NMC Health investigations now target 'financiers' who aided with multi-billion dollar fraud | Banking – Gulf News:
The investigations into NMC’s lost billions – upwards of $4 billion – have “identified a number of financiers” who colluded with the previous management in diverting bank funds. Detailed reports have been collected of evidence against all these bankers.
These financiers’ actions are to be “reviewed in detail” in a update on the investigations put by Alvarez and Marsal, the consultancy overseeing NMC’s administration as per a directive from ADGM (Abu Dhabi Global Market).
By end March, the administrators expect to complete all the process that would then set in motion the funds recovery and bringing the guilty to justice. Other “potential defendants” have been identified based on the evidence collected.
"Claims have been identified based on factual evidence, with assessment of merits - including legal merits - now in progress," the report notes. "Further work continues to progress rapidly to further evidence claims including asset assessments and potential quantum."
Thursday, 8 October 2020
NMC restructuring or sale to be concluded by April 2021 - The National
NMC restructuring or sale to be concluded by April 2021 - The National:
The administrators of NMC Health are looking to complete either a lender-led restructuring or a sale of the business by the end of April next year.
Advisers working on the restructuring also expect to achieve non-core asset sales quickly, with firm bids for the Luarmia IVF clinics based in Spain and UK-based private hospitals company Aspen Healthcare by early next month, they said on a call to NMC’s lenders on Wednesday.
“We want to complete this process and deliver the value to you as quickly as possible. We are trying to get to this point in Q1 2021,” Max Frangulov, managing director of administrators Alvarez & Marsal told lenders.
“Obviously, It’s a very complex situation and we have to resolve things that are popping up here and there all of the time, so we are pinning it at the first half of 2021.”
The administrators of NMC Health are looking to complete either a lender-led restructuring or a sale of the business by the end of April next year.
Advisers working on the restructuring also expect to achieve non-core asset sales quickly, with firm bids for the Luarmia IVF clinics based in Spain and UK-based private hospitals company Aspen Healthcare by early next month, they said on a call to NMC’s lenders on Wednesday.
“We want to complete this process and deliver the value to you as quickly as possible. We are trying to get to this point in Q1 2021,” Max Frangulov, managing director of administrators Alvarez & Marsal told lenders.
“Obviously, It’s a very complex situation and we have to resolve things that are popping up here and there all of the time, so we are pinning it at the first half of 2021.”
#SaudiArabia May Face Budget Squeeze After 2021, Moody’s Says - Bloomberg
Saudi Arabia May Face Budget Squeeze After 2021, Moody’s Says - Bloomberg:
Saudi Arabia may not be able to rely on annual dividends of almost $75 billion from state oil company Saudi Aramco beyond next year unless crude prices increase, according to Moody’s Investors Service.
The government, which owns 98% of Aramco, has depended on the dividend to help plug its budget deficit.
“The government is unlikely to be able to repeat the maneuver beyond 2021,” Moody’s said in a report. This is the case “particularly when taking into account Saudi Aramco’s own capital expenditure needs and its commitment” to buying Saudi Basic Industries Corp.
Aramco agreed earlier this year to buy 70% of the chemicals maker from the government’s Public Investment Fund for $69 billion.
Saudi Arabia may not be able to rely on annual dividends of almost $75 billion from state oil company Saudi Aramco beyond next year unless crude prices increase, according to Moody’s Investors Service.
The government, which owns 98% of Aramco, has depended on the dividend to help plug its budget deficit.
“The government is unlikely to be able to repeat the maneuver beyond 2021,” Moody’s said in a report. This is the case “particularly when taking into account Saudi Aramco’s own capital expenditure needs and its commitment” to buying Saudi Basic Industries Corp.
Aramco agreed earlier this year to buy 70% of the chemicals maker from the government’s Public Investment Fund for $69 billion.
OPEC Expects to Gain Oil-Market Share After Virus Wounds Rivals - Bloomberg
OPEC Expects to Gain Oil-Market Share After Virus Wounds Rivals - Bloomberg:
OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere.
The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting last year’s prediction that it would lose market share until the middle of the decade.
