Oil falls on mounting COVID-19 cases, supply concerns | Reuters:
Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks.
Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 lost 6 cents to $40.25 a barrel.
Brent dropped 2.9% for the week and WTI sunk 2.1%
“There is this second wave of fear overhanging the oil market at this point and that’s holding us back,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
Friday, 25 September 2020
#Kuwait’s economy will recover in 2022 | ZAWYA MENA Edition
Kuwait’s economy will recover in 2022 | ZAWYA MENA Edition:
The international credit rating agency, Standard & Poor’s (S&P), said that the rating risks related to the Kuwaiti economy is that Kuwait is completely dependent on oil revenue which is 90% of its exports.
The prospects of the oil industry have been weak significantly due to the corona pandemic subsequently there has been a sharp drop in travel industry. Oil industry has played a major role in Kuwait’s economic performance.
The impact of the epidemic on the oil industry will have a direct impact on the wider Kuwaiti economy, similar to the situation in most other countries of the world during the current year.
Basic economic expectations focus on a decline in Kuwait’s GDP by 7% this year, and it is not expected to recover next year because we estimate that the rate of economic growth in it will be zero, and this is largely due to the production cuts agreed upon.
Standard & Poor’s expected the recovery of the Kuwaiti economy to gather momentum from 2022, in addition to real GDP growth on average to reach 7% during 2022 and 2023.
The international credit rating agency, Standard & Poor’s (S&P), said that the rating risks related to the Kuwaiti economy is that Kuwait is completely dependent on oil revenue which is 90% of its exports.
The prospects of the oil industry have been weak significantly due to the corona pandemic subsequently there has been a sharp drop in travel industry. Oil industry has played a major role in Kuwait’s economic performance.
The impact of the epidemic on the oil industry will have a direct impact on the wider Kuwaiti economy, similar to the situation in most other countries of the world during the current year.
Basic economic expectations focus on a decline in Kuwait’s GDP by 7% this year, and it is not expected to recover next year because we estimate that the rate of economic growth in it will be zero, and this is largely due to the production cuts agreed upon.
Standard & Poor’s expected the recovery of the Kuwaiti economy to gather momentum from 2022, in addition to real GDP growth on average to reach 7% during 2022 and 2023.
Union Properties mulls $108m offer for #Dubai Autodrome stake - Arabianbusiness
Union Properties mulls $108m offer for Dubai Autodrome stake - Arabianbusiness:
Union Properties has announced that it has received an offer of AED400 million ($108 million) for a 40 percent stake in its subsidiary Dubai Autodrome, the UAE’s first fully-integrated multipurpose motorsport and entertainment facility.
The Dubai-based developer did not name the interested party but said it is "evaluating the offer" and will discuss it at the next meeting of the board of directors.
Dubai Autodrome, one of the highlights of the Union Properties portfolio, includes a number of world-class racing circuits and is the only one of its kind in Dubai.
It has hosted world-class races, including the FIA GT Championship, European Touring Car Championship, A1 GP, GP2 Asia, Lamborghini Super Trofeo ME, MRF Challenge, Porsche GT3 Cup Challenge ME, the Radical Middle East Cup and the Hankook 24H Dubai Endurance Race.
Union Properties has announced that it has received an offer of AED400 million ($108 million) for a 40 percent stake in its subsidiary Dubai Autodrome, the UAE’s first fully-integrated multipurpose motorsport and entertainment facility.
The Dubai-based developer did not name the interested party but said it is "evaluating the offer" and will discuss it at the next meeting of the board of directors.
Dubai Autodrome, one of the highlights of the Union Properties portfolio, includes a number of world-class racing circuits and is the only one of its kind in Dubai.
It has hosted world-class races, including the FIA GT Championship, European Touring Car Championship, A1 GP, GP2 Asia, Lamborghini Super Trofeo ME, MRF Challenge, Porsche GT3 Cup Challenge ME, the Radical Middle East Cup and the Hankook 24H Dubai Endurance Race.
Oil heading for weekly decline as coronavirus demand concerns mount | Reuters
Oil heading for weekly decline as coronavirus demand concerns mount | Reuters:
Oil prices slipped on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.
Brent crude LCOc1 was down 4 cents at $41.90 a barrel by 0635 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 dropped 8 cents to $40.23.
Brent is heading for a drop of nearly 3% this week with U.S. crude on track for a decline of around 2%. Both benchmarks are also heading for a monthly decline, which would be the first for Brent in six months.
“The outlook for oil demand remains challenging as prospects of new mobility restrictions continue to rise,” ANZ Research said in a note.
Oil prices slipped on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.
Brent crude LCOc1 was down 4 cents at $41.90 a barrel by 0635 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 dropped 8 cents to $40.23.
Brent is heading for a drop of nearly 3% this week with U.S. crude on track for a decline of around 2%. Both benchmarks are also heading for a monthly decline, which would be the first for Brent in six months.
“The outlook for oil demand remains challenging as prospects of new mobility restrictions continue to rise,” ANZ Research said in a note.
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