavair in $1bln deal | ZAWYA MENA Edition
Etihad sells aircraft to investment firm KKR, Altavair in $1bln deal | ZAWYA MENA Edition:
Etihad Airways is selling some of its widebody aircraft to global investment firm KKR and aircraft lessor Altavair AirFinance (Altavair) for $1 billion.
Both the firms have signed a “definitive agreement” to acquire Etihad’s portfolio of commercial aircraft, a media statement said.
The planes being acquired include the UAE national carrier’s fleet of Boeing 777-300ERs, Trent-powered Airbus A330-300s and A330-200s, according to KKR and Altavair.
“The acquisition will be made through aircraft leasing investment platform Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair,” the two companies said in a statement.
Etihad Airways is selling some of its widebody aircraft to global investment firm KKR and aircraft lessor Altavair AirFinance (Altavair) for $1 billion.
Both the firms have signed a “definitive agreement” to acquire Etihad’s portfolio of commercial aircraft, a media statement said.
The planes being acquired include the UAE national carrier’s fleet of Boeing 777-300ERs, Trent-powered Airbus A330-300s and A330-200s, according to KKR and Altavair.
“The acquisition will be made through aircraft leasing investment platform Altitude Aircraft Leasing, which was established by KKR’s credit and infrastructure funds in 2018 to acquire aircraft serviced by Altavair,” the two companies said in a statement.
Taps open for #Saudi listings after Aramco's record IPO - Reuters
Taps open for Saudi listings after Aramco's record IPO - Reuters:
Several Saudi Arabian companies are planning to list shares on the Riyadh exchange in coming months in the wake of oil giant Aramco’s record IPO.
Saudi Aramco raised $29.4 billion by listing about a 1.7% stake on the Tadawul in December, prompting concerns from some analysts that it would drain liquidity from the market. But the Tadawul’s average turnover over the past month, excluding Aramco, has stayed above the average turnover for 2019.
“Aramco has demonstrated the full power of the Saudi market,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd in Abu Dhabi.
The Sulaiman al-Habib Medical Group, one of the Middle East’s biggest hospital operators, is among the first companies to seek a Riyadh listing after Aramco, having delayed the deal due to the state oil company’s IPO.
Several Saudi Arabian companies are planning to list shares on the Riyadh exchange in coming months in the wake of oil giant Aramco’s record IPO.
Saudi Aramco raised $29.4 billion by listing about a 1.7% stake on the Tadawul in December, prompting concerns from some analysts that it would drain liquidity from the market. But the Tadawul’s average turnover over the past month, excluding Aramco, has stayed above the average turnover for 2019.
“Aramco has demonstrated the full power of the Saudi market,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd in Abu Dhabi.
The Sulaiman al-Habib Medical Group, one of the Middle East’s biggest hospital operators, is among the first companies to seek a Riyadh listing after Aramco, having delayed the deal due to the state oil company’s IPO.
Mideast Stocks: Most of Gulf gains; #Dubai bucks the trend | ZAWYA MENA Edition
Mideast Stocks: Most of Gulf gains; Dubai bucks the trend | ZAWYA MENA Edition:
Most Gulf stock markets rose on Tuesday, supported by banking shares, following a rebound in oil prices on hopes for new output curbs from OPEC and its allies.
The Organization of the Petroleum Exporting Countries and its allies are considering cutting crude output by 500,000 barrels per day, as demand shrinks because of the coronavirus outbreak in China, people familiar with the matter told Reuters on Monday.
Brent crude stood at $54.88 a barrel by 1135 GMT, up 43 cents, or nearly 0.8%.
Saudi Arabia's benchmark index rose 0.3%. Al Rajhi Bank added 0.8% and Banque Saudi Fransi1050.SE 2.8%. Bank Aljazira1020.SE closed up 1.9% after it posted a rise in annual profit that it attributed to lower zakat charges.
State-owned Saudi Aramco fell 0.3% to 33.85 riyals ($9.02).