World oil demand will return to pre-crisis levels in 2022, by which time the group will need to provide 34.3 million barrels a day, or about 1.4 million more than previously projected. The 13-member cartel controls about a third of global supplies.
The turnaround would provide some breathing space for OPEC and its allies, who have halted vast amounts of crude production this year while the coronavirus shock depresses fuel demand. OPEC pumped 24.4 million barrels a day of crude in September, according to Bloomberg data.
OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere.
The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting last year’s prediction that it would lose market share until the middle of the decade.
World oil demand will return to pre-crisis levels in 2022, by which time the group will need to provide 34.3 million barrels a day, or about 1.4 million more than previously projected. The 13-member cartel controls about a third of global supplies.
The turnaround would provide some breathing space for OPEC and its allies, who have halted vast amounts of crude production this year while the coronavirus shock depresses fuel demand. OPEC pumped 24.4 million barrels a day of crude in September, according to Bloomberg data.
Moody's assigns new ratings to #Saudi domestic sukuk issuance programme | ZAWYA MENA Edition
Moody's assigns new ratings to Saudi domestic sukuk issuance programme | ZAWYA MENA Edition:
Moody’s has assigned a provisional (P)A1 senior unsecured medium-term note (MTN) global scale rating (GSR) and Aaa.sa senior unsecured national scale rating (NSR) to the Government of Saudi Arabia's domestic SAR-denominated sukuk issuance program.
At the same time, Moody’s has concurrently assigned an A1/Aaa.sa senior unsecured GSR/NSR to the most recent sukuk instrument issued under the programme.
The government of Saudi Arabia's A1 GSR is underpinned by the government's robust, albeit deteriorating, balance sheet and supported by substantial external liquidity buffers, it said in a press release.
The release added that the instruments issued by the government under the programme warrant the strongest Aaa.sa rating by virtue of the sovereign's large footprint in the economy and its capacity to control and/or influence economic, political, and social matters; and, its large financial buffers, including foreign reserves in the central bank and a robust, albeit deteriorating, balance sheet
Moody’s has assigned a provisional (P)A1 senior unsecured medium-term note (MTN) global scale rating (GSR) and Aaa.sa senior unsecured national scale rating (NSR) to the Government of Saudi Arabia's domestic SAR-denominated sukuk issuance program.
At the same time, Moody’s has concurrently assigned an A1/Aaa.sa senior unsecured GSR/NSR to the most recent sukuk instrument issued under the programme.
The government of Saudi Arabia's A1 GSR is underpinned by the government's robust, albeit deteriorating, balance sheet and supported by substantial external liquidity buffers, it said in a press release.
The release added that the instruments issued by the government under the programme warrant the strongest Aaa.sa rating by virtue of the sovereign's large footprint in the economy and its capacity to control and/or influence economic, political, and social matters; and, its large financial buffers, including foreign reserves in the central bank and a robust, albeit deteriorating, balance sheet
Oil jumps on supply cuts in U.S. Gulf, wariness about North Sea, OPEC | Reuters
Oil jumps on supply cuts in U.S. Gulf, wariness about North Sea, OPEC | Reuters:
Oil settled above $43 a barrel on Thursday on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.
Markets rose sharply at noon on a Dow Jones report that Saudi Arabia is considering reversing course over OPEC’s planned production increase early next year.
Brent crude LCOc1 settled up $1.35, or 3.2% to $43.34, after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude CLc1 added $1.24 cents, or 3.1%, to $41.19 after falling 1.8% on Wednesday.
Oil also gained support from the prospect of more production outages in the North Sea because of a workers’ strike. Oil firms and labor officials said they will meet with a state-appointed mediator on Friday in an attempt both sides hope will bring an end to a strike that threatens to cut Norway’s oil and gas output by some 25%.
Oil settled above $43 a barrel on Thursday on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.
Markets rose sharply at noon on a Dow Jones report that Saudi Arabia is considering reversing course over OPEC’s planned production increase early next year.
Brent crude LCOc1 settled up $1.35, or 3.2% to $43.34, after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude CLc1 added $1.24 cents, or 3.1%, to $41.19 after falling 1.8% on Wednesday.
