Boris Johnson Names Edward Lister Special Gulf Envoy to Drive Investment - Bloomberg
U.K. Prime Minister Boris Johnson named Edward Lister, one of his longest serving advisers, as his new special envoy for the Gulf and special projects.
The role will “support the delivery of the prime minister’s ambitions for the U.K.’s relations with the Gulf,”’ according to an emailed statement from the Prime Minister’s Press Office. It includes strengthening links with the region to drive investment in the U.K., and promoting foreign policy priorities and regional stability.
Lister, who will take up his appointment on February 22, will report to the prime minister and work closely with the foreign secretary, secretary of state for international trade and the national security adviser.
Friday 12 February 2021
Oil edges higher on U.S. stimulus hopes, tighter supplies | Reuters
Oil edges higher on U.S. stimulus hopes, tighter supplies | Reuters
Oil prices climbed more than 2% on Friday, hitting the highest levels in more than a year on hopes a U.S. stimulus will boost the economy and fuel demand, as supplies tighten due largely to output cuts by top producing countries.
Brent crude settled up $1.29, or 2.1%, at $62.43 a barrel by 1:32 p.m. ET (1832 GMT) after rising to a session high of $62.83, the highest since Jan. 22, 2020. U.S. oil ended the session up $1.23, or 2.1%, at $59.47 after rising to a session high of $59.82, the highest since Jan. 9, 2020.
U.S. crude notched a weekly gain of about 4.7% while Brent rose 5.3% on the week.
U.S. President Joe Biden will meet with a bipartisan group of mayors and governors as he keeps pushing for approval of a $1.9 trillion coronavirus relief plan to bolster economic growth and help millions of unemployed workers.
Oil prices climbed more than 2% on Friday, hitting the highest levels in more than a year on hopes a U.S. stimulus will boost the economy and fuel demand, as supplies tighten due largely to output cuts by top producing countries.
Brent crude settled up $1.29, or 2.1%, at $62.43 a barrel by 1:32 p.m. ET (1832 GMT) after rising to a session high of $62.83, the highest since Jan. 22, 2020. U.S. oil ended the session up $1.23, or 2.1%, at $59.47 after rising to a session high of $59.82, the highest since Jan. 9, 2020.
U.S. crude notched a weekly gain of about 4.7% while Brent rose 5.3% on the week.
U.S. President Joe Biden will meet with a bipartisan group of mayors and governors as he keeps pushing for approval of a $1.9 trillion coronavirus relief plan to bolster economic growth and help millions of unemployed workers.
#Oman Air Flights Expansion Plan Scrapped, to Focus on Code-Share - Bloomberg
Oman Air Flights Expansion Plan Scrapped, to Focus on Code-Share - Bloomberg
Oman Air, the state-run carrier, has abandoned a planned expansion and now aims to reduce its fleet and focus more on code-sharing with other airlines as restrictions to curb the pandemic slash demand for flights.
“Going to 70 aircraft, the risks would have been quite high for the country and the airline,” company chairman Mohammed Al-Barwani told local website WAF Oman. Instead the carrier will target a fleet of 36 planes, down from the current 50.
Last month, Oman decided to dissolve its air transportation services company, Oman Aviation Group, and divide its operations between the national carrier and the country’s airport management firm.
Oman Air, the state-run carrier, has abandoned a planned expansion and now aims to reduce its fleet and focus more on code-sharing with other airlines as restrictions to curb the pandemic slash demand for flights.
“Going to 70 aircraft, the risks would have been quite high for the country and the airline,” company chairman Mohammed Al-Barwani told local website WAF Oman. Instead the carrier will target a fleet of 36 planes, down from the current 50.
Last month, Oman decided to dissolve its air transportation services company, Oman Aviation Group, and divide its operations between the national carrier and the country’s airport management firm.
Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market - Bloomberg
Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market - Bloomberg
Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.
Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.
Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.
Oil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.
Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with the International Energy Agency cutting its demand forecast for 2021 and describing the market as fragile. The U.S. government earlier this week also predicted the nation’s petroleum demand will likely need much more time to recover.
Despite the bearish sentiment, oil is still set to eke out a weekly gain and some are optimistic on the longer term outlook, including the IEA. The market is tightening, traders such as Trafigura Group see prices moving higher, and Citigroup Inc. is predicting Brent crude may hit $70 a barrel by year-end.
Oil loses more steam after OPEC reduced demand forecast | Reuters
Oil loses more steam after OPEC reduced demand forecast | Reuters
Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the market was still over-supplied.
Brent crude was down 39 cents, or 0.6% at $60.75 a barrel by 0743 GMT, having dropped half a percent the previous session. U.S. oil was down 44 cents, or 0.8% at $57.80 a barrel, after falling by 0.8% on Thursday.
Both benchmarks closed on Wednesday at their highest levels since January 2020 after a nearly record-setting run of consecutive daily gains.
Oil prices have risen over the last few weeks as OPEC and other producers in the group known as OPEC+ cut production, while Saudi Arabia also promised unilateral reductions in output that started this month.
“OPEC production is likely to fall this month led by declines in Saudi Arabia and Libya. This should deepen the global market deficit and support prices,” said Capital Economics.
Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the market was still over-supplied.
Brent crude was down 39 cents, or 0.6% at $60.75 a barrel by 0743 GMT, having dropped half a percent the previous session. U.S. oil was down 44 cents, or 0.8% at $57.80 a barrel, after falling by 0.8% on Thursday.
Both benchmarks closed on Wednesday at their highest levels since January 2020 after a nearly record-setting run of consecutive daily gains.
Oil prices have risen over the last few weeks as OPEC and other producers in the group known as OPEC+ cut production, while Saudi Arabia also promised unilateral reductions in output that started this month.
“OPEC production is likely to fall this month led by declines in Saudi Arabia and Libya. This should deepen the global market deficit and support prices,” said Capital Economics.