Most Gulf stock markets rose on Tuesday, supported by banking shares, following a rebound in oil prices on hopes for new output curbs from OPEC and its allies.
The Organization of the Petroleum Exporting Countries and its allies are considering cutting crude output by 500,000 barrels per day, as demand shrinks because of the coronavirus outbreak in China, people familiar with the matter told Reuters on Monday.
Brent crude stood at $54.88 a barrel by 1135 GMT, up 43 cents, or nearly 0.8%.
Saudi Arabia's benchmark index rose 0.3%. Al Rajhi Bank added 0.8% and Banque Saudi Fransi1050.SE 2.8%. Bank Aljazira1020.SE closed up 1.9% after it posted a rise in annual profit that it attributed to lower zakat charges.
State-owned Saudi Aramco fell 0.3% to 33.85 riyals ($9.02).
#UAE News: Business Growth Halts for First Time Since 2009 - Bloomberg
UAE News: Business Growth Halts for First Time Since 2009 - Bloomberg:
Business conditions in the United Arab Emirates worsened for the first time in over a decade as the virus outbreak in China risks further disruption to the Gulf nation’s trade and tourism.
Hurt by employment losses and a drop in new orders, operating conditions in the second-biggest Arab economy deteriorated in January, according to IHS Markit. Its U.A.E. Purchasing Managers’ Index, a snapshot of the country’s non-oil private sector, dropped to 49.3, crossing the threshold of 50 that separates contraction from growth.
“Key to the decline were firms’ efforts to reduce employment at one of the fastest rates on record in order to streamline costs,” David Owen, economist at IHS Markit, said in a statement on Tuesday.
Business conditions in the United Arab Emirates worsened for the first time in over a decade as the virus outbreak in China risks further disruption to the Gulf nation’s trade and tourism.
Hurt by employment losses and a drop in new orders, operating conditions in the second-biggest Arab economy deteriorated in January, according to IHS Markit. Its U.A.E. Purchasing Managers’ Index, a snapshot of the country’s non-oil private sector, dropped to 49.3, crossing the threshold of 50 that separates contraction from growth.
“Key to the decline were firms’ efforts to reduce employment at one of the fastest rates on record in order to streamline costs,” David Owen, economist at IHS Markit, said in a statement on Tuesday.
Financial woes, construction delays: Will #Dubai see the promised number of new homes in 2020? | ZAWYA MENA Edition
Financial woes, construction delays: Will Dubai see the promised number of new homes in 2020? | ZAWYA MENA Edition:
Tens of thousands of apartments and villas were originally scheduled for completion in Dubai this year, but the promised number of residential units may not hit the market this year because of financing issues, construction delays, according to an analysis by experts.
The initial data compiled by Property Finder indicated that in 2020, developers are working to complete more than 300 property projects with approximately 60,000 to 90,000 housing units. It is believed that the entry of new homes could further inflate the housing supply in the market and put pressure on rents.
However, industry sources suggested that out of the apartments and villas that are expected to be completed in 2020, about 40 percent – or roughly 40,000 to 50,000 homes under construction - are most likely to spill over to next year.
“We expect a significant minority of the units originally scheduled for completion this year to overrun, with a figure in the region of 50,000 residential unit completions over 2020 likely realistic,” Chris Hobden, head of strategic consultancy at Chestertons Middle East and North Africa (MENA), told Zawya.
Tens of thousands of apartments and villas were originally scheduled for completion in Dubai this year, but the promised number of residential units may not hit the market this year because of financing issues, construction delays, according to an analysis by experts.
The initial data compiled by Property Finder indicated that in 2020, developers are working to complete more than 300 property projects with approximately 60,000 to 90,000 housing units. It is believed that the entry of new homes could further inflate the housing supply in the market and put pressure on rents.
However, industry sources suggested that out of the apartments and villas that are expected to be completed in 2020, about 40 percent – or roughly 40,000 to 50,000 homes under construction - are most likely to spill over to next year.
