Oil rises 1%, hits highest in a year on growth hopes, OPEC+ output cuts | Reuters
Oil prices rose about 1% on Friday, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies.
Oil was also supported as U.S. stock markets hit record highs on signs of progress toward more economic stimulus, while a U.S. jobs report confirmed the labor market was stabilizing.
Brent crude ended the session up 50 cents, or 0.9%, at $59.34 after hitting its highest since Feb. 20 at $59.79. U.S. crude settled up 62 cents, or 1.1%, at $56.85, after reaching $57.29, its highest since Jan. 22 last year.
U.S. crude futures gained about 9% this week, the biggest percentage gain since October, in part due to U.S. inventories last week dropping to levels last seen in March.
Brent rose about 6% for the week.
Friday, 5 February 2021
Oil hits highest in a year on growth hopes, OPEC+ cuts | Reuters
Oil hits highest in a year on growth hopes, OPEC+ cuts | Reuters
Oil hit its highest level in a year on Friday, closing in on $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies.
New orders for U.S.-made goods rose more than expected in December, pointing to continued strength in manufacturing. The U.S. Congress is also moving ahead on President Joe Biden’s COVID-19 relief plan.
Brent crude was up 63 cents, or 1.1%, at $59.47 by 1200 GMT after hitting its highest since Feb. 20 last year at $59.75. U.S. crude was up 54 cents, or 1%, at $56.77, after reaching $57.09, its highest since Jan. 22 last year.
“The conditions still remain supportive for oil markets,” said Jeffrey Halley, analyst at brokerage OANDA. “Oil should find plenty of willing buyers on any material dip.”
Oil hit its highest level in a year on Friday, closing in on $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies.
New orders for U.S.-made goods rose more than expected in December, pointing to continued strength in manufacturing. The U.S. Congress is also moving ahead on President Joe Biden’s COVID-19 relief plan.
Brent crude was up 63 cents, or 1.1%, at $59.47 by 1200 GMT after hitting its highest since Feb. 20 last year at $59.75. U.S. crude was up 54 cents, or 1%, at $56.77, after reaching $57.09, its highest since Jan. 22 last year.
“The conditions still remain supportive for oil markets,” said Jeffrey Halley, analyst at brokerage OANDA. “Oil should find plenty of willing buyers on any material dip.”
UBS Boosts Middle East Expansion Drive With New Qatari Hub - Bloomberg
UBS Boosts Middle East Expansion Drive With New Qatari Hub - Bloomberg
UBS Group AG is setting up a second Middle Eastern hub in Qatar that will eventually add investment banking and asset-management services to its wealth-management business as part of an expansion in the region.
The new Doha wealth office will open within weeks and UBS intends to hire about 20 people by the end of the year, a person briefed on the plans said, requesting anonymity because the details aren’t public. Appointments will include back office and support staff, as well as relationship managers to build business with Qatari clients, the person said.
The wealth management business will be tapping into a market where per-capita income is almost six times that of the world average, according to World Bank data. Having a presence on the ground also opens UBS to the opportunity of potentially managing assets on behalf of one of the world’s largest sovereign wealth funds, the Qatar Investment Authority.
Switzerland’s largest bank hired Tarek Eido from HSBC Holdings Plc to oversee its wealth management business in Qatar, starting March 1, according to a memo the bank sent to employees Friday and confirmed by a spokesperson. He will report to Ali Janoudi, who is responsible for the Middle East and Africa wealth business.
UBS Group AG is setting up a second Middle Eastern hub in Qatar that will eventually add investment banking and asset-management services to its wealth-management business as part of an expansion in the region.
The new Doha wealth office will open within weeks and UBS intends to hire about 20 people by the end of the year, a person briefed on the plans said, requesting anonymity because the details aren’t public. Appointments will include back office and support staff, as well as relationship managers to build business with Qatari clients, the person said.
The wealth management business will be tapping into a market where per-capita income is almost six times that of the world average, according to World Bank data. Having a presence on the ground also opens UBS to the opportunity of potentially managing assets on behalf of one of the world’s largest sovereign wealth funds, the Qatar Investment Authority.
Switzerland’s largest bank hired Tarek Eido from HSBC Holdings Plc to oversee its wealth management business in Qatar, starting March 1, according to a memo the bank sent to employees Friday and confirmed by a spokesperson. He will report to Ali Janoudi, who is responsible for the Middle East and Africa wealth business.
#Qatar Airways Set to Slash Thousands of More Jobs in Coming Weeks
Qatar Airways Set to Slash Thousands of More Jobs in Coming Weeks
Despite managing to grow its network to more than 120 destinations around the world even amidst ever-tightening travel restrictions prompted by a second wave of the Covid pandemic, Qatar Airways says it will be forced to lay off even more employees over the coming weeks.
During the first wave, Qatar Airways chief executive Akbar Al Baker told local television in Doha the airline had made around 15 per cent of its worldwide workforce redundant in order to cut costs in the face of plummeting demand for air travel.
In the next round of redundancies, Al Baker predicted that the airline would have to trim its workforce by a further 5 per cent. The redundancies will be in the thousands but Al Baker claims layoffs are significantly less than other airlines, especially regional rivals including the Dubai-based Emirates
“Every single airline has laid off people in very large numbers because large amounts of the fleet has been grounded,” Al Baker told Qatar TV. “When you look at [it] proportionality on Qatar Airways, we have done the minimum reduction.”
Despite managing to grow its network to more than 120 destinations around the world even amidst ever-tightening travel restrictions prompted by a second wave of the Covid pandemic, Qatar Airways says it will be forced to lay off even more employees over the coming weeks.
