Oil gains 2% after draws in U.S. product inventories | Reuters
Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand.
Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.
U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels, the Energy Information Administration said on Wednesday.
Gasoline stocks fell by a surprise 1.1 million barrels in the week to 237.8 million barrels, the EIA said, while distillate stockpiles fell by 2.3 million barrels in the week to 148.9 million barrels, more than expected.
Wednesday 23 December 2020
Tel Aviv bourse sees investor interest from #UAE, Arab countries | Reuters
Tel Aviv bourse sees investor interest from UAE, Arab countries | Reuters
The Tel Aviv Stock Exchange is expected to gain new investors from the United Arab Emirates (UAE) and other Arab countries in 2021 in the wake of a normalisation between Israel and the UAE, the bourse’s chief executive said on Tuesday.
“We see an interest for international institutions from the Emirates and from other Arab countries to invest through the Tel Aviv Stock Exchange and get exposure to Israeli high tech,” Itai Ben-Zeev told Reuters after a news conference.
The Tel Aviv Stock Exchange (TASE) and Abu Dhabi’s ADX securities market last week signed a memorandum of understanding to foster co-operation between them, with the expectation of cross-listing of securities, mutual trading and introduction of investors by each their respective members and data-sharing.
“In 2021, we’ll see how we can further collaborate between the two exchanges,” Ben-Zeev said.
The Tel Aviv Stock Exchange is expected to gain new investors from the United Arab Emirates (UAE) and other Arab countries in 2021 in the wake of a normalisation between Israel and the UAE, the bourse’s chief executive said on Tuesday.
“We see an interest for international institutions from the Emirates and from other Arab countries to invest through the Tel Aviv Stock Exchange and get exposure to Israeli high tech,” Itai Ben-Zeev told Reuters after a news conference.
The Tel Aviv Stock Exchange (TASE) and Abu Dhabi’s ADX securities market last week signed a memorandum of understanding to foster co-operation between them, with the expectation of cross-listing of securities, mutual trading and introduction of investors by each their respective members and data-sharing.
“In 2021, we’ll see how we can further collaborate between the two exchanges,” Ben-Zeev said.
#Saudi Firms Replace CEOs at Rapid Pace in Fourth Quarter - Bloomberg
Saudi Firms Replace CEOs at Rapid Pace in Fourth Quarter - Bloomberg
Some of Saudi Arabia’s listed companies are seeing key leadership roles reshuffled at a rapid pace, with about 10 CEOs replaced this quarter alone.
Rania Nashar, the first woman to lead a banking group in the kingdom, resigned from Samba Financial Group on Tuesday and will become a senior adviser at the country’s $360 billion wealth fund. Saudi Telecom, the Middle East’s biggest phone operator, last month said its CEO would leave after just two years in the role.
Saudi Arabia, the biggest Arab economy, has been the most active in the Middle East in pushing for consolidation in various sectors in the recent past. Key leadership positions have been reshuffled, including those at its wealth fund.
There are about 200 companies listed on Saudi Arabia’s stock exchange, and most resignations this quarter were linked to unexplained “personal circumstances.”
Some of Saudi Arabia’s listed companies are seeing key leadership roles reshuffled at a rapid pace, with about 10 CEOs replaced this quarter alone.
Rania Nashar, the first woman to lead a banking group in the kingdom, resigned from Samba Financial Group on Tuesday and will become a senior adviser at the country’s $360 billion wealth fund. Saudi Telecom, the Middle East’s biggest phone operator, last month said its CEO would leave after just two years in the role.
Saudi Arabia, the biggest Arab economy, has been the most active in the Middle East in pushing for consolidation in various sectors in the recent past. Key leadership positions have been reshuffled, including those at its wealth fund.
There are about 200 companies listed on Saudi Arabia’s stock exchange, and most resignations this quarter were linked to unexplained “personal circumstances.”
Oil drops on surprise U.S. stock build, Trump threat to stimulus bill | Reuters
Oil drops on surprise U.S. stock build, Trump threat to stimulus bill | Reuters
Oil prices dropped more than 1% on Wednesday after an industry report showed an unexpected rise in U.S. crude oil inventories, and President Donald Trump rattled markets by threatening not to sign a long-awaited U.S. COVID-19 relief bill.
