NMC rejects call for administration as debt crisis widens - Arabianbusiness:
Struggling hospital operator NMC Health Plc has rejected a call to be put into administration as banks in the UAE disclosed more than $2 billion of exposure.
Shares in Dubai Islamic Bank PJSC extended declines after the lender revealed its $541 million of exposure to NMC, risking almost half of its annual profit. Abu Dhabi Islamic Bank PJSC also tumbled after revealing it extended $291.4m to NMC, the UAE’s largest private health-care provider.
While Abu Dhabi Commercial Bank PJSC slumped after it asked a court to put NMC into administration on Saturday.
NMC aims to fight any such move, the company said on Monday.
In a note to the London Stock Exchange, Simon Watkins, group company secretary, said: “The board is in discussions with ADCB and other creditors to address creditors' concerns; to have the application withdrawn; and to avoid the appointment of administrators, which it does not believe would be in the interests of stakeholders as a whole.
Monday 6 April 2020
Global Oil Powers Grope Their Way Toward Historic Output Deal - Bloomberg
Global Oil Powers Grope Their Way Toward Historic Output Deal - Bloomberg:
The world’s largest oil producers are groping their way toward a deal to mitigate the devastating impact of the coronavirus crisis on their industry. The challenge now is to nail down numbers everyone can live with.
Ministers and diplomats will spend the next two days talking about who’s willing to cut production, and by how much. The most important contributions will come from oil’s trio of big powers: Saudi Arabia, Russia and the U.S.
An effective deal will require all three to participate, but not every barrel cut will be the same. Russia and Saudi Arabia are set to curb their production significantly, said people familiar with the negotiations. The U.S. is more likely to offer up the kind of gradual output reductions that will come as American companies respond to a market where prices are low and tanks are full.
After a turbulent few days in which U.S. President Donald Trump’s prediction of a historic output cut was followed by sniping between Moscow and Riyadh, there were signs that diplomats were making progress. U.S. Energy Secretary Dan Brouillette held a “productive discussion” over the phone on Monday with his Saudi counterpart Prince Abdulaziz bin Salman, the U.S. government said.
The world’s largest oil producers are groping their way toward a deal to mitigate the devastating impact of the coronavirus crisis on their industry. The challenge now is to nail down numbers everyone can live with.
Ministers and diplomats will spend the next two days talking about who’s willing to cut production, and by how much. The most important contributions will come from oil’s trio of big powers: Saudi Arabia, Russia and the U.S.
An effective deal will require all three to participate, but not every barrel cut will be the same. Russia and Saudi Arabia are set to curb their production significantly, said people familiar with the negotiations. The U.S. is more likely to offer up the kind of gradual output reductions that will come as American companies respond to a market where prices are low and tanks are full.
After a turbulent few days in which U.S. President Donald Trump’s prediction of a historic output cut was followed by sniping between Moscow and Riyadh, there were signs that diplomats were making progress. U.S. Energy Secretary Dan Brouillette held a “productive discussion” over the phone on Monday with his Saudi counterpart Prince Abdulaziz bin Salman, the U.S. government said.
#SaudiArabia to face "sharp" spending cuts on lower oil prices | ZAWYA MENA Edition
Saudi Arabia to face "sharp" spending cuts on lower oil prices | ZAWYA MENA Edition:
Saudi Arabia’s government budget is expected to face substantial pressure as oil prices drop sharply, a report produced by ICAEW in partnership with Oxford Economics said.
Despite an estimated 8 percent cut to expenditure, the public finance deficit is forecast to widen to 8.6 percent of GDP this year, which could undermine recent progress on the kingdom’s diversification agenda that is financed through public spending, ICAEW said.
The report titled “Economic Update: Middle East Q1 2020” expects oil prices to average below $40 per barrel in 2020.
Brent Crude oil prices were trading near the $23 per barrel level at the end of March, down from the $51 per barrel level recorded at the beginning of the month.
Saudi Arabia’s government budget is expected to face substantial pressure as oil prices drop sharply, a report produced by ICAEW in partnership with Oxford Economics said.
Despite an estimated 8 percent cut to expenditure, the public finance deficit is forecast to widen to 8.6 percent of GDP this year, which could undermine recent progress on the kingdom’s diversification agenda that is financed through public spending, ICAEW said.