During the first wave, Qatar Airways chief executive Akbar Al Baker told local television in Doha the airline had made around 15 per cent of its worldwide workforce redundant in order to cut costs in the face of plummeting demand for air travel.
In the next round of redundancies, Al Baker predicted that the airline would have to trim its workforce by a further 5 per cent. The redundancies will be in the thousands but Al Baker claims layoffs are significantly less than other airlines, especially regional rivals including the Dubai-based Emirates
“Every single airline has laid off people in very large numbers because large amounts of the fleet has been grounded,” Al Baker told Qatar TV. “When you look at [it] proportionality on Qatar Airways, we have done the minimum reduction.”
Why #Dubai property prices are likely to fall further in 2021 - Arabianbusiness
Why Dubai property prices are likely to fall further in 2021 - Arabianbusiness
Property prices in Dubai are likely to fall further in 2021, albeit at a slower rate, despite a strong finish last year after the initial impact of the coronavirus pandemic, according to Chestertons.
The real estate consultants said Dubai’s residential sector enjoyed a comparatively strong second half of 2020, supported by an increase in completed property sales and continued tenant demand across more-established villa communities.
Its latest research showed that while the total value of residential property sales fell by almost 14 percent in 2020 to AED55.46 billion from AED64.34 billion in 2019, completed property sales gained pace over the second half of last year, reaching AED21.67 billion, up 35.5 percent from AED15.99 billion seen in H2 2019.
Chestertons said villa sales prices recorded a 3.6 percent decline in 2020, with the overall annual fall eased by a robust final quarter.
Apartment sales price declines were more pronounced, falling 9.5 percent year-on-year, with continued unit completions continuing to place downward pressure on values. In the rental sector, villa rents witnessed an annual fall of 5.3 percent while apartment rents fell by 12.4 percent.
Property prices in Dubai are likely to fall further in 2021, albeit at a slower rate, despite a strong finish last year after the initial impact of the coronavirus pandemic, according to Chestertons.
The real estate consultants said Dubai’s residential sector enjoyed a comparatively strong second half of 2020, supported by an increase in completed property sales and continued tenant demand across more-established villa communities.
Its latest research showed that while the total value of residential property sales fell by almost 14 percent in 2020 to AED55.46 billion from AED64.34 billion in 2019, completed property sales gained pace over the second half of last year, reaching AED21.67 billion, up 35.5 percent from AED15.99 billion seen in H2 2019.
Chestertons said villa sales prices recorded a 3.6 percent decline in 2020, with the overall annual fall eased by a robust final quarter.
Apartment sales price declines were more pronounced, falling 9.5 percent year-on-year, with continued unit completions continuing to place downward pressure on values. In the rental sector, villa rents witnessed an annual fall of 5.3 percent while apartment rents fell by 12.4 percent.
Brent Oil Within Sight of $60 on Expectations for Tight Supply - Bloomberg
Brent Oil Within Sight of $60 on Expectations for Tight Supply - Bloomberg
Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves.
Futures in London climbed for a sixth day as they close in on a level last reached in February 2020 before Covid-19 upended global energy markets. OPEC+ has pledged to keep draining a virus-driven surplus as inventories from China to the U.S. shrink. Saudi Arabia defied expectations for a reduction and left oil prices unchanged for Asia in another sign of market strength.
The most active Brent contract is up almost 8% this week, aided by a rally in stocks as earnings rebound and central banks remain supportive. Technical indicators suggest oil is due for a pullback, though. Relative strength indexes for Brent and West Texas Intermediate are at overbought levels.
Oil rose toward $60 a barrel on expectations OPEC+ is committed to restraining global supplies even as the demand outlook improves.
Futures in London climbed for a sixth day as they close in on a level last reached in February 2020 before Covid-19 upended global energy markets. OPEC+ has pledged to keep draining a virus-driven surplus as inventories from China to the U.S. shrink. Saudi Arabia defied expectations for a reduction and left oil prices unchanged for Asia in another sign of market strength.
The most active Brent contract is up almost 8% this week, aided by a rally in stocks as earnings rebound and central banks remain supportive. Technical indicators suggest oil is due for a pullback, though. Relative strength indexes for Brent and West Texas Intermediate are at overbought levels.
Oil climbs to highest in a year on U.S. growth optimism, crude supply restraint | Reuters
Oil climbs to highest in a year on U.S. growth optimism, crude supply restraint | Reuters
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.
Brent crude futures climbed 28 cents, or 0.5%, to $59.12 a barrel by 0730 GMT, after hitting a high of $59.41, its highest since Feb. 20 last year. Brent is on track to rise 6% this week.
U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.5%, to $56.52 a barrel, after touching a high of $56.84, its top since Jan. 22 last year. The benchmark contract is on track for a weekly gain of 8%.
“Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude,” said Vandana Hari, energy analyst at Vanda Insights.
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains on signs of economic growth in the United States and a continued commitment by producers to hold back crude supply.
Brent crude futures climbed 28 cents, or 0.5%, to $59.12 a barrel by 0730 GMT, after hitting a high of $59.41, its highest since Feb. 20 last year. Brent is on track to rise 6% this week.
U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.5%, to $56.52 a barrel, after touching a high of $56.84, its top since Jan. 22 last year. The benchmark contract is on track for a weekly gain of 8%.
“Rising confidence in an upturn in economic and oil demand recovery around the corner is a major impetus for crude,” said Vandana Hari, energy analyst at Vanda Insights.