Oil climbs 1% on economic recovery hopes despite fresh Asian restrictions | Reuters
Oil prices rose more than 1% on Monday, lifted by European economic reopenings and rising U.S. demand after prices fell earlier due to surging coronavirus cases in Asia and underwhelming Chinese manufacturing data.
Brent crude ended the session up 75 cents, or 1.1%, at $69.46 a barrel and West Texas Intermediate (WTI) crude settled 90 cents, or 1.4%, higher at $66.27.
The British economy reopened, giving 65 million people a measure of freedom after a four-month COVID-19 lockdown.
With accelerating vaccination rates, France and Spain have relaxed COVID-related restrictions, and on Saturday, Portugal and the Netherlands eased travel restrictions.
Monday 17 May 2021
Oil Extends Gain With Market Eying Summer Demand Recovery - Bloomberg
Oil Extends Gain With Market Eying Summer Demand Recovery - Bloomberg
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Futures in New York climbed as much as 1.4% on Monday. The U.S. and China, along with parts of Europe, are rapidly recovering from the pandemic as vaccinations accelerate. In the U.S., passengers at airports jumped to the highest since the pandemic began. However, Indian fuel demand continued to weaken in the first half of May. The oil market’s structure is showing signs of strength. The premium for global benchmark Brent’s nearest contract over the next one has started widening again, signaling a tightening market. “More reopenings in Europe, consumer confidence and travel normalizing” are all boosting confidence in a demand rebound, said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago. In the U.S., “more and more people are getting vaccinated and those people are now traveling.”  |
Emirates Chairman on Summer Re-opening, #Israel - Bloomberg video
Emirates Chairman on Summer Re-opening, Israel - Bloomberg
Emirates Chairman Sheikh Ahmed Bin Saeed Al Maktoum says he doesn't think the U.K. Is transparent enough with its re-opening plans. Speaking to Bloomberg's Manus Cranny, the airline chairman discussed the tensions around Israel in the region, his outlook on the summer, and who is likely to be the successor to outgoing president Tim Clark. (Source: Bloomberg)
#Iran's Petropars to develop Farzad B gas field, Oil minister says | Reuters
Iran's Petropars to develop Farzad B gas field, Oil minister says | Reuters
Iran has signed a $1.78 billion contract with Petropars Group to develop the country's Farzad B gas field, Oil Ministry website SHANA said on Monday, after the failure of talks with Indian companies to develop the offshore site.
Under the deal, the subsidiary of state-run National Iranian Oil Co (NIOC) will produce 1 billion cubic feet of gas per day within five years from the field, which is estimated to hold 22 trillion cubic feet (tcf) of reserves, of which 16 tcf are deemed recoverable.
"Today is an important day ... The contract to develop Farzad B gas field was signed between the National Iranian Oil Co. as the employer and Petropars Group as the contractor," SHANA quoted Iranian Oil Minister Bijan Zanganeh as saying.
Indian companies led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, discovered the field in 2008, but talks on development rights came to nothing after former U.S. President Donald Trump withdrew from the 2015 international nuclear pact with Iran three years ago and reimposed U.S. sanctions against Tehran.
"The Indians were not willing to take part in the project. We negotiated with them twice ... but they refused to develop the field due to sanctions," Zanganeh said.
Foreign businesses of all types have stopped doing business with Iran for fear of U.S. penalties.
U.S. President Joe Biden's administration and Iran have been involved in indirect talks to revive the pact under which Tehran curbed its nuclear activities in exchange for a lifting of sanctions.
Iran has signed a $1.78 billion contract with Petropars Group to develop the country's Farzad B gas field, Oil Ministry website SHANA said on Monday, after the failure of talks with Indian companies to develop the offshore site.
Under the deal, the subsidiary of state-run National Iranian Oil Co (NIOC) will produce 1 billion cubic feet of gas per day within five years from the field, which is estimated to hold 22 trillion cubic feet (tcf) of reserves, of which 16 tcf are deemed recoverable.
"Today is an important day ... The contract to develop Farzad B gas field was signed between the National Iranian Oil Co. as the employer and Petropars Group as the contractor," SHANA quoted Iranian Oil Minister Bijan Zanganeh as saying.
Indian companies led by ONGC Videsh, the foreign investment arm of Oil and Natural Gas Corp, discovered the field in 2008, but talks on development rights came to nothing after former U.S. President Donald Trump withdrew from the 2015 international nuclear pact with Iran three years ago and reimposed U.S. sanctions against Tehran.
