Oil nudges down but secures weekly gain on recovery hopes | Reuters
Oil settled modestly lower on Friday but secured a weekly gain on a stronger demand outlook and signs of economic recovery in China and the United States that offset concerns about rising COVID-19 infections in other major economies.
Brent crude settled down 17 cents, or 0.3%, at $66.77 a barrel. The global benchmark finished up 6% on the week after rising in the past four sessions.
U.S. West Texas Intermediate (WTI) crude settled down 33 cents, or 0.5%, at$63.13.
China's first-quarter gross domestic product jumped 18.3% year on year, official data showed. read more That followed a big increase in U.S. retail sales and a drop in unemployment claims released on Thursday.
Friday, 16 April 2021
Oil rises to $67, heads for weekly gain on demand hopes | Reuters
Oil rises to $67, heads for weekly gain on demand hopes | Reuters
Oil rose to $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims.
“Given the improving outlook for the world’s two biggest economies, there is little chance of the market’s feel-good glow being extinguished any time soon,” said Stephen Brennock of oil broker PVM.
Brent crude rose 8 cents, or 0.1%, to $67.02 a barrel by 1145 GMT, on track for a weekly gain of 6.3% after rising for five straight sessions. U.S. West Texas Intermediate (WTI) crude fell 14 cents, or 0.2%, to $63.32.
Oil rose to $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims.
“Given the improving outlook for the world’s two biggest economies, there is little chance of the market’s feel-good glow being extinguished any time soon,” said Stephen Brennock of oil broker PVM.
Brent crude rose 8 cents, or 0.1%, to $67.02 a barrel by 1145 GMT, on track for a weekly gain of 6.3% after rising for five straight sessions. U.S. West Texas Intermediate (WTI) crude fell 14 cents, or 0.2%, to $63.32.
Shrinking population to continue to put pressure on #UAE property prices - Arabianbusiness
Shrinking population to continue to put pressure on UAE property prices - Arabianbusiness
Pre-coronavirus pandemic population levels in the UAE are not expected to return until late 2022 at the earliest, impacting the country's real estate market recovery, according to new research.
Knight Frank's UAE Property Value 2021 Movement report said the resulting lower level of demand for real estate will be further compounded by a continuing influx of new supply, particularly in Dubai.
This is likely to continue to put pressure on property prices during 2021, Knight Frank noted.
"With population levels in Abu Dhabi and Dubai estimated to have declined by roughly 5 percent in 2020, growing levels of supply and existing vacancy levels, residential property values in both emirates fell in 2020. Whilst population growth is expected to return in 2021, it will likely not be at least until late 2022 before we see population levels return to their pre-pandemic levels," the real estate consultants said.
Pre-coronavirus pandemic population levels in the UAE are not expected to return until late 2022 at the earliest, impacting the country's real estate market recovery, according to new research.
Knight Frank's UAE Property Value 2021 Movement report said the resulting lower level of demand for real estate will be further compounded by a continuing influx of new supply, particularly in Dubai.
This is likely to continue to put pressure on property prices during 2021, Knight Frank noted.
"With population levels in Abu Dhabi and Dubai estimated to have declined by roughly 5 percent in 2020, growing levels of supply and existing vacancy levels, residential property values in both emirates fell in 2020. Whilst population growth is expected to return in 2021, it will likely not be at least until late 2022 before we see population levels return to their pre-pandemic levels," the real estate consultants said.
Oil climbs to four-week high on strong China data, demand revival | Reuters
Oil climbs to four-week high on strong China data, demand revival | Reuters
Oil prices extended gains on Friday and were on course for a weekly gain of about 7% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections.
Brent crude futures rose 30 cents, or 0.5%, to $67.24 a barrel at 0551 GMT, following a 36 cent rise on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were 28 cents, or 0.4%, higher to $63.74 a barrel, after climbing 31 cents on Thursday.
China's 2021 net crude oil imports are forecast to grow 3.4% this year versus 2020 to about 11.2 million barrels per day, a unit of top oil and gas group China National Petroleum Company said.
Oil prices extended gains on Friday and were on course for a weekly gain of about 7% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections.
Brent crude futures rose 30 cents, or 0.5%, to $67.24 a barrel at 0551 GMT, following a 36 cent rise on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were 28 cents, or 0.4%, higher to $63.74 a barrel, after climbing 31 cents on Thursday.
China's 2021 net crude oil imports are forecast to grow 3.4% this year versus 2020 to about 11.2 million barrels per day, a unit of top oil and gas group China National Petroleum Company said.
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