“We expect a significant minority of the units originally scheduled for completion this year to overrun, with a figure in the region of 50,000 residential unit completions over 2020 likely realistic,” Chris Hobden, head of strategic consultancy at Chestertons Middle East and North Africa (MENA), told Zawya.
Russia's Novak: can't say if it's time to deepen oil output ...
Russia's Novak: can't say if it's time to deepen oil output ...:
Russian Energy Minister Alexander Novak said on Tuesday that he could not say for sure if it was time to tighten oil output curbs amid an outbreak of a new coronavirus and slump in oil prices.
He also said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, might convene before the meeting which is currently scheduled for early March.
Three OPEC+ sources and a industry source familiar with the discussions told Reuters on Monday that OPEC+ were considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus.
"I can't tell you about concrete proposals... It is important now to evaluate the situation and evaluate the right forecasts. There are lots of uncertainties, maybe those are panic attacks," Novak told reporters.
Russian Energy Minister Alexander Novak said on Tuesday that he could not say for sure if it was time to tighten oil output curbs amid an outbreak of a new coronavirus and slump in oil prices.
He also said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, a group known as OPEC+, might convene before the meeting which is currently scheduled for early March.
Three OPEC+ sources and a industry source familiar with the discussions told Reuters on Monday that OPEC+ were considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus.
"I can't tell you about concrete proposals... It is important now to evaluate the situation and evaluate the right forecasts. There are lots of uncertainties, maybe those are panic attacks," Novak told reporters.
#AbuDhabi builder holds talks to revamp $545m in debt - Gulf Business
Abu Dhabi builder holds talks to revamp $545m in debt - Gulf Business:
Abu Dhabi-based construction firm Al Fara’a Group is in talks with banks to restructure about Dhs2bn($545m) in liabilities, according to people familiar with the matter.
A large chunk of this is held by local lenders including Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC, the people said, asking not to be identified because the matter is private.
The group has been facing difficulties for a number of years and has cut thousands of jobs, delayed payments to employees and vendors, some of the people said.
Established in 1980, privately-held Al Fara’a once employed 18,000 people. It is active in oil and gas, steel, interiors and concrete, and has worked on several mega-projects across the Middle East, according to its website.
Abu Dhabi-based construction firm Al Fara’a Group is in talks with banks to restructure about Dhs2bn($545m) in liabilities, according to people familiar with the matter.
A large chunk of this is held by local lenders including Abu Dhabi Commercial Bank PJSC and First Abu Dhabi Bank PJSC, the people said, asking not to be identified because the matter is private.
The group has been facing difficulties for a number of years and has cut thousands of jobs, delayed payments to employees and vendors, some of the people said.
Established in 1980, privately-held Al Fara’a once employed 18,000 people. It is active in oil and gas, steel, interiors and concrete, and has worked on several mega-projects across the Middle East, according to its website.
UPDATE 1- #UAE's Tabreed close to buying Emaar Properties' district cooling unit -sources - Reuters
UPDATE 1-UAE's Tabreed close to buying Emaar Properties' district cooling unit -sources - Reuters:
Dubai-listed National Central Cooling Co (Tabreed) is in advanced talks to buy Emaar Properties’ district cooling business, two sources familiar with the matter said.
District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings. The Emaar business was established in 2004 and operates in United Arab Emirates, according to the company’s Linkedin page, which gave no details about its size.
Tabreed, whose biggest shareholders are Abu Dhabi state fund Mubadala Investment Company and France’s Engie SA (ENGIE.PA), has appointed HSBC to advise on the purchase, which is at an advanced stage, said the sources, declining to be named as the matter is not public.
Dubai-listed National Central Cooling Co (Tabreed) is in advanced talks to buy Emaar Properties’ district cooling business, two sources familiar with the matter said.