The report titled “Economic Update: Middle East Q1 2020” expects oil prices to average below $40 per barrel in 2020.
Brent Crude oil prices were trading near the $23 per barrel level at the end of March, down from the $51 per barrel level recorded at the beginning of the month.
GCC banking sector outlook: Oil price drop, COVID-19 to hit profits in 2020 | ZAWYA MENA Edition
GCC banking sector outlook: Oil price drop, COVID-19 to hit profits in 2020 | ZAWYA MENA Edition:
Conventional and Islamic banks in the Gulf Cooperation Council (GCC) countries will see a drop in revenue and credit growth in 2020, according to S&P Global Ratings.
The sharp drop in oil prices and measures implemented by regional governments to contain transmission of the coronavirus (COVID-19) will take a toll on sectors such as real estate, hospitality, the rating agency said in a new report.
“Under our base-case scenario, we assume that these measures will be relatively short lived and forecast a gradual recovery in non-oil activity from third-quarter 2020. However, the severe shock could cause irreparable damage to some parts of the non-oil economy. Furthermore, if the recovery takes longer than we expect, GCC banks could feel greater pressure,” Mohamed Damak, primary credit analyst, said in the report.
Conventional and Islamic banks in the Gulf Cooperation Council (GCC) countries will see a drop in revenue and credit growth in 2020, according to S&P Global Ratings.
The sharp drop in oil prices and measures implemented by regional governments to contain transmission of the coronavirus (COVID-19) will take a toll on sectors such as real estate, hospitality, the rating agency said in a new report.
“Under our base-case scenario, we assume that these measures will be relatively short lived and forecast a gradual recovery in non-oil activity from third-quarter 2020. However, the severe shock could cause irreparable damage to some parts of the non-oil economy. Furthermore, if the recovery takes longer than we expect, GCC banks could feel greater pressure,” Mohamed Damak, primary credit analyst, said in the report.
OPEC+ likely to agree to cut production if U.S. joins effort: sources - Reuters
OPEC+ likely to agree to cut production if U.S. joins effort: sources - Reuters:
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.
Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.
Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States.
“Without the U.S., no deal,” one of the sources said.
Two OPEC sources said Thursday’s meeting would be held by video conference at 1400 GMT.
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.
Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.
Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, started talking about cutting production, but want other non-OPEC nations to participate, particularly the United States.
“Without the U.S., no deal,” one of the sources said.
Two OPEC sources said Thursday’s meeting would be held by video conference at 1400 GMT.
Oil falls after #SaudiArabia, Russia delay meeting, Cushing stockpiles soar - Reuters
Oil falls after Saudi Arabia, Russia delay meeting, Cushing stockpiles soar - Reuters:
Oil prices slumped on Monday, pulling back from last week’s gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.
The global oil market rebounded over 35% last week after sources at the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said they are close to a deal on oil output cuts to reduce a global glut, though they want participation from the United States and others.
However, the meeting of the OPEC+ group, originally scheduled for Monday, has been delayed to Thursday as sniping between Russia and Saudi Arabia over last month’s collapse of an existing supply-cut agreement continued. Fuel demand is down by roughly 30% worldwide due to the coronavirus while those nations are flooding markets with unneeded supply.
“The delay in the OPEC+ meeting sparked much of today’s selloff as a result of major philosophical differences between Russia and the Saudis that will likely preclude a deal on Thursday,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures LCOc1 settled $1.06, or 3.1%, lower at $33.05 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.26, or 8%, to end at $26.08.
Oil prices slumped on Monday, pulling back from last week’s gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.
The global oil market rebounded over 35% last week after sources at the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said they are close to a deal on oil output cuts to reduce a global glut, though they want participation from the United States and others.
However, the meeting of the OPEC+ group, originally scheduled for Monday, has been delayed to Thursday as sniping between Russia and Saudi Arabia over last month’s collapse of an existing supply-cut agreement continued. Fuel demand is down by roughly 30% worldwide due to the coronavirus while those nations are flooding markets with unneeded supply.
“The delay in the OPEC+ meeting sparked much of today’s selloff as a result of major philosophical differences between Russia and the Saudis that will likely preclude a deal on Thursday,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures LCOc1 settled $1.06, or 3.1%, lower at $33.05 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.26, or 8%, to end at $26.08.
