Oil prices continue to slide as U.S. data feeds fuel demand worry - Reuters:
Oil prices settled lower on Thursday, at one point touching their lowest since early August as U.S. unemployment data fed fears of a slow recovery for the economy and fuel demand a day after weak U.S. gasoline demand data.
Brent crude LCOc1 settled down 36 cents, or 0.8%, to $44.07 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 14 cents, or 0.3%, at $41.37 a barrel.
Both benchmarks fell more than 2% earlier in the session.
U.S. stock prices sank as investors sold high-flying tech stocks and worried about economic recovery after Labor Department data showed the number of Americans filing new claims for unemployment reached a seasonally adjusted 881,000 for the latest week. Continuing claims remained high, with millions out of work.
Thursday, 3 September 2020
Sabic (SABIC AB) Taps Bond Market for $1 Billion - Bloomberg
Sabic (SABIC AB) Taps Bond Market for $1 Billion - Bloomberg:
Saudi Basic Industries Corp., the chemical maker in which Saudi Arabia’s state oil company holds a majority stake, is raising $1 billion in the biggest corporate dollar bond offering from the Middle East this year.
The company, known as Sabic, is selling $500 million of 10-year notes at 155 basis points over the midswap rate, down from initial price talk of 190 basis points, according to a person familiar with the matter. It also is offering $500 million of 30-year securities with a yield of 3%, compared with initial talk of 3.375%, the person said, asking not to be identified because they’re not authorized to speak publicly about it.
The bonds, which may be priced today, have attracted more than $8 billion in orders, the person said.
Sabic is listing the debt in Dublin and Taipei. While the securities are being marketed globally, the company is tapping demand for longer maturity bonds in Taiwan. The Asian island’s cash-rich life insurance companies have been piling into so-called Formosa bonds -- debt issued in the local market and denominated in a currency other than the New Taiwan Dollar -- sold by Middle Eastern borrowers. Sabic’s deal is the first Formosa from a Saudi firm, according to data compiled by Bloomberg.
Saudi Basic Industries Corp., the chemical maker in which Saudi Arabia’s state oil company holds a majority stake, is raising $1 billion in the biggest corporate dollar bond offering from the Middle East this year.
The company, known as Sabic, is selling $500 million of 10-year notes at 155 basis points over the midswap rate, down from initial price talk of 190 basis points, according to a person familiar with the matter. It also is offering $500 million of 30-year securities with a yield of 3%, compared with initial talk of 3.375%, the person said, asking not to be identified because they’re not authorized to speak publicly about it.
The bonds, which may be priced today, have attracted more than $8 billion in orders, the person said.
Sabic is listing the debt in Dublin and Taipei. While the securities are being marketed globally, the company is tapping demand for longer maturity bonds in Taiwan. The Asian island’s cash-rich life insurance companies have been piling into so-called Formosa bonds -- debt issued in the local market and denominated in a currency other than the New Taiwan Dollar -- sold by Middle Eastern borrowers. Sabic’s deal is the first Formosa from a Saudi firm, according to data compiled by Bloomberg.
#Saudi Austerity Angst Wants to Be Heard Even If No One Listens - Bloomberg
Saudi Austerity Angst Wants to Be Heard Even If No One Listens - Bloomberg:
Saudis anxious about higher taxes and rising costs found an unexpected outlet but little in the way of feedback at a virtual investor conference.
Hosted by Euromoney, the pre-recorded interview on Thursday with Saudi Finance Minister Mohammed Al-Jadaan was meant to be a forum for him to discuss the government’s economic response to the pandemic for an English-speaking audience of investors and bankers.
Instead, much of the attention focused on frustration over new austerity measures in the kingdom.
The question-and-answer feature of the Zoom event was bombarded with dozens of comments from Saudis about the rising cost of living, along with queries about why the minister hadn’t been speaking Arabic and whether a recent tripling of the value-added tax to 15% would be rolled back.
“Could you please ask our minister if our government will reduce VAT to 5%?” requested one participant, who gave his name as Moath Alfawaz.
Saudis anxious about higher taxes and rising costs found an unexpected outlet but little in the way of feedback at a virtual investor conference.