"The Indians were not willing to take part in the project. We negotiated with them twice ... but they refused to develop the field due to sanctions," Zanganeh said.
Foreign businesses of all types have stopped doing business with Iran for fear of U.S. penalties.
U.S. President Joe Biden's administration and Iran have been involved in indirect talks to revive the pact under which Tehran curbed its nuclear activities in exchange for a lifting of sanctions.
#Saudi sovereign fund PIF boosts U.S. equities exposure to over $15 billion | Reuters
Saudi sovereign fund PIF boosts U.S. equities exposure to over $15 billion | Reuters
Saudi Arabia’s sovereign wealth fund has increased its U.S. stock holdings to $15.4 billion in the first quarter from nearly $12.8 billion at the end of 2020, according to a U.S. regulatory filing on Monday.
The Public Investment Fund (PIF) bought 2.9 million class A shares in SoftBank Group Corp-backed Coupang Inc, equivalent to $141 million, and dissolved its share stake in Suncor Energy, according to a Securities and Exchange Commission filing.
It more than doubled its position in Activision Blizzard to 33.4 million shares from 15 million shares at the end of the fourth quarter, which led it to a $3.1 billion exposure from $1.4 billion.
The fund increased its shares in Electronic Arts Inc to 14.2 million, equivalent to $1.9 billion, from a $1.1 billion position at the end of the previous quarter.
PIF, which did not immediately respond to a comment request on the filing, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The $400 billion fund is expected to inject at least $40 billion annually in the local economy until 2025, and increase its assets to $1 trillion by that date, which would make it one of the world’s biggest sovereign wealth funds.
“PIF would have wanted to take advantage of the bullish sentiment in equity markets in Q1 to make opportunistic investments and add to its portfolio,” said Rachna Uppal, director of research at Azure Strategy.
“In line with domestic efforts to achieve the objectives of Vision 2030, the Saudis also appear to be favouring investments into sectors such as technology, mobility, and especially future mobility, tourism and entertainment,” she said.
At the start of last year PIF piled up minority stakes in companies worldwide, taking advantage of market weakness caused by the coronavirus crisis.
Monday’s filing showed the value of its biggest U.S. stock holding, Uber Technologies, rose to nearly $4 billion in the first quarter, from $3.7 billion as of Dec. 31, as the ride-hailing company’s shares gained value during the period.
PIF was an early investor in Uber, taking a $3.5 billion stake in 2016, three years before its listing in 2019.
Saudi Arabia’s sovereign wealth fund has increased its U.S. stock holdings to $15.4 billion in the first quarter from nearly $12.8 billion at the end of 2020, according to a U.S. regulatory filing on Monday.
The Public Investment Fund (PIF) bought 2.9 million class A shares in SoftBank Group Corp-backed Coupang Inc, equivalent to $141 million, and dissolved its share stake in Suncor Energy, according to a Securities and Exchange Commission filing.
It more than doubled its position in Activision Blizzard to 33.4 million shares from 15 million shares at the end of the fourth quarter, which led it to a $3.1 billion exposure from $1.4 billion.
The fund increased its shares in Electronic Arts Inc to 14.2 million, equivalent to $1.9 billion, from a $1.1 billion position at the end of the previous quarter.
PIF, which did not immediately respond to a comment request on the filing, is at the centre of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.
The $400 billion fund is expected to inject at least $40 billion annually in the local economy until 2025, and increase its assets to $1 trillion by that date, which would make it one of the world’s biggest sovereign wealth funds.
“PIF would have wanted to take advantage of the bullish sentiment in equity markets in Q1 to make opportunistic investments and add to its portfolio,” said Rachna Uppal, director of research at Azure Strategy.
“In line with domestic efforts to achieve the objectives of Vision 2030, the Saudis also appear to be favouring investments into sectors such as technology, mobility, and especially future mobility, tourism and entertainment,” she said.
At the start of last year PIF piled up minority stakes in companies worldwide, taking advantage of market weakness caused by the coronavirus crisis.
Monday’s filing showed the value of its biggest U.S. stock holding, Uber Technologies, rose to nearly $4 billion in the first quarter, from $3.7 billion as of Dec. 31, as the ride-hailing company’s shares gained value during the period.
PIF was an early investor in Uber, taking a $3.5 billion stake in 2016, three years before its listing in 2019.
Mideast Stocks: Major Gulf markets gain as financials rise; #Qatar falls | ZAWYA MENA Edition
Mideast Stocks: Major Gulf markets gain as financials rise; Qatar falls | ZAWYA MENA Edition
Most major stock markets in the Gulf ended higher on Monday as financial shares rose, while the Qatari index was hit by profit-taking.