Oil also gained support from the prospect of more production outages in the North Sea because of a workers’ strike. Oil firms and labor officials said they will meet with a state-appointed mediator on Friday in an attempt both sides hope will bring an end to a strike that threatens to cut Norway’s oil and gas output by some 25%.
GCC stock markets review: #Saudi recovers strongly in September, #UAE ends mixed | ZAWYA MENA Edition
GCC stock markets review: Saudi recovers strongly in September, UAE ends mixed | ZAWYA MENA Edition:
Most GCC stock markets, barring Oman, gained during September 2020 despite concerns over economic recovery amid the threat of a second wave of COVID-19 and a fall in oil prices.
Sector-wise too there was a broad-based rally, as nearly all sectors in the GCC gained during the month. The energy index, however, showed a marginal decline of 0.3 percent.
Most GCC stock markets, barring Oman, gained during September 2020 despite concerns over economic recovery amid the threat of a second wave of COVID-19 and a fall in oil prices.
Sector-wise too there was a broad-based rally, as nearly all sectors in the GCC gained during the month. The energy index, however, showed a marginal decline of 0.3 percent.
Will #UAE-based investor Murari Lal Jalan be a saviour for India's grounded Jet Airways? - Arabianbusiness
Will UAE-based investor Murari Lal Jalan be a saviour for India's grounded Jet Airways? - Arabianbusiness:
A consortium comprising UAE-based investor Murari Lal Jalan, known mainly for his company M J Developers, and London-based asset management company Kalrock Capital, is understood to be favoured to take over India’s grounded Jet Airways by the airline’s creditors.
Airline industry sources said so far the indications point to a majority among the State Bank of India (SBI)-led Committee of Creditors (CoC) to Jet Airways favouring the revival proposal submitted by the Jalan-Kalrock Capital consortium.
But on Thursday, the resolution professional appointed for Jet Airways said that the CoC has not concluded the e-voting process, adding that "appropriate disclosures" would only be made after the voting process has been concluded. Sources say the e-voting may continue until October 16
When contacted, Igor Starha, managing partner of Kalrock Capital, told Arabian Business in an email reply: “We do not comment on any rumours or speculations and have no comments to make on the ongoing resolution process of Jet Airways.”
A consortium comprising UAE-based investor Murari Lal Jalan, known mainly for his company M J Developers, and London-based asset management company Kalrock Capital, is understood to be favoured to take over India’s grounded Jet Airways by the airline’s creditors.
Airline industry sources said so far the indications point to a majority among the State Bank of India (SBI)-led Committee of Creditors (CoC) to Jet Airways favouring the revival proposal submitted by the Jalan-Kalrock Capital consortium.
But on Thursday, the resolution professional appointed for Jet Airways said that the CoC has not concluded the e-voting process, adding that "appropriate disclosures" would only be made after the voting process has been concluded. Sources say the e-voting may continue until October 16
When contacted, Igor Starha, managing partner of Kalrock Capital, told Arabian Business in an email reply: “We do not comment on any rumours or speculations and have no comments to make on the ongoing resolution process of Jet Airways.”
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #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-Most major Gulf markets little changed; Air Arabia lifts #Dubai | Nasdaq
MIDEAST STOCKS-Most major Gulf markets little changed; Air Arabia lifts Dubai | Nasdaq:
Major stock markets in the Gulf were little changed in early trade on Thursday, with Air Arabia helping the Dubai index stay in positive territory.
Saudi Arabia's benchmark index .TASI rose 0.3%, with utility firm Saudi Electricity 5110.SE advancing 2% while National Gas and Industrialization Company 2080.SE was up 0.8%.
Supermarket retailer BinDawood Holding IPO-BDHA.SE on Wednesday said it had priced its initial public offering at 96 riyals ($25.59) a share.
At 96 riyals per share, BinDawood's market capitalisation at listing is seen at 10.97 billion riyals, the statement said.
Dubai's main share index .DFMGI edged up 0.1%, supported by a 4.7% jump in Air Arabia AIRA.DU after four straight sessions of losses.
