Oil Suffers Consecutive Weekly Loss as Demand Recovery Wavers - Bloomberg

Oil Suffers Consecutive Weekly Loss as Demand Recovery Wavers - Bloomberg:

Oil posted its first back-to-back weekly loss since April’s rout with the end of the summer driving season and concern about OPEC’s production compliance weighing on prices.

Futures in New York edged up on Friday, but prices fell 6.1% this week coinciding with a retreat in U.S. equities. Traders are also examining data indicating the United Arab Emirates since July has been regularly exceeding its quota under a deal between the Organization of Petroleum Exporting Countries and its allies.

“Oil by-and-large has not had a mind of its own this week,” said Michael Hiley, head of over-the-counter energy trading at New York-based LPS Futures, with investors’ focus shifting toward equities and the prospects for an economic rebound. There are also “lingering concerns that demand will drop off because everybody’s working from home and not many people are traveling, ” he said.

#SaudiArabia Power Company Pioneers $1.3 Billion Green Bond - Bloomberg

Saudi Arabia Power Company Pioneers $1.3 Billion Green Bond - Bloomberg:

Saudi Electricity Co. sold the first green bond from the world’s largest oil-exporting nation, the latest milestone in the expansion of environment-friendly debt instruments.

State-owned Saudi Electricity sold $1.3 billion of 5- and 10-year dollar-denominated green sukuk to finance green capital projects. Final spreads narrowed 30 basis points for both maturities from initial price talks to 140 basis points and 170 basis points, respectively, according to details of the deal that priced on Thursday.

Saudi Arabia has pledged to diversify its economy away from oil, and plans to spend billions of dollars on projects ranging from futuristic cities to tourism and financial services. It also joins a resurgence in green issuance among countries and companies, with placements topping last year’s tally for the year-to-date period.