Saudi Arabia's benchmark index added 0.7%, with Al Rajhi Bank rising 1.9%.
The kingdom plans to reopen to foreign tourists soon, a senior tourism official said on Monday. It recently announced the lifting of quarantine restrictions for certain foreign arrivals.
Saudi Arabia liberalised its tourism industry in 2019, making it easier for foreigners to apply for tourist visas to the kingdom, which has been relatively closed off for decades.
In Dubai, the main share index gained 0.3%, helped by a 2% rise in its top lender Emirates NBD.
Last week, investment bank J.P. Morgan Cazenove raised its target price for the bank's shares to 14.15 dirhams with an upgrade to overweight.
Dubai's ruler has dissolved a special tribunal formed after the global financial crisis over a decade ago to settle disputes related to real estate lenders Amlak Finance and Tamweel.
Amlak Finance dropped 2.4%.
The Abu Dhabi benchmark rose 0.8%, with the country's largest lender First Abu Dhabi Bank rising 1.2%.
On Sunday, the bank surged over 10% on expectations that an upcoming review by MSCI of its emerging markets index will increase the bank's index weighting and spur foreign fund flows into its shares.
Elsewhere, Abu Dhabi Islamic Bank jumped more than 4%, as the lender partnered with FIS, a technology solutions provider, to modernize its digital payment services and to provide instant payments to its customers.
The Qatari index, which traded after a three-session break, finished 1.2% lower as most of the stocks on the index were in negative territory.
Petrochemical maker Industries Qatar slid 4.1%, to become the top loser on the index.
Most major stock markets in the Gulf ended higher on Monday as financial shares rose, while the Qatari index was hit by profit-taking.
Saudi Arabia's benchmark index added 0.7%, with Al Rajhi Bank rising 1.9%.
The kingdom plans to reopen to foreign tourists soon, a senior tourism official said on Monday. It recently announced the lifting of quarantine restrictions for certain foreign arrivals.
Saudi Arabia liberalised its tourism industry in 2019, making it easier for foreigners to apply for tourist visas to the kingdom, which has been relatively closed off for decades.
In Dubai, the main share index gained 0.3%, helped by a 2% rise in its top lender Emirates NBD.
Last week, investment bank J.P. Morgan Cazenove raised its target price for the bank's shares to 14.15 dirhams with an upgrade to overweight.
Dubai's ruler has dissolved a special tribunal formed after the global financial crisis over a decade ago to settle disputes related to real estate lenders Amlak Finance and Tamweel.
Amlak Finance dropped 2.4%.
The Abu Dhabi benchmark rose 0.8%, with the country's largest lender First Abu Dhabi Bank rising 1.2%.
On Sunday, the bank surged over 10% on expectations that an upcoming review by MSCI of its emerging markets index will increase the bank's index weighting and spur foreign fund flows into its shares.
Elsewhere, Abu Dhabi Islamic Bank jumped more than 4%, as the lender partnered with FIS, a technology solutions provider, to modernize its digital payment services and to provide instant payments to its customers.
The Qatari index, which traded after a three-session break, finished 1.2% lower as most of the stocks on the index were in negative territory.
Petrochemical maker Industries Qatar slid 4.1%, to become the top loser on the index.
#Dubai's Marina 101: Property owners willing to spend 'few millions' to finish much-delayed skyscraper | Property – Gulf News
Dubai's Marina 101: Property owners willing to spend 'few millions' to finish much-delayed skyscraper | Property – Gulf News
Property buyers in Marina 101, the much-delayed skyscraper project at Dubai Marina, are willing to put together a “few more millions” of theirs if it means construction can be completed and they finally get to move into their apartments.
Another Dh15 million to Dh20 million will be required to complete the 101-storey structure, according to some estimates. If no outside investor is willing to take on the project, the property owners say they are willing to do whatever’s possible to put together the sums needed.
These buyers now hope to present their situation to the newly created judicial entity in Dubai, set up to fast-track revival of shelved or delayed projects. The entity has been empowered to take speedy decisions on all such pending work and, most important, ensure that investors’ rights are taken care of.
Marina 101, which launched in 2005, was stuck at the “97.3 per cent” completion stage when construction stopped in 2019 over the developer’s debt issues. Lender banks then tried to revive the project and bring on a new developer-investor to take it to completion. In February this year, such a deal was close to being finalized, according to sources in the know.