District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings. The Emaar business was established in 2004 and operates in United Arab Emirates, according to the company’s Linkedin page, which gave no details about its size.
Tabreed, whose biggest shareholders are Abu Dhabi state fund Mubadala Investment Company and France’s Engie SA (ENGIE.PA), has appointed HSBC to advise on the purchase, which is at an advanced stage, said the sources, declining to be named as the matter is not public.
Oil prices rebound on hopes for OPEC+ supply cuts - Reuters
Oil prices rebound on hopes for OPEC+ supply cuts - Reuters:
Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.
Brent crude stood at $54.88 a barrel by 1135 GMT, up 43 cents, or nearly 0.8%, and U.S. West Texas Intermediate (WTI) crude was up 75 cents, or 1.5%, at $50.86.
Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak.
Brent crude stood at $54.88 a barrel by 1135 GMT, up 43 cents, or nearly 0.8%, and U.S. West Texas Intermediate (WTI) crude was up 75 cents, or 1.5%, at $50.86.
#Saudi private sector growth in January slowest since December 2018: PMI - Reuters
Saudi private sector growth in January slowest since December 2018: PMI - Reuters:
Growth in Saudi Arabia’s non-oil private sector was at its slowest in just over a year in January, as cautious consumer spending hampered new business growth and export sales dipped, a survey showed on Tuesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) declined to 54.9 in January from 56.9 in December. Any reading above the 50 mark indicates expansion.
The headline figure - which gives a measure of operating conditions in the non-oil private economy - was the lowest since December 2018.
“January data suggested that non-oil private sector companies remained in expansion mode. However, business activity was again constrained by a slowdown in new order growth,” said Tim Moore, Economics Associate Director at IHS Markit.
Growth in Saudi Arabia’s non-oil private sector was at its slowest in just over a year in January, as cautious consumer spending hampered new business growth and export sales dipped, a survey showed on Tuesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) declined to 54.9 in January from 56.9 in December. Any reading above the 50 mark indicates expansion.
The headline figure - which gives a measure of operating conditions in the non-oil private economy - was the lowest since December 2018.
“January data suggested that non-oil private sector companies remained in expansion mode. However, business activity was again constrained by a slowdown in new order growth,” said Tim Moore, Economics Associate Director at IHS Markit.
Oil prices rebound, fueled by hopes for OPEC+ supply cuts - Reuters
Oil prices rebound, fueled by hopes for OPEC+ supply cuts - Reuters:
Oil prices clawed back ground on Tuesday, rising as much as 1% after the previous session’s slump, amid hopes for new output curbs from OPEC and its allies to offset any drop in fuel demand that might be triggered by China’s coronavirus outbreak.
Brent crude was at $54.94 a barrel by 0824 GMT, up 49 cents, or nearly 0.9%, and U.S. West Texas Intermediate (WTI) crude was up 68 cents, or 1.3%, at $50.79.
Despite Tuesday’s gains, an extended slide over the last two weeks on concern over the global economic impact of the coronavirus means prices are still more than 20% lower than this year’s peak on Jan. 8. Monday’s drop left crude prices at their lowest in more than a year.
Oil prices clawed back ground on Tuesday, rising as much as 1% after the previous session’s slump, amid hopes for new output curbs from OPEC and its allies to offset any drop in fuel demand that might be triggered by China’s coronavirus outbreak.
Brent crude was at $54.94 a barrel by 0824 GMT, up 49 cents, or nearly 0.9%, and U.S. West Texas Intermediate (WTI) crude was up 68 cents, or 1.3%, at $50.79.
Despite Tuesday’s gains, an extended slide over the last two weeks on concern over the global economic impact of the coronavirus means prices are still more than 20% lower than this year’s peak on Jan. 8. Monday’s drop left crude prices at their lowest in more than a year.