Emirates Airlines Flight Status: Virus Hit Forces Loan Requests - Bloomberg
Emirates Airlines Flight Status: Virus Hit Forces Loan Requests - Bloomberg:
Emirates is in talks to raise billions of dollars in loans, on top of Dubai’s state bailout for the world’s largest long-haul airline carrier, as the coronavirus pandemic grounds flights.
The carrier is reaching out to local and international banks about the funding that will be in addition to the undisclosed amount of financial aid from the government, according to people with knowledge of the matter, who asked not to be identified because the information is private.
One of the options being discussed are bilateral loans, which are cheaper, can be agreed quickly and done in smaller tranches compared with syndicated facilities, the people said. No final decisions about the borrowing have been made, they said.
A spokesperson for Dubai-owned Emirates declined to comment.
Emirates is in talks to raise billions of dollars in loans, on top of Dubai’s state bailout for the world’s largest long-haul airline carrier, as the coronavirus pandemic grounds flights.
The carrier is reaching out to local and international banks about the funding that will be in addition to the undisclosed amount of financial aid from the government, according to people with knowledge of the matter, who asked not to be identified because the information is private.
One of the options being discussed are bilateral loans, which are cheaper, can be agreed quickly and done in smaller tranches compared with syndicated facilities, the people said. No final decisions about the borrowing have been made, they said.
A spokesperson for Dubai-owned Emirates declined to comment.
#Dubai Said in Talks to Raise Funds as Shutdown Weighs on Economy - Bloomberg
Dubai Said in Talks to Raise Funds as Shutdown Weighs on Economy - Bloomberg:
Dubai is in talks to raise funds to shore up its finances as the deadly coronavirus shuts down much of the economy, according to people familiar with the matter.
The emirate’s Department of Finance is holding discussions with banks about a potential bond sale or loan, the people said, asking not to be identified because the information is private. Talks are at an early stage and no final decision has been made, they said.
A representative for Dubai’s Department of Finance declined to comment.
The Middle Eastern business and travel hub -- like many other cities around the world -- is in full lockdown as it seeks to halt the spread of the virus. Dubai is especially vulnerable as the city relies heavily on tourism and trade. Its flagship Emirates airline has grounded passenger flights and the Expo 2020 exhibition scheduled for October is set to be delayed by a year.
Dubai is in talks to raise funds to shore up its finances as the deadly coronavirus shuts down much of the economy, according to people familiar with the matter.
The emirate’s Department of Finance is holding discussions with banks about a potential bond sale or loan, the people said, asking not to be identified because the information is private. Talks are at an early stage and no final decision has been made, they said.
A representative for Dubai’s Department of Finance declined to comment.
The Middle Eastern business and travel hub -- like many other cities around the world -- is in full lockdown as it seeks to halt the spread of the virus. Dubai is especially vulnerable as the city relies heavily on tourism and trade. Its flagship Emirates airline has grounded passenger flights and the Expo 2020 exhibition scheduled for October is set to be delayed by a year.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
NMC Rejects Call for Administration as Debt Crisis Widens - Bloomberg
NMC Rejects Call for Administration as Debt Crisis Widens - Bloomberg:
The crisis surrounding NMC Health Plc widened, as the struggling hospital operator rejected a call to be put into administration and United Arab Emirates’ banks disclosed more than $2 billion of exposure.
Shares in Dubai Islamic Bank PJSC extended declines after the lender revealed its $541 million of exposure to NMC, risking almost half of its annual profit. Abu Dhabi Islamic Bank PJSC also tumbled after revealing it extended $291.4 million to NMC, the U.A.E.’s largest private health-care provider. Abu Dhabi Commercial Bank PJSC slumped after it asked a court to put NMC into administration.
NMC aims to fight any such move, the company said Monday.
The collateral damage from the implosion of NMC and its sister companies is piling up, dragging in the U.A.E.’s top lenders, central bank and health-care system. The fallout comes as banks battle to contain the impact of low oil prices and the coronavirus pandemic. The central bank on Sunday unlocked new aid to support lending and liquidity, and slashed reserve requirements after business conditions worsened at a record pace.
The crisis surrounding NMC Health Plc widened, as the struggling hospital operator rejected a call to be put into administration and United Arab Emirates’ banks disclosed more than $2 billion of exposure.