Brent crude futures fell 71 cents, or 1.4%, to $49.37 a barrel at 0646 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 67 cents, or 1.4%, to $46.35 a barrel. Both contracts fell nearly 2% on Tuesday, already a second straight session of declines.
As well as doubts on the U.S. situation, the oil market remains jittery about the future recovery of demand as a new, highly infectious strain of the novel coronavirus has hit Britain, prompting much of the world to shut its borders to the country.
Oil prices dropped more than 1% on Wednesday after an industry report showed an unexpected rise in U.S. crude oil inventories, and President Donald Trump rattled markets by threatening not to sign a long-awaited U.S. COVID-19 relief bill.
Brent crude futures fell 71 cents, or 1.4%, to $49.37 a barrel at 0646 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 67 cents, or 1.4%, to $46.35 a barrel. Both contracts fell nearly 2% on Tuesday, already a second straight session of declines.
As well as doubts on the U.S. situation, the oil market remains jittery about the future recovery of demand as a new, highly infectious strain of the novel coronavirus has hit Britain, prompting much of the world to shut its borders to the country.
MIDEAST STOCKS-Major Gulf markets steady; #Qatar extends losses | Nasdaq
MIDEAST STOCKS-Major Gulf markets steady; Qatar extends losses | Nasdaq
Most major Gulf markets were little changed in early trade on Wednesday, with Qatar extending losses for a third straight session.
Saudi Arabia's benchmark index .TASI traded flat, with oil behemoth Saudi Aramco 2222.SE dropping 0.4% and Al Rajhi Bank 1120.SE losing 0.3%.
Dubai's main share index .DFMGI added 0.1%, with its largest lender Emirates NBD Bank ENBD.DU rising 0.5%, while blue-chip developer Emaar Properties EMAR.DU was up 0.6%.
Dubai will start inoculating people with the COVID-19 vaccine produced by Pfizer PFE.N and BioNTech for free from Wednesday, the emirate's government said, joining Saudi Arabia which last week became the first Arab country to begin using this vaccine.
In Abu Dhabi, the index .ADI gained 0.5%, led by a 0.9% increase in the country's largest lender First Abu Dhabi Bank FAB.AD, while Aldar Properties ALDAR.AD was up 0.9%.
Aldar has signed an agreement to divest two of its district cooling assets on Abu Dhabi's Saadiyat Island to National Central Cooling Company (Tabreed) TABR.DU for 963 million dirhams ($262.20 million).
Back in Dubai, Tabreed firmed 0.4%.
The Qatari index .QSI lost 0.4%, extending losses for a third session, weighed down by a 2% fall in petrochemical maker Industries Qatar IQCD.
Most major Gulf markets were little changed in early trade on Wednesday, with Qatar extending losses for a third straight session.
Saudi Arabia's benchmark index .TASI traded flat, with oil behemoth Saudi Aramco 2222.SE dropping 0.4% and Al Rajhi Bank 1120.SE losing 0.3%.
Dubai's main share index .DFMGI added 0.1%, with its largest lender Emirates NBD Bank ENBD.DU rising 0.5%, while blue-chip developer Emaar Properties EMAR.DU was up 0.6%.
Dubai will start inoculating people with the COVID-19 vaccine produced by Pfizer PFE.N and BioNTech for free from Wednesday, the emirate's government said, joining Saudi Arabia which last week became the first Arab country to begin using this vaccine.
In Abu Dhabi, the index .ADI gained 0.5%, led by a 0.9% increase in the country's largest lender First Abu Dhabi Bank FAB.AD, while Aldar Properties ALDAR.AD was up 0.9%.
Aldar has signed an agreement to divest two of its district cooling assets on Abu Dhabi's Saadiyat Island to National Central Cooling Company (Tabreed) TABR.DU for 963 million dirhams ($262.20 million).
Back in Dubai, Tabreed firmed 0.4%.
The Qatari index .QSI lost 0.4%, extending losses for a third session, weighed down by a 2% fall in petrochemical maker Industries Qatar IQCD.
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