On Tuesday, the budget airliner announced free global COVID-19 cover for all passengers travelling on its flights which includes medical and quarantine costs.
The Abu Dhabi index .ADI slipped 0.1%, with top lender First Abu Dhabi Bank FAB.AD losing 0.2%.
In Qatar, the index .QSI added 0.2%, led by a 2% gain in petrochemical maker Industries Qatar IQCD.QA and a 0.3% rise in lender Masraf Al Rayan MARK.QA.
Major stock markets in the Gulf were little changed in early trade on Thursday, with Air Arabia helping the Dubai index stay in positive territory.
Saudi Arabia's benchmark index .TASI rose 0.3%, with utility firm Saudi Electricity 5110.SE advancing 2% while National Gas and Industrialization Company 2080.SE was up 0.8%.
Supermarket retailer BinDawood Holding IPO-BDHA.SE on Wednesday said it had priced its initial public offering at 96 riyals ($25.59) a share.
At 96 riyals per share, BinDawood's market capitalisation at listing is seen at 10.97 billion riyals, the statement said.
Dubai's main share index .DFMGI edged up 0.1%, supported by a 4.7% jump in Air Arabia AIRA.DU after four straight sessions of losses.
On Tuesday, the budget airliner announced free global COVID-19 cover for all passengers travelling on its flights which includes medical and quarantine costs.
The Abu Dhabi index .ADI slipped 0.1%, with top lender First Abu Dhabi Bank FAB.AD losing 0.2%.
In Qatar, the index .QSI added 0.2%, led by a 2% gain in petrochemical maker Industries Qatar IQCD.QA and a 0.3% rise in lender Masraf Al Rayan MARK.QA.
Tel Aviv, #AbuDhabi Exchanges Study Dual Listings in Talks - Bloomberg
Tel Aviv, Abu Dhabi Exchanges Study Dual Listings in Talks - Bloomberg:
The stock exchanges of Tel Aviv and Abu Dhabi have started cooperation talks that could include dual listings on the two bourses, following the signing of a landmark normalization accord between Israel and the United Arab Emirates.
The bourses will also study initiatives to encourage investors to invest in the two exchanges, the development of technological infrastructure for the financial sector, and work on new products, the Tel Aviv Stock Exchange said. It added that the talks were at a preliminary stage.
The exchanges are negotiating a memorandum of understanding “to create an agreed-upon framework to examine regional cooperation possibilities,” the TASE said in a regulatory filing Thursday.
Israel and the UAE have been exploring business opportunities since deciding to normalize relations, with new cooperation pacts signed in sectors ranging from banking to mobile phone services. Saudi Arabia has granted overfly rights on routes between Israel and the UAE, allowing travel between the two countries in about three hours.
The stock exchanges of Tel Aviv and Abu Dhabi have started cooperation talks that could include dual listings on the two bourses, following the signing of a landmark normalization accord between Israel and the United Arab Emirates.
The bourses will also study initiatives to encourage investors to invest in the two exchanges, the development of technological infrastructure for the financial sector, and work on new products, the Tel Aviv Stock Exchange said. It added that the talks were at a preliminary stage.
The exchanges are negotiating a memorandum of understanding “to create an agreed-upon framework to examine regional cooperation possibilities,” the TASE said in a regulatory filing Thursday.
Israel and the UAE have been exploring business opportunities since deciding to normalize relations, with new cooperation pacts signed in sectors ranging from banking to mobile phone services. Saudi Arabia has granted overfly rights on routes between Israel and the UAE, allowing travel between the two countries in about three hours.
#AbuDhabi's asset base remains strong | ZAWYA MENA Edition
Abu Dhabi's asset base remains strong | ZAWYA MENA Edition:
Abu Dhabi enjoys a solid asset base, which could help finance its decades' worth of moderate fiscal deficits, Fitch Ratings said on Wednesday.
It estimated that the UAE capital's sovereign net foreign assets to be the second-largest among Fitch-rated sovereigns and government debt remains modest.