Shares in Dubai Islamic Bank PJSC extended declines after the lender revealed its $541 million of exposure to NMC, risking almost half of its annual profit. Abu Dhabi Islamic Bank PJSC also tumbled after revealing it extended $291.4 million to NMC, the U.A.E.’s largest private health-care provider. Abu Dhabi Commercial Bank PJSC slumped after it asked a court to put NMC into administration.
NMC aims to fight any such move, the company said Monday.
The collateral damage from the implosion of NMC and its sister companies is piling up, dragging in the U.A.E.’s top lenders, central bank and health-care system. The fallout comes as banks battle to contain the impact of low oil prices and the coronavirus pandemic. The central bank on Sunday unlocked new aid to support lending and liquidity, and slashed reserve requirements after business conditions worsened at a record pace.
Post-Virus Gulf-Region Rebound? Not V Nor U, But L-Shaped: Chart - Bloomberg
Post-Virus Gulf-Region Rebound? Not V Nor U, But L-Shaped: Chart - Bloomberg:
Forecasters are debating whether the global downturn from the coronavirus outbreak is going to be short (V-shaped) or protracted (U-shaped), but for the Gulf Cooperation Council -- the six-member group of Gulf Arab countries consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates -- the slump could be L-shaped, with growth permanently shifting to a lower level, according to Bloomberg Economics. On every metric, the economies are weaker today than before the last oil price shock in 2014: non-oil growth is slower, reserves are lower, debt is higher and deficits are wider. Non-oil growth in Saudi Arabia, the largest GCC economy, will probably fall to -2% this year -- the first contraction in more than three decades.
Forecasters are debating whether the global downturn from the coronavirus outbreak is going to be short (V-shaped) or protracted (U-shaped), but for the Gulf Cooperation Council -- the six-member group of Gulf Arab countries consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates -- the slump could be L-shaped, with growth permanently shifting to a lower level, according to Bloomberg Economics. On every metric, the economies are weaker today than before the last oil price shock in 2014: non-oil growth is slower, reserves are lower, debt is higher and deficits are wider. Non-oil growth in Saudi Arabia, the largest GCC economy, will probably fall to -2% this year -- the first contraction in more than three decades.
Aramco’s Bondholders Get Dragged Down by #Saudi Oil-Price War - Bloomberg
Aramco’s Bondholders Get Dragged Down by Saudi Oil-Price War - Bloomberg:
The oil-price war isn’t doing any favors for Saudi Aramco’s bondholders one year on from the state-owned company’s debut on international capital markets.
Trumpeted at the time as one of the most anticipated offerings of the year, the $12 billion of bonds have just clocked an 8.2% loss in March, their worst ever monthly performance, as crude prices more than halved. The outlook isn’t good either. Baltimore-based T. Rowe Price, which manages $1.2 trillion, says the securities will remain under pressure as long as the world’s top oil producers fail to agree on supply curbs.
“It’s been, for the market, a reality check,” said Willem Visser, a T. Rowe fixed-income analyst. “Aramco tries to project itself as being a triple-A rated credit that’s bigger and better than the other oil majors, but people forget about the political risk.”
Aramco’s $3 billion of bonds due 2029 now trade with a higher yield than the government’s debt of similar maturity.
The oil-price war isn’t doing any favors for Saudi Aramco’s bondholders one year on from the state-owned company’s debut on international capital markets.
Trumpeted at the time as one of the most anticipated offerings of the year, the $12 billion of bonds have just clocked an 8.2% loss in March, their worst ever monthly performance, as crude prices more than halved. The outlook isn’t good either. Baltimore-based T. Rowe Price, which manages $1.2 trillion, says the securities will remain under pressure as long as the world’s top oil producers fail to agree on supply curbs.
“It’s been, for the market, a reality check,” said Willem Visser, a T. Rowe fixed-income analyst. “Aramco tries to project itself as being a triple-A rated credit that’s bigger and better than the other oil majors, but people forget about the political risk.”
Aramco’s $3 billion of bonds due 2029 now trade with a higher yield than the government’s debt of similar maturity.
#UAE supports #Saudi call for emergency OPEC+ meeting - Arabianbusiness
UAE supports Saudi call for emergency OPEC+ meeting - Arabianbusiness:
The UAE has backed calls by Saudi Arabia for an emergency meeting of OPEC+ countries to stabilise the global oil market.