Hosted by Euromoney, the pre-recorded interview on Thursday with Saudi Finance Minister Mohammed Al-Jadaan was meant to be a forum for him to discuss the government’s economic response to the pandemic for an English-speaking audience of investors and bankers.
Instead, much of the attention focused on frustration over new austerity measures in the kingdom.
The question-and-answer feature of the Zoom event was bombarded with dozens of comments from Saudis about the rising cost of living, along with queries about why the minister hadn’t been speaking Arabic and whether a recent tripling of the value-added tax to 15% would be rolled back.
“Could you please ask our minister if our government will reduce VAT to 5%?” requested one participant, who gave his name as Moath Alfawaz.
#Dubai News: #UAE GP Group Gulf Petrochem Commodities Firm Shuts Trading Desks - Bloomberg
Dubai News: UAE GP Group Gulf Petrochem Commodities Firm Shuts Trading Desks - Bloomberg:
A United Arab Emirates-based commodities firm is shutting down trading desks after banks pulled financing amid the coronavirus, the latest casualty in a global wave of upheaval for middlemen and their lenders.
GP Global Group decided to stop trading commodities from energy to agriculture after banks withdrew credit lines vital to the business, according to people familiar with the matter. The company, which has offices in Dubai, has laid off employees around the world, the people said, asking not to be identified because the information isn’t public.
“We are currently undergoing financial restructuring, and under this process we had to close a few small businesses and let some people go,” a spokesperson for GP Global said Thursday in an emailed response to questions from Bloomberg. The “majority of our trading desks are all alive as we speak.”
Commodity traders have faced harsh publicity in recent months after several came under financial stress and others met with fraud allegations, saddling banks with massive losses. That prompted lenders such as ABN Amro Bank NV, BNP Paribas SA and Societe Generale SA to scale back or even pull out of the business.
A United Arab Emirates-based commodities firm is shutting down trading desks after banks pulled financing amid the coronavirus, the latest casualty in a global wave of upheaval for middlemen and their lenders.
GP Global Group decided to stop trading commodities from energy to agriculture after banks withdrew credit lines vital to the business, according to people familiar with the matter. The company, which has offices in Dubai, has laid off employees around the world, the people said, asking not to be identified because the information isn’t public.
“We are currently undergoing financial restructuring, and under this process we had to close a few small businesses and let some people go,” a spokesperson for GP Global said Thursday in an emailed response to questions from Bloomberg. The “majority of our trading desks are all alive as we speak.”
Commodity traders have faced harsh publicity in recent months after several came under financial stress and others met with fraud allegations, saddling banks with massive losses. That prompted lenders such as ABN Amro Bank NV, BNP Paribas SA and Societe Generale SA to scale back or even pull out of the business.
Oil prices slide to one-month low as U.S. data feeds fuel demand worry - Reuters
Oil prices slide to one-month low as U.S. data feeds fuel demand worry - Reuters:
Oil prices tumbled on Thursday to their lowest point since early August as Wall Street sold off following U.S. unemployment data that fed fears of a slow recovery for the economy and fuel demand a day after weak U.S. gasoline demand data.
Brent crude LCOc1 fell $1.14, or 2.6%, to $43.29 a barrel by 11:21 EDT (1521 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures were down $1.02, or 2.5%, at $40.49 a barrel.
U.S. stock prices sank as investors sold high-flying tech stocks and worried about economic recovery after Labor Department data showed the number of Americans filing new claims for unemployment reached a seasonally adjusted 881,000 for the latest week. Continuing claims remained high, with millions out of work.
The Dow tumbled 700 points and the Nasdaq pulled back by nearly 5%.
Oil prices tumbled on Thursday to their lowest point since early August as Wall Street sold off following U.S. unemployment data that fed fears of a slow recovery for the economy and fuel demand a day after weak U.S. gasoline demand data.
Brent crude LCOc1 fell $1.14, or 2.6%, to $43.29 a barrel by 11:21 EDT (1521 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 futures were down $1.02, or 2.5%, at $40.49 a barrel.
U.S. stock prices sank as investors sold high-flying tech stocks and worried about economic recovery after Labor Department data showed the number of Americans filing new claims for unemployment reached a seasonally adjusted 881,000 for the latest week. Continuing claims remained high, with millions out of work.