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Property buyers in Marina 101, the much-delayed skyscraper project at Dubai Marina, are willing to put together a “few more millions” of theirs if it means construction can be completed and they finally get to move into their apartments.
Another Dh15 million to Dh20 million will be required to complete the 101-storey structure, according to some estimates. If no outside investor is willing to take on the project, the property owners say they are willing to do whatever’s possible to put together the sums needed.
These buyers now hope to present their situation to the newly created judicial entity in Dubai, set up to fast-track revival of shelved or delayed projects. The entity has been empowered to take speedy decisions on all such pending work and, most important, ensure that investors’ rights are taken care of.
Marina 101, which launched in 2005, was stuck at the “97.3 per cent” completion stage when construction stopped in 2019 over the developer’s debt issues. Lender banks then tried to revive the project and bring on a new developer-investor to take it to completion. In February this year, such a deal was close to being finalized, according to sources in the know.
Sequoia Enters Mideast, Teams Up With Firm That Hired Mesut Ozil - Bloomberg
Sequoia Enters Mideast, Teams Up With Firm That Hired Mesut Ozil - Bloomberg
Sequoia Capital has made its first investment in the Middle East by partnering with a venture capital fund that hired soccer star Mesut Ozil last year.
The U.S. venture capital firm led an initial funding round for Egyptian digital banking app Telda, with participation from Berlin-based Global Founders Capital and Class 5 Global, which Ozil joined as a strategic adviser. Telda said it raised $5 million.
Digital banks have taken off with the spread of finance technology in a region where millions lack access to banking services. Egypt, the most populous Arab nation, is among the 10 countries most reliant on cash and with the highest share of the unbanked population, according to an estimate by the Merchant Machine website.
Sequoia Capital has made its first investment in the Middle East by partnering with a venture capital fund that hired soccer star Mesut Ozil last year.
The U.S. venture capital firm led an initial funding round for Egyptian digital banking app Telda, with participation from Berlin-based Global Founders Capital and Class 5 Global, which Ozil joined as a strategic adviser. Telda said it raised $5 million.
Digital banks have taken off with the spread of finance technology in a region where millions lack access to banking services. Egypt, the most populous Arab nation, is among the 10 countries most reliant on cash and with the highest share of the unbanked population, according to an estimate by the Merchant Machine website.
#Dubai ruler dissolves tribunal for settling disputes with home lenders | Reuters
Dubai ruler dissolves tribunal for settling disputes with home lenders | Reuters
Dubai's ruler dissolved by decree a special tribunal formed after the global financial crisis over a decade ago to settle disputes related to real estate lenders Amlak Finance and Tamweel, the government media office said on Twitter on Monday.
Sheikh Mohammed Bin Rashid Al Maktoum ordered the creation of the special judicial committee in 2009 to protect creditors of mortgage lenders Amlak and Tamweel following the debt and property crisis that wobbled the emirate's economy.
"Pursuant to the Decree, all complaint and lawsuits that have been reviewed by the Special Tribunal and haven't received a final judgment will be referred to the concerned Court of First Instance at Dubai Courts," a statement on Sheikh Mohammed's website said.
Dubai's ruler dissolved by decree a special tribunal formed after the global financial crisis over a decade ago to settle disputes related to real estate lenders Amlak Finance and Tamweel, the government media office said on Twitter on Monday.
Sheikh Mohammed Bin Rashid Al Maktoum ordered the creation of the special judicial committee in 2009 to protect creditors of mortgage lenders Amlak and Tamweel following the debt and property crisis that wobbled the emirate's economy.
"Pursuant to the Decree, all complaint and lawsuits that have been reviewed by the Special Tribunal and haven't received a final judgment will be referred to the concerned Court of First Instance at Dubai Courts," a statement on Sheikh Mohammed's website said.
Column: Global crude oil bulls are running past China, India bears | Reuters
Column: Global crude oil bulls are running past China, India bears | Reuters
Asia may be a late arrival to the impending crude oil party.
The oil market is largely convinced that a strong recovery in demand is imminent, based on the view that the world is recovering from the coronavirus pandemic and economies are rebounding.
Although this may be true for North America and Europe, the top oil-consuming region of Asia is looking somewhat less optimistic, with crude demand in top importers China and India presenting a mixed outlook.
China, the world’s biggest crude buyer, looks set for another month of modest imports in May, as several refineries undergo scheduled maintenance.
India, Asia’s second-biggest importer, also is on track to record a soft May import number, even before the impact of the current coronavirus wave on demand shows up in monthly purchases.
