Oil Ekes Out Weekly Gain After Retreating From Nine-Month High - Bloomberg

Oil Ekes Out Weekly Gain After Retreating From Nine-Month High - Bloomberg

Oil just managed a weekly gain as an impasse in Washington over pandemic relief dimmed chances of an imminent boost to demand.

Futures in New York eased off a nine-month high alongside a broader market decline as bipartisan talks on another round of U.S. fiscal stimulus stalled. West Texas Intermediate rose less than 1% for the week. A pullback was largely expected after Brent’s rally above $50 earlier in the week, with a key technical benchmark settling in overbought territory on Thursday.

“The vaccine opens the way for a future where demand returns to normal, and that’s what the market’s looking at,” said Bob Yawger, director of the futures division at Mizuho Securities. “There will be some pain along the way, but the vaccine acts as a silver bullet.”

• West Texas Intermediate for January delivery lost 21 cents to settle at $46.57 a barrel.
• Brent for February settlement declined 28 cents to end the session at $49.97 a barrel. The contract rose 1.5% this week

Oil prices decline following solid prior session - Xinhua | English.news.cn

Oil prices decline following solid prior session - Xinhua | English.news.cn

Oil prices slipped on Friday, giving up some of the gains they scored in the previous session.

The West Texas Intermediate (WTI) for January delivery lost 21 cents to settle at 46.57 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 28 cents to close at 49.97 dollars a barrel on the London ICE Futures Exchange.

On Thursday, WTI crude futures surged 1.26 dollars, or 2.77 percent, while Brent advanced 2.84 percent to settle above 50 dollars a barrel for the first time since early March.

"Though there are no fundamental reasons or news to back up the latest upswing, and the risks still generally predominate as far as the supply-demand situation is concerned, the price rise itself has made the headlines," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Friday.

"We remain sceptical, however, and expect prices to correct in the first quarter," he added.

For the week, WTI rose about 0.7 percent, and Brent was up 1.5 percent, marking a sixth consecutive week of gains for both benchmarks.

Tadawul to go public after 2021, says Al Hussan

Tadawul to go public after 2021, says Al Hussan

The Saudi Stock Exchange (Tadawul) will launch its initial public offering (IPO) after 2021, but it depends on the company’s preparations, CEO Khalid Al Hussan said in a webinar organized by Bloomberg.

Several factors postponed the share sale, Al Hussan explained, noting that Tadawul will start bracing for the IPO in 2021 and the share sale will take place very soon following the end of 2021.

Moreover, Al Hussan revealed that one Gulf firm at least showed interest in listing its shares in the Saudi market for the first time, backed by the market strong liquidity and regulations.

Tadawul was established in 2007 with SAR 1.2 billion capital, divided into 120 million shares. The company is 100% owned by the Public Investment Fund (PIF).

Oil Emerges from Covid Abyss With Startling Year-End Turnaround - Bloomberg

Oil Emerges from Covid Abyss With Startling Year-End Turnaround - Bloomberg

Oil in London climbed above $50 a barrel for the first time since the pandemic ground the global economy to a halt in a remarkable rally that few predicted would happen this soon.

Global benchmark futures surged 2.8% Thursday, reaching a nine-month high. The rebound represents a startling turnaround for a market that was brought to its knees earlier this year by an unprecedented loss of demand. With places to store unused oil running out, OPEC and its partners collaborated to stanch outflows and stabilize markets while the world awaited a vaccine.

Announcements last month from Pfizer Inc. and others that safe vaccines could be rolled out by spring boosted the outlook for global consumption. Asia is continuing to lead the rebound in physical demand amid robust purchasing by China’s private refiners. The U.S. dollar also weakened, which raised the appeal for commodities priced in the currency and helped thrust Brent past $50.

“I am a bit surprised that it happened now,” said Bart Melek, the head of global commodity strategy at TD Securities. “I have been advocating $50+ Brent, but I thought that would happen after we see inventories and demand look better.”

It’s possible the market is getting ahead of itself though, with key technical indicators signaling benchmarks are overbought and U.S. inventories recently piling higher.

Oil extends rally amid coronavirus vaccine rollouts | Reuters

Oil extends rally amid coronavirus vaccine rollouts | Reuters

Oil rose on Friday, adding to sharp gains overnight that saw Brent top $50 for the first time since March, as the rollout of coronavirus vaccination programmes fed hopes that demand for fuel would rebound up next year.

Brent was up 30 cents or 0.6% at $50.55 a barrel by 0752 GMT, after gaining nearly 3% on Thursday. U.S. oil was up 31 cents, or 0.7%, at $47.09 a barrel, having also risen almost 3% in the previous session.

The benchmarks are set for a sixth consecutive week of gains as promising vaccine trials helped quell gloom over record increases in the number of new infections and deaths around the world in the coronavirus pandemic.

Britain began inoculations this week and the United States could start vaccinations as early as the coming weekend, while Canada on Wednesday approved its first vaccine with initial shots due from next week.

“Crude prices are surging in anticipation of the FDA’s potential approval of Pfizer’s vaccine, as Asia’s economic recovery is making Chinese and Indian refiners acquire more oil,” said Edward Moya, senior market analyst at OANDA.

Foreigners own 8.4bln shares in 6 #UAE real estate companies worth $5.77bln | ZAWYA MENA Edition

Foreigners own 8.4bln shares in 6 UAE real estate companies worth $5.77bln | ZAWYA MENA Edition

Recent figures issued by the Abu Dhabi and Dubai financial markets on 9th December showed that the number of shares owned by foreign investors in six real estate companies listed in Emirati financial markets surged to nearly 8.4 billion shares worth around AED21.2 billion.

The significant rise in the number and value of shares owned by foreign investors in real estate companies followed a surge in their share prices in recent months. The majority of companies listed in the country’s financial markets, including real estate companies, allow foreign ownership of up to 49 percent of capital.

Statistics from the financial markets point out that foreign ownership of Emaar Properties on 9th December, 2020, accounted for 2.54 billion shares, constituting around 35.51 percent of total and numbering 8.84 billion shares.

Foreign ownership of Al Dar Properties on 9th December, 2020, accounted for 2.083 billion shares, constituting around 26.5 percent of the total and valued at AED7.862 billion.

Foreign ownership of Damac Properties on 9th December, 2020, accounted for 2.046 billion shares, constituting around 33.825 percent of the total and valued at AED872 million while the number of shares owned by foreign investors in Emaar Development amounted to 304 million, valued at AED872 million.