The Dow tumbled 700 points and the Nasdaq pulled back by nearly 5%.
UPDATE 1-Mideast, European funds grab #Dubai bonds, while Asia shies away - Reuters
UPDATE 1-Mideast, European funds grab Dubai bonds, while Asia shies away - Reuters:
Dubai’s $2 billion dual-tranche bond sale on Wednesday was backed mostly by funds in the Middle East, Europe and the United Kingdom, a document showed, while the emirate’s lack of a rating may have contributed to Asian investors shying away.
It was Dubai’s first foray into the public debt markets since 2014, as the Middle Eastern tourism and commerce hub seeks to bolster finances hurt by the COVID-19 pandemic.
The debt sale comprised a $1 billion tranche of 10-year sukuk, or Islamic bonds, at 2.763% and a $1 billion tranche of 30-year conventional bonds at 4%. Fund managers said on Wednesday the Dubai deal was priced attractively for the emirate.
The bonds were trading up following the issuance, said Doug Bitcon, head of credit strategies at Rasmala Investment Bank.
“At current levels, the longer end of the unrated Dubai curve looks attractive relative to the Baa2/BBB rated Sharjah curve. This is evident in the yield on the new 30-year Dubai government issue which is trading just below 4% versus around 3.5% for the 30-year Sharjah government bond,” Bitcon said.
Dubai’s $2 billion dual-tranche bond sale on Wednesday was backed mostly by funds in the Middle East, Europe and the United Kingdom, a document showed, while the emirate’s lack of a rating may have contributed to Asian investors shying away.
It was Dubai’s first foray into the public debt markets since 2014, as the Middle Eastern tourism and commerce hub seeks to bolster finances hurt by the COVID-19 pandemic.
The debt sale comprised a $1 billion tranche of 10-year sukuk, or Islamic bonds, at 2.763% and a $1 billion tranche of 30-year conventional bonds at 4%. Fund managers said on Wednesday the Dubai deal was priced attractively for the emirate.
The bonds were trading up following the issuance, said Doug Bitcon, head of credit strategies at Rasmala Investment Bank.
“At current levels, the longer end of the unrated Dubai curve looks attractive relative to the Baa2/BBB rated Sharjah curve. This is evident in the yield on the new 30-year Dubai government issue which is trading just below 4% versus around 3.5% for the 30-year Sharjah government bond,” Bitcon said.
UPDATE 1-U.S. blacklists companies for helping facilitate Iran's exports of petroleum, petrochemicals - Reuters
UPDATE 1-U.S. blacklists companies for helping facilitate Iran's exports of petroleum, petrochemicals - Reuters:
The United States on Thursday imposed sanctions on 11 foreign companies, accusing them of helping to facilitate Iran’s export of petroleum, petroleum products and petrochemicals in violation of American sanctions.
The Treasury said it slapped sanctions on six companies based in Iran, the United Arab Emirates and China that it said enable the shipment and sale of Iranian petrochemicals and support Triliance Petrochemical Co Ltd, a Hong Kong-based company blacklisted by the United States.
The State Department also imposed sanctions on five companies for engaging in transactions related to Iran’s petroleum and petrochemical industry, as well as on three executive officers of the blacklisted companies.
“Our actions today reaffirm the United States’ commitment to denying the Iranian regime the financial resources it needs to fuel terrorism and other destabilizing activities,” U.S. Secretary of State Mike Pompeo said in a separate statement.
The United States on Thursday imposed sanctions on 11 foreign companies, accusing them of helping to facilitate Iran’s export of petroleum, petroleum products and petrochemicals in violation of American sanctions.
The Treasury said it slapped sanctions on six companies based in Iran, the United Arab Emirates and China that it said enable the shipment and sale of Iranian petrochemicals and support Triliance Petrochemical Co Ltd, a Hong Kong-based company blacklisted by the United States.
The State Department also imposed sanctions on five companies for engaging in transactions related to Iran’s petroleum and petrochemical industry, as well as on three executive officers of the blacklisted companies.
“Our actions today reaffirm the United States’ commitment to denying the Iranian regime the financial resources it needs to fuel terrorism and other destabilizing activities,” U.S. Secretary of State Mike Pompeo said in a separate statement.