While these are both likely temporary factors, it does signal that the pick-up in Asia’s crude oil demand may not be as rapid as what most analysts are expecting for the rest of the major consuming regions.
China’s seaborne and pipeline crude imports for May are estimated at 43.3 million tonnes, equivalent to about 10.24 million barrels per day (bpd), according to Refinitiv Oil Research.
About 1.2 million bpd of refining capacity is offline in China in May, according to Refinitiv, with most scheduled to restart by the end of June.
Asia may be a late arrival to the impending crude oil party.
The oil market is largely convinced that a strong recovery in demand is imminent, based on the view that the world is recovering from the coronavirus pandemic and economies are rebounding.
Although this may be true for North America and Europe, the top oil-consuming region of Asia is looking somewhat less optimistic, with crude demand in top importers China and India presenting a mixed outlook.
China, the world’s biggest crude buyer, looks set for another month of modest imports in May, as several refineries undergo scheduled maintenance.
India, Asia’s second-biggest importer, also is on track to record a soft May import number, even before the impact of the current coronavirus wave on demand shows up in monthly purchases.
While these are both likely temporary factors, it does signal that the pick-up in Asia’s crude oil demand may not be as rapid as what most analysts are expecting for the rest of the major consuming regions.
China’s seaborne and pipeline crude imports for May are estimated at 43.3 million tonnes, equivalent to about 10.24 million barrels per day (bpd), according to Refinitiv Oil Research.
About 1.2 million bpd of refining capacity is offline in China in May, according to Refinitiv, with most scheduled to restart by the end of June.
#AbuDhabi's ADNOC in early talks with investors ahead of drilling unit IPO-sources | Reuters
Abu Dhabi's ADNOC in early talks with investors ahead of drilling unit IPO-sources | Reuters
Abu Dhabi National Oil Company (ADNOC) has started virtual meetings with potential investors ahead of the planned initial public offering of its drilling unit, two sources told Reuters.
Banks working on ADNOC Drilling are scheduling calls with local, regional and international institutional investors to sound out appetite for the potential sale, said the sources, declining to be named as the matter is not public.
The meetings are described as an early look engagement, one of the sources said, where the company that is set for a public share sale is introduced and feedback is sourced from investors.
ADNOC, which supplies nearly 3% of global oil demand, declined to comment when contacted by Reuters on Monday.
It is planning to take the unit public in the third quarter, one of the sources said previously. The company could raise at least $1 billion from the share sale, the source said.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The drilling business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
ADNOC has invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month.
ADNOC Chief Executive Sultan al-Jaber has been the main architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.
The group is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.
Abu Dhabi National Oil Company (ADNOC) has started virtual meetings with potential investors ahead of the planned initial public offering of its drilling unit, two sources told Reuters.
Banks working on ADNOC Drilling are scheduling calls with local, regional and international institutional investors to sound out appetite for the potential sale, said the sources, declining to be named as the matter is not public.
The meetings are described as an early look engagement, one of the sources said, where the company that is set for a public share sale is introduced and feedback is sourced from investors.
ADNOC, which supplies nearly 3% of global oil demand, declined to comment when contacted by Reuters on Monday.
It is planning to take the unit public in the third quarter, one of the sources said previously. The company could raise at least $1 billion from the share sale, the source said.
ADNOC Drilling owns and operates a large fleet of rigs, including 75 onshore rigs, 20 offshore jackup rigs, and 11 well water rigs, according to its website.
The drilling business is critical for ADNOC’s upstream operations, helping the oil company reach its production targets.
ADNOC has invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month.
ADNOC Chief Executive Sultan al-Jaber has been the main architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.
The group is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.
First #Saudi Tech Startup That Could Go Public Picks HSBC for IPO - Bloomberg
First Saudi Tech Startup That Could Go Public Picks HSBC for IPO - Bloomberg
Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.
Founded in 2016, the homegrown firm serves around 2 million customers in the kingdom, and processed about 20 million restaurant orders through its app in 2020, it said on Monday, without disclosing details about its potential valuation. It closed a $36.5 million funding round last year.
“We will continue to expand our platform to tap into new growth opportunities offered by rapid, technology-enabled changes in consumer behavior, both in Saudi Arabia and in the wider region,” said Ghassab Al Mandeel, chief executive officer at Jahez.
Food delivery companies have been flooded with cash from investors betting the pandemic brought a permanent shift in shopper habits.
Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.