"With an estimated fiscal break-even oil price of $60 a barrel in 2019, Abu Dhabi's assets could finance decades' worth of moderate fiscal deficits," the ratings agency said in a note.
It forecast Abu Dhabi's financing requirement or cumulative deficit to total $40 billion in 2020-21.
"We expect the authorities to retain a preference for financing the deficit through debt issuances rather than unbudgeted assets drawdowns, and debt will keep rising moderately over the next three years. We estimate the value of Abu Dhabi Investment Authority [Adia] assets at end-2019 at more than $570 billion," said Jan Friederich, head of sovereigns for the Middle East and Africa at Fitch Ratings.
Abu Dhabi enjoys a solid asset base, which could help finance its decades' worth of moderate fiscal deficits, Fitch Ratings said on Wednesday.
It estimated that the UAE capital's sovereign net foreign assets to be the second-largest among Fitch-rated sovereigns and government debt remains modest.
"With an estimated fiscal break-even oil price of $60 a barrel in 2019, Abu Dhabi's assets could finance decades' worth of moderate fiscal deficits," the ratings agency said in a note.
It forecast Abu Dhabi's financing requirement or cumulative deficit to total $40 billion in 2020-21.
"We expect the authorities to retain a preference for financing the deficit through debt issuances rather than unbudgeted assets drawdowns, and debt will keep rising moderately over the next three years. We estimate the value of Abu Dhabi Investment Authority [Adia] assets at end-2019 at more than $570 billion," said Jan Friederich, head of sovereigns for the Middle East and Africa at Fitch Ratings.
U.S. to Impose Sanctions to Choke Off #Iran’s Financial Sector - Bloomberg
U.S. to Impose Sanctions to Choke Off Iran’s Financial Sector - Bloomberg:
The Trump administration plans to impose sanctions as soon as Thursday on Iran’s financial sector to further choke off its economy from the outside world, according to people familiar with the matter.
The move would effectively leave Iran isolated from the global financial system, slashing the few remaining legal linkages it has and making it more dependent on informal or illicit trade. Earlier rounds of U.S. sanctions have crushed its economy by curbing oil sales and most other trade.
The administration has been weighing the move for weeks, Bloomberg News reported last month. Under the measures, the administration could blacklist as many as 14 banks in Iran that have so far escaped some U.S. restrictions, using authorities designed to punish entities associated with terrorism, ballistic-missile development and human-rights abuses.
The Washington Post reported earlier Wednesday that the sanctions are expected to be announced Thursday.
The Trump administration plans to impose sanctions as soon as Thursday on Iran’s financial sector to further choke off its economy from the outside world, according to people familiar with the matter.
The move would effectively leave Iran isolated from the global financial system, slashing the few remaining legal linkages it has and making it more dependent on informal or illicit trade. Earlier rounds of U.S. sanctions have crushed its economy by curbing oil sales and most other trade.
The administration has been weighing the move for weeks, Bloomberg News reported last month. Under the measures, the administration could blacklist as many as 14 banks in Iran that have so far escaped some U.S. restrictions, using authorities designed to punish entities associated with terrorism, ballistic-missile development and human-rights abuses.
The Washington Post reported earlier Wednesday that the sanctions are expected to be announced Thursday.
In a World With Too Much Oil, OPEC+ Sweats Its Next Move - Bloomberg
In a World With Too Much Oil, OPEC+ Sweats Its Next Move - Bloomberg:
The world is awash with oil. Yet, in less than eight weeks, OPEC+ is set to pour even more barrels into the glut.
For many in the oil market, it’s the wrong move. Increasingly, some inside the OPEC+ coalition are also wondering if the group should reconsider.
“We do not need the extra oil,” said Marco Dunand, co-founder of Mercuria Energy Group, one of the world’s largest commodity trading houses.
When OPEC+ cut its production in May as the pandemic ravaged demand, it announced an aggressive three-phase plan. First the deepest reduction: nearly 10 million barrels a day were taken out. Then, an easing of the cuts to about 8 million barrels a day. A third phase is due to start in January, when the cuts should be tapered to just 6 million barrels.