Last week, leading world crude exporter Saudi Arabia made the surprise call for a meeting of the OPEC+ oil producers.
The move followed a phone call between US President Donald Trump and Saudi Crown Prince and de facto leader Mohammed bin Salman.
Suhail Al Mazrouei, UAE Minister of Energy and Industry, said: “'A joint and combined effort by all oil producing countries is required, not only the group of OPEC+ countries, in order to address the weakness of demand in the global oil market.”
The UAE has backed calls by Saudi Arabia for an emergency meeting of OPEC+ countries to stabilise the global oil market.
Last week, leading world crude exporter Saudi Arabia made the surprise call for a meeting of the OPEC+ oil producers.
The move followed a phone call between US President Donald Trump and Saudi Crown Prince and de facto leader Mohammed bin Salman.
Suhail Al Mazrouei, UAE Minister of Energy and Industry, said: “'A joint and combined effort by all oil producing countries is required, not only the group of OPEC+ countries, in order to address the weakness of demand in the global oil market.”
#Dubai's Emaar sells 80% stake in cooling system for $675M
Dubai's Emaar sells 80% stake in cooling system for $675M:
Dubai’s state-backed developer Emaar said on Monday it sold an 80% share of its district cooling project around the Burj Khalifa, the world’s tallest building, for $675 million as the city-state’s property market suffers from the new coronavirus pandemic.
The sale to Tabreed, also known as the National Central Cooling Co., had been rumored for months amid the property market slowdown.
With the sale, Tabreed assumes majority ownership of a system of chilled water cooling plants that cool the Burj Khalifa, Dubai Opera and Dubai Mall during summer months that see temperatures rise above 45 degrees Celsius (113 degrees Fahrenheit).
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| A lone taxi cab drives over a typically gridlocked highway with the Burj Khalifa, the world's tallest building, in the skyline behind it in Dubai, United Arab Emirates, Monday, April 6, 2020. Dubai, one of seven sheikdoms in the United Arab Emirates, is now under a 24-hour lockdown over the new coronavirus pandemic. (AP Photo/Jon Gambrell) |
Dubai’s state-backed developer Emaar said on Monday it sold an 80% share of its district cooling project around the Burj Khalifa, the world’s tallest building, for $675 million as the city-state’s property market suffers from the new coronavirus pandemic.
The sale to Tabreed, also known as the National Central Cooling Co., had been rumored for months amid the property market slowdown.
With the sale, Tabreed assumes majority ownership of a system of chilled water cooling plants that cool the Burj Khalifa, Dubai Opera and Dubai Mall during summer months that see temperatures rise above 45 degrees Celsius (113 degrees Fahrenheit).
Russia and #Saudi 'very close' to oil deal, Moscow negotiator tells CNBC - Reuters
Russia and Saudi 'very close' to oil deal, Moscow negotiator tells CNBC - Reuters:
Saudi Arabia and Russia are “very, very close” to a deal on oil production cuts, Kirill Dmitriev, head of Russia’s sovereign wealth fund, told CNBC on Monday.
“I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” Dmitriev, who is also one of Moscow’s top negotiators, told CNBC.
Dmitriev was first to make a public declaration of the need for an enlarged supply pact, potentially involving producers outside the OPEC+ group that currently consists of the Organization of Petroleum Exporting Countries (OPEC) and some other oil producers led by Moscow.
A previous three-year deal to stabilise oil prices collapsed a month ago, with Saudi Arabia and Russia blaming each other for failure to find a compromise at an OPEC+ meeting in Vienna on March 6.
Saudi Arabia and Russia are “very, very close” to a deal on oil production cuts, Kirill Dmitriev, head of Russia’s sovereign wealth fund, told CNBC on Monday.
“I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close,” Dmitriev, who is also one of Moscow’s top negotiators, told CNBC.
Dmitriev was first to make a public declaration of the need for an enlarged supply pact, potentially involving producers outside the OPEC+ group that currently consists of the Organization of Petroleum Exporting Countries (OPEC) and some other oil producers led by Moscow.
A previous three-year deal to stabilise oil prices collapsed a month ago, with Saudi Arabia and Russia blaming each other for failure to find a compromise at an OPEC+ meeting in Vienna on March 6.