UPDATE 1- #SaudiArabia's SABIC issues $1 billion in two-part bonds - Reuters
UPDATE 1-Saudi Arabia's SABIC issues $1 billion in two-part bonds - Reuters:
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
SABIC sold $500 million of 10-year bonds and $500 million of 30-year Formosa bonds, a document issued by one of the banks leading the deal and seen by Reuters showed.
Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.
Governments and corporates in the Gulf have been increasingly tapping debt investors over the past few years to raise cash in an era of low oil prices and low global rates.
Funding needs have intensified this year due to the double economic blow of the COVID-19 pandemic and lower demand for oil, which has weighed on energy prices.
Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
SABIC sold $500 million of 10-year bonds and $500 million of 30-year Formosa bonds, a document issued by one of the banks leading the deal and seen by Reuters showed.
Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar.
Governments and corporates in the Gulf have been increasingly tapping debt investors over the past few years to raise cash in an era of low oil prices and low global rates.
Funding needs have intensified this year due to the double economic blow of the COVID-19 pandemic and lower demand for oil, which has weighed on energy prices.
MIDEAST STOCKS- #Dubai leads Gulf markets higher; Egypt extends losses | Nasdaq
MIDEAST STOCKS-Dubai leads Gulf markets higher; Egypt extends losses | Nasdaq:
Dubai shares led gains among the Gulf markets on Thursday as property stocks rallied and Egypt extended losses for a fifth straight session.
Saudi Arabia's benchmark index .TASI rose 0.4%, with Al Rajhi Bank 1120.SE gaining 2.3%, while petrochemical maker Saudi Basic Industries 2010.SE rose 0.5%.
On Wednesday, Saudi Arabia's Capital Market Authority (CMA) said it would allow foreigners to invest directly in debt instruments, further opening the Saudi market to outside investors.
Dubai's main share index .DFMGI gained 3.1%, buoyed by a 3.1% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 2.8% increase in Emaar Properties EMAR.DU.
The emirate is seeking to attract wealthy foreign retirees as the economy of the Middle East trade and tourism hub reels from the COVID-19 pandemic and low oil prices, prompting many expatriates to leave.
The new law could boost Dubai's real estate market, which has been oversupplied for years.
Dubai shares led gains among the Gulf markets on Thursday as property stocks rallied and Egypt extended losses for a fifth straight session.
Saudi Arabia's benchmark index .TASI rose 0.4%, with Al Rajhi Bank 1120.SE gaining 2.3%, while petrochemical maker Saudi Basic Industries 2010.SE rose 0.5%.
On Wednesday, Saudi Arabia's Capital Market Authority (CMA) said it would allow foreigners to invest directly in debt instruments, further opening the Saudi market to outside investors.
Dubai's main share index .DFMGI gained 3.1%, buoyed by a 3.1% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 2.8% increase in Emaar Properties EMAR.DU.
The emirate is seeking to attract wealthy foreign retirees as the economy of the Middle East trade and tourism hub reels from the COVID-19 pandemic and low oil prices, prompting many expatriates to leave.
The new law could boost Dubai's real estate market, which has been oversupplied for years.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
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- #Saudi rises in early trade; other markets little changed | Nasdaq
MIDEAST STOCKS-Saudi rises in early trade; other markets little changed | Nasdaq:
Saudi Arabian shares rose in early trade on Thursday, on course to extend gains to a second straight session, while other major Gulf markets were little changed.
The kingdom's benchmark index .TASI gained 0.4%, with oil giant Saudi Aramco 2222.SE rising 1% and Al Rajhi Bank 1120.SE climbing 0.6%.
On Wednesday, Saudi Arabia's Capital Market Authority (CMA) said it would allow foreigners to invest directly in debt instruments, further opening the Saudi market to outside investors.
However, the index's gains were capped as Saudi British Bank 1060.SEdeclined 3.5% after Natwest Markets and Banco Santander sold a 1.5% stake in the bank.
Saudi Arabian shares rose in early trade on Thursday, on course to extend gains to a second straight session, while other major Gulf markets were little changed.
The kingdom's benchmark index .TASI gained 0.4%, with oil giant Saudi Aramco 2222.SE rising 1% and Al Rajhi Bank 1120.SE climbing 0.6%.