Mideast Stocks: Gulf stocks gain as oil prices rebound | ZAWYA MENA Edition
Mideast Stocks: Gulf stocks gain as oil prices rebound | ZAWYA MENA Edition:
Major Gulf stock markets rose in early trade on Tuesday on the back of a rebound in oil prices and a string of positive corporate earnings' announcements.
Oil Prices were 1% higher after slumping the previous session, amid hopes for new production curbs by OPEC and its allies to offset any drop in future fuel demand that might be triggered by China's coronavirus outbreak.
Sources told Reuters on Monday that the group, known as OPEC+, was considering a further cut in oil output of 500,000 barrels per day (bpd).
Saudi Arabia's index rose 0.3% led by a 0.7% gain at National Commercial Bank.
Major Gulf stock markets rose in early trade on Tuesday on the back of a rebound in oil prices and a string of positive corporate earnings' announcements.
Oil Prices were 1% higher after slumping the previous session, amid hopes for new production curbs by OPEC and its allies to offset any drop in future fuel demand that might be triggered by China's coronavirus outbreak.
Sources told Reuters on Monday that the group, known as OPEC+, was considering a further cut in oil output of 500,000 barrels per day (bpd).
Saudi Arabia's index rose 0.3% led by a 0.7% gain at National Commercial Bank.
#UAE non-oil private sector shrinks in Jan for first time since 2009: PMI - Reuters
UAE non-oil private sector shrinks in Jan for first time since 2009: PMI - Reuters:
Activity in the United Arab Emirates (UAE) private sector shrank in January for the first time since 2009, with jobs in the private non-oil sector declining at one of the strongest rates on record, a survey showed on Tuesday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 49.3 in January from 50.2 in December. Readings above 50 indicate expansion while readings below point to contraction.
Growth in the country’s non-oil private sector slowed last year, hitting a decade-low in December, but January was the first time the private sector shrank since 2009, when the economy was hobbled by a debt crisis in Dubai - one of the seven emirates.
“The IHS Markit UAE PMI continued to worsen in January, and this month fell below the 50.0 mark that separates growth from contraction for the first time in over ten years,” said David Owen, economist at IHS Markit and author of the report.
Activity in the United Arab Emirates (UAE) private sector shrank in January for the first time since 2009, with jobs in the private non-oil sector declining at one of the strongest rates on record, a survey showed on Tuesday.
The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index (PMI), which covers manufacturing and services, fell to 49.3 in January from 50.2 in December. Readings above 50 indicate expansion while readings below point to contraction.
Growth in the country’s non-oil private sector slowed last year, hitting a decade-low in December, but January was the first time the private sector shrank since 2009, when the economy was hobbled by a debt crisis in Dubai - one of the seven emirates.
“The IHS Markit UAE PMI continued to worsen in January, and this month fell below the 50.0 mark that separates growth from contraction for the first time in over ten years,” said David Owen, economist at IHS Markit and author of the report.
Oil prices rebound from China virus slump amid gingerly recovery across markets - Reuters
Oil prices rebound from China virus slump amid gingerly recovery across markets - Reuters:
Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday’s sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year.
Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4%, while U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.6%, at $50.43 a barrel.
Both Brent and WTI are currently down by more than 20% from this year’s peak on Jan. 8.
“The rebound of crude oil prices reflects improved trading sentiment (across the Asia-Pacific region), as concerns over the coronavirus outbreak alleviated somewhat. The Asian equity market also recovered from yesterday’s losses,” said Margaret Yang, market analyst at CMC Markets.
Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday’s sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year.
Brent crude was at $54.66 a barrel by 0227 GMT, up 21 cents, or nearly 0.4%, while U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 0.6%, at $50.43 a barrel.
Both Brent and WTI are currently down by more than 20% from this year’s peak on Jan. 8.
“The rebound of crude oil prices reflects improved trading sentiment (across the Asia-Pacific region), as concerns over the coronavirus outbreak alleviated somewhat. The Asian equity market also recovered from yesterday’s losses,” said Margaret Yang, market analyst at CMC Markets.
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