NMC in talks with lenders to avoid administration - Reuters
NMC in talks with lenders to avoid administration - Reuters:
Troubled hospital group NMC Health (NMC.L) said on Monday it is in talks with Abu Dhabi Commercial Bank (ADCB.AD), seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration.
The resolution with lenders is likely to involve changes to corporate governance at the company and the composition of the board itself, said NMC, which has been struggling with high debt and management issues.
On Sunday, Emirates NBD (ENBD.DU) and Dubai Islamic Bank (DISB.DU) disclosed hundreds of millions of dollars of exposure to NMC.
Troubled hospital group NMC Health (NMC.L) said on Monday it is in talks with Abu Dhabi Commercial Bank (ADCB.AD), seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration.
The resolution with lenders is likely to involve changes to corporate governance at the company and the composition of the board itself, said NMC, which has been struggling with high debt and management issues.
On Sunday, Emirates NBD (ENBD.DU) and Dubai Islamic Bank (DISB.DU) disclosed hundreds of millions of dollars of exposure to NMC.
Oil falls after #SaudiArabia, Russia delay meeting - Reuters
Oil falls after Saudi Arabia, Russia delay meeting - Reuters:
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand.
Brent crude LCoc1 fell more than $3 when Asian markets opened but recovered some ground with traders hopeful that a deal between the top producers was still within reach.
At 0814 GMT, Brent was down $1.10, or 3.2%, at $33.01 a barrel. U.S. crude CLc1 were 84 cents, or 3%, lower at $27.50 a barrel, off a session low of $25.28.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to meet on Thursday, instead of Monday, to discuss cutting production.
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand.
Brent crude LCoc1 fell more than $3 when Asian markets opened but recovered some ground with traders hopeful that a deal between the top producers was still within reach.
At 0814 GMT, Brent was down $1.10, or 3.2%, at $33.01 a barrel. U.S. crude CLc1 were 84 cents, or 3%, lower at $27.50 a barrel, off a session low of $25.28.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to meet on Thursday, instead of Monday, to discuss cutting production.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Mideast Stocks: Emaar sends #Dubai higher, #Qatar outperforms | ZAWYA MENA Edition
Mideast Stocks: Emaar sends Dubai higher, Qatar outperforms | ZAWYA MENA Edition:
Dubai's stock market rose on Monday, backed by solid gains by property developer Emaar, while Qatar outperformed the region as most of the stocks on the index traded higher.
Dubai's main share index gained 0.8%, led by a 4.2% rise in Emaar Properties. The developer sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million), the companies said on Monday.
Tabreed was down 3.5%.
However, the index's gains were capped by losses in Dubai Islamic Bank, which declined 4.1%. On Sunday, the sharia-compliant lender said it has a $425 million exposure to troubled NMC Health, while its subsidiary Noor Bank has a further $116 million.
In Abu Dhabi, the index added 0.4%, helped by a 2% rise in top lender First Abu Dhabi Bank.
The Qatari index gained 1.2%. Qatar Fuel Co traded up 1.3%, while Qatar Navigation advanced 2.3%.
Saudi Arabia's benchmark index edged up 0.1%, as Al Rajhi Bank ticked up 0.6% and oil giant Saudi Aramco was up 0.2%.
Dubai's stock market rose on Monday, backed by solid gains by property developer Emaar, while Qatar outperformed the region as most of the stocks on the index traded higher.
Dubai's main share index gained 0.8%, led by a 4.2% rise in Emaar Properties. The developer sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million), the companies said on Monday.
Tabreed was down 3.5%.
However, the index's gains were capped by losses in Dubai Islamic Bank, which declined 4.1%. On Sunday, the sharia-compliant lender said it has a $425 million exposure to troubled NMC Health, while its subsidiary Noor Bank has a further $116 million.
In Abu Dhabi, the index added 0.4%, helped by a 2% rise in top lender First Abu Dhabi Bank.
The Qatari index gained 1.2%. Qatar Fuel Co traded up 1.3%, while Qatar Navigation advanced 2.3%.
Saudi Arabia's benchmark index edged up 0.1%, as Al Rajhi Bank ticked up 0.6% and oil giant Saudi Aramco was up 0.2%.
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