On Wednesday, Saudi Arabia's Capital Market Authority (CMA) said it would allow foreigners to invest directly in debt instruments, further opening the Saudi market to outside investors.
However, the index's gains were capped as Saudi British Bank 1060.SEdeclined 3.5% after Natwest Markets and Banco Santander sold a 1.5% stake in the bank.
Virus Recovery Takes W-Shape for Three Biggest Arab Economies - Bloomberg
Virus Recovery Takes W-Shape for Three Biggest Arab Economies - Bloomberg:
Business conditions took a turn for the worse in the three biggest Arab economies, a deterioration accompanied by job losses that accelerated to a record pace in the United Arab Emirates.
After having stabilized in July, a measure of non-oil private sector activity in Saudi Arabia, Egypt and the UAE worsened in each country last month and was below the threshold of 50 that separates growth from contraction, according to Purchasing Managers’ Index surveys compiled by IHS Markit.
In the UAE, business sentiment for the next 12 months fell to the lowest in the series history.
Business conditions took a turn for the worse in the three biggest Arab economies, a deterioration accompanied by job losses that accelerated to a record pace in the United Arab Emirates.
After having stabilized in July, a measure of non-oil private sector activity in Saudi Arabia, Egypt and the UAE worsened in each country last month and was below the threshold of 50 that separates growth from contraction, according to Purchasing Managers’ Index surveys compiled by IHS Markit.
In the UAE, business sentiment for the next 12 months fell to the lowest in the series history.
- The headline reading for the UAE showed the first drop in operating conditions in three months, falling to 49.4 in August from 50.8 in July
- Saudi Arabia’s PMI retreated to 48.8 from 50, driven by a “solid drop” in new business after the kingdom’s tripling of value-added tax depressed consumer demand and continuing efforts to stop the virus
- The IHS Markit Egypt PMI was at 49.4, down slightly from 49.6 in July; firms saw increases in output and new orders, but “job losses remain strong”
COLUMN-End of China's crude oil buying splurge may dent demand optimism: Russell - Reuters
COLUMN-End of China's crude oil buying splurge may dent demand optimism: Russell - Reuters:
There is a crude oil market narrative that demand is recovering from the shock of the coronavirus pandemic, and therefore producers that previously cut output can now put more supply back into the market.
While there is evidence to support the view that demand is higher than at the height of pandemic-induced lockdowns in the second quarter, there are questions as to whether it is strong enough to absorb the likely increase in supply.
Much of the optimism remains centred around a recovery in Asia, particularly in China, the world’s largest crude importer, which has been setting records for imports in recent months.
Certainly, August looks set to be another strong month for China, with Refinitiv Oil Research forecasting imports of 12.11 million barrels per day (bpd).
There is a crude oil market narrative that demand is recovering from the shock of the coronavirus pandemic, and therefore producers that previously cut output can now put more supply back into the market.
While there is evidence to support the view that demand is higher than at the height of pandemic-induced lockdowns in the second quarter, there are questions as to whether it is strong enough to absorb the likely increase in supply.
Much of the optimism remains centred around a recovery in Asia, particularly in China, the world’s largest crude importer, which has been setting records for imports in recent months.
Certainly, August looks set to be another strong month for China, with Refinitiv Oil Research forecasting imports of 12.11 million barrels per day (bpd).
#SaudiArabia's SABIC starts marketing $1 billion dual-tranche bonds - document - Reuters
Saudi Arabia's SABIC starts marketing $1 billion dual-tranche bonds - document - Reuters:
Saudi Basic Industries Corp , the world’s fourth-biggest petrochemicals firm, started marketing a $1 billion dual-tranche bond offering on Thursday consisting of 10-year bonds and 30-year Formosa bonds, a document showed.
SABIC will sell $500 million in each tranche. It gave initial price guidance of around 190 basis points (bps) over midswaps for the 10-year tranche and around 3.375% for the 30-year Formosa notes, according to a document from one of the banks arranging the deal, which is expected to close later on Thursday.
Saudi Basic Industries Corp , the world’s fourth-biggest petrochemicals firm, started marketing a $1 billion dual-tranche bond offering on Thursday consisting of 10-year bonds and 30-year Formosa bonds, a document showed.