But now OPEC+ is debating how to proceed. Inside the cartel, the mood is turning somber. The demand recovery is slower than expected, and inventories aren’t shrinking as quickly as OPEC+ anticipated just a couple of months ago. Oil prices, too, are lower than many member states had hoped.
The world is awash with oil. Yet, in less than eight weeks, OPEC+ is set to pour even more barrels into the glut.
For many in the oil market, it’s the wrong move. Increasingly, some inside the OPEC+ coalition are also wondering if the group should reconsider.
“We do not need the extra oil,” said Marco Dunand, co-founder of Mercuria Energy Group, one of the world’s largest commodity trading houses.
When OPEC+ cut its production in May as the pandemic ravaged demand, it announced an aggressive three-phase plan. First the deepest reduction: nearly 10 million barrels a day were taken out. Then, an easing of the cuts to about 8 million barrels a day. A third phase is due to start in January, when the cuts should be tapered to just 6 million barrels.
But now OPEC+ is debating how to proceed. Inside the cartel, the mood is turning somber. The demand recovery is slower than expected, and inventories aren’t shrinking as quickly as OPEC+ anticipated just a couple of months ago. Oil prices, too, are lower than many member states had hoped.
Oil prices edge up as Hurricane Delta approaches U.S. Gulf of Mexico | Reuters
Oil prices edge up as Hurricane Delta approaches U.S. Gulf of Mexico | Reuters:
Oil prices inched up on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for a U.S. economic stimulus deal and a build in U.S. crude inventories.
U.S. West Texas Intermediate (WTI) crude futures rose 3 cents, or 0.1%, to $39.98 a barrel at 0435 GMT, after falling 1.8% on Wednesday.
Brent crude futures rose 9 cents, or 0.2%, to $42.08 a barrel, after falling 1.6% on Wednesday.
With Hurricane Delta forecast to intensify into a Category 3 storm with winds of up to 120 miles per hour (193 km per hour), oil producers have evacuated 183 offshore facilities and halted nearly 1.5 million barrels per day (bpd) of oil output.
Oil prices inched up on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for a U.S. economic stimulus deal and a build in U.S. crude inventories.
U.S. West Texas Intermediate (WTI) crude futures rose 3 cents, or 0.1%, to $39.98 a barrel at 0435 GMT, after falling 1.8% on Wednesday.
Brent crude futures rose 9 cents, or 0.2%, to $42.08 a barrel, after falling 1.6% on Wednesday.
With Hurricane Delta forecast to intensify into a Category 3 storm with winds of up to 120 miles per hour (193 km per hour), oil producers have evacuated 183 offshore facilities and halted nearly 1.5 million barrels per day (bpd) of oil output.
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #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 falls 2% on U.S. stimulus impasse, stockpile rise | Reuters
Oil falls 2% on U.S. stimulus impasse, stockpile rise | Reuters:
Oil prices fell nearly 2% on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S. crude inventories rose in the most recent week.
Brent crude futures LCOc1 fell 66 cents, or 1.6%, to settle at $41.99 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 72 cents, or 1.8%, to settle at $39.95 a barrel.
White House Chief of Staff Mark Meadows said he was not optimistic that a comprehensive deal could be reached on further COVID-19 financial aid and that the Trump administration backed a more piecemeal approach.
“Trump pulling out of relief negotiations generates a lot of uncertainty about the economy,” said Harry Tchilinguirian, head of commodities research at BNP Paribas.
Oil prices fell nearly 2% on Wednesday after U.S. President Donald Trump dashed hopes for another stimulus package to boost the coronavirus-hit economy and after U.S. crude inventories rose in the most recent week.
Brent crude futures LCOc1 fell 66 cents, or 1.6%, to settle at $41.99 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 72 cents, or 1.8%, to settle at $39.95 a barrel.
White House Chief of Staff Mark Meadows said he was not optimistic that a comprehensive deal could be reached on further COVID-19 financial aid and that the Trump administration backed a more piecemeal approach.
“Trump pulling out of relief negotiations generates a lot of uncertainty about the economy,” said Harry Tchilinguirian, head of commodities research at BNP Paribas.
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