SABIC will sell $500 million in each tranche. It gave initial price guidance of around 190 basis points (bps) over midswaps for the 10-year tranche and around 3.375% for the 30-year Formosa notes, according to a document from one of the banks arranging the deal, which is expected to close later on Thursday.
#UAE News: #Dubai Seeks to Attract Wealthy Retirees After Expatriate Exodus - Bloomberg
UAE News: Dubai Seeks to Attract Wealthy Retirees After Expatriate Exodus - Bloomberg:
Dubai started a program to attract wealthy retirees as the Middle East business hub faces a flight of expatriates amid an economic downturn.
Foreigners over the age of 55 will be eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. In its initial phase, the program will focus on UAE residents working in Dubai.
Eligible candidates should meet one of the following requirements:
Dubai started a program to attract wealthy retirees as the Middle East business hub faces a flight of expatriates amid an economic downturn.
Foreigners over the age of 55 will be eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. In its initial phase, the program will focus on UAE residents working in Dubai.
Eligible candidates should meet one of the following requirements:
- Monthly income of 20,000 dirhams ($5,445)
- Savings of 1 million dirhams
- Own property in Dubai worth 2 million dirhams
Deals News: DP World and Canada Fund Plan $4.5 Billion of Port Investments - Bloomberg
Deals News: DP World and Canada Fund Plan $4.5 Billion of Port Investments - Bloomberg:
DP World and Caisse de Depot et Placement du Quebec have agreed to invest an additional $4.5 billion in their global portfolio of port terminals.
The Dubai-based ports operator and Canadian pension fund manager announced the injection of the funds into their existing venture in a statement Thursday, confirming an earlier Bloomberg News report.
DP World and the Caisse agreed in 2016 to set up a platform for investing in ports around the world. An initial investment target of $3.7 billion has been hit, they said, with the portfolio holding ports across North America, Latin America and Asia Pacific.
The fresh capital will be used to develop existing locations and expand into new geographies, including Europe, as well as sectors such as logistics services, according to the statement. It will take the total amount committed to the venture, which is 55% owned by DP World, to $8.2 billion since inception.
DP World and Caisse de Depot et Placement du Quebec have agreed to invest an additional $4.5 billion in their global portfolio of port terminals.
The Dubai-based ports operator and Canadian pension fund manager announced the injection of the funds into their existing venture in a statement Thursday, confirming an earlier Bloomberg News report.
DP World and the Caisse agreed in 2016 to set up a platform for investing in ports around the world. An initial investment target of $3.7 billion has been hit, they said, with the portfolio holding ports across North America, Latin America and Asia Pacific.
The fresh capital will be used to develop existing locations and expand into new geographies, including Europe, as well as sectors such as logistics services, according to the statement. It will take the total amount committed to the venture, which is 55% owned by DP World, to $8.2 billion since inception.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
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.
Oil prices hover around multi-week lows on demand worries - Reuters
Oil prices hover around multi-week lows on demand worries - Reuters:
Oil prices were hovering around multi-week lows on Thursday as worries about falling U.S. gasoline demand and sluggish economic recovery from the COVID-19 pandemic dented sentiment.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 4 cents, or 0.10%, at $41.55 a barrel by 0626 GMT. Brent crude LCOc1 dipped 1 cent, or 0.02%, to $44.42 a barrel.
Both benchmarks fell more than 2% on Wednesday, with WTI sliding to its lowest close in nearly four weeks and Brent at its weakest since Aug. 21.
U.S. gasoline demand last week fell to 8.78 million barrels per day (bpd) from 9.16 million bpd a week earlier.
Oil prices were hovering around multi-week lows on Thursday as worries about falling U.S. gasoline demand and sluggish economic recovery from the COVID-19 pandemic dented sentiment.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 4 cents, or 0.10%, at $41.55 a barrel by 0626 GMT. Brent crude LCOc1 dipped 1 cent, or 0.02%, to $44.42 a barrel.
Both benchmarks fell more than 2% on Wednesday, with WTI sliding to its lowest close in nearly four weeks and Brent at its weakest since Aug. 21.
U.S. gasoline demand last week fell to 8.78 million barrels per day (bpd) from 9.16 million bpd a week earlier.