Founded in 2016, the homegrown firm serves around 2 million customers in the kingdom, and processed about 20 million restaurant orders through its app in 2020, it said on Monday, without disclosing details about its potential valuation. It closed a $36.5 million funding round last year.
“We will continue to expand our platform to tap into new growth opportunities offered by rapid, technology-enabled changes in consumer behavior, both in Saudi Arabia and in the wider region,” said Ghassab Al Mandeel, chief executive officer at Jahez.
Food delivery companies have been flooded with cash from investors betting the pandemic brought a permanent shift in shopper habits.
Oil eases as Asia's COVID-19 restrictions dampen sentiment | Reuters
Oil eases as Asia's COVID-19 restrictions dampen sentiment | Reuters
Oil prices drifted lower on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia sparked by surging COVID-19 cases weighed on sentiment.
Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline’s 5,500-mile (8,900-km) system recovered from a crippling cyberattack.
Brent crude oil futures fell 21 cents, or 0.3%, to $68.50 a barrel as of 0639 GMT, and West Texas Intermediate (WTI) crude eased 9 cents, or 0.1%, to $65.28. Both were in positive territory earlier in the Asian session.
The two contracts jumped nearly 2.5% on Friday and managed to book a small gain last week, marking a third consecutive weekly increase.
“The market has no clear direction today though a new wave of restrictions to curb the pandemic in Asia is chilling the market mood,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.
Oil prices drifted lower on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia sparked by surging COVID-19 cases weighed on sentiment.
Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline’s 5,500-mile (8,900-km) system recovered from a crippling cyberattack.
Brent crude oil futures fell 21 cents, or 0.3%, to $68.50 a barrel as of 0639 GMT, and West Texas Intermediate (WTI) crude eased 9 cents, or 0.1%, to $65.28. Both were in positive territory earlier in the Asian session.
The two contracts jumped nearly 2.5% on Friday and managed to book a small gain last week, marking a third consecutive weekly increase.
“The market has no clear direction today though a new wave of restrictions to curb the pandemic in Asia is chilling the market mood,” said Satoru Yoshida, a commodity analyst with Rakuten Securities.
MIDEAST STOCKS Most major Gulf markets rise in early trade; #Qatar dips | Reuters
MIDEAST STOCKS Most major Gulf markets rise in early trade; Qatar dips | Reuters
Most major stock markets in the Gulf rose in early trade on Monday, driven by gains in the financial sector, although Qatar bucked the trend to trade lower.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) rising 0.9% and Saudi Telecom Company (7010.SE) up 0.8%.
The kingdom announced on Sunday that foreign visitors arriving by air from most countries will no longer need to quarantine if they have been vaccinated against COVID-19. read more
Visitors from 20 other countries - including the United States, India, Britain, Germany, France and the United Arab Emirates - remain banned from entering the kingdom, however, under measures to curb the spread of the coronavirus.
In Dubai, the main share index (.DFMGI) rose 0.7%, led by a 1.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU).
The Abu Dhabi index (.ADI) added 0.4%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1.3%.
On Sunday, the bank surged over 10% on expectations that an upcoming review by MSCI of its emerging markets index will increase the bank's index weighting and spur foreign fund flows into its shares.
However, the index's gains were capped by losses at aquaculture firm International Holding (IHC.AD).
The Qatar benchmark (.QSI), which traded after a three-session break, retreated 1.1% as most of the stocks on the index were in negative territory.
Petrochemical maker Industries Qatar (IQCD.QA) dropped 3.6%, while utility firm Qatar Electricity and Water (QEWC.QA) declined 2.8%.
Most major stock markets in the Gulf rose in early trade on Monday, driven by gains in the financial sector, although Qatar bucked the trend to trade lower.
Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) rising 0.9% and Saudi Telecom Company (7010.SE) up 0.8%.
The kingdom announced on Sunday that foreign visitors arriving by air from most countries will no longer need to quarantine if they have been vaccinated against COVID-19. read more
Visitors from 20 other countries - including the United States, India, Britain, Germany, France and the United Arab Emirates - remain banned from entering the kingdom, however, under measures to curb the spread of the coronavirus.
In Dubai, the main share index (.DFMGI) rose 0.7%, led by a 1.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU).
The Abu Dhabi index (.ADI) added 0.4%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) rising 1.3%.
On Sunday, the bank surged over 10% on expectations that an upcoming review by MSCI of its emerging markets index will increase the bank's index weighting and spur foreign fund flows into its shares.
However, the index's gains were capped by losses at aquaculture firm International Holding (IHC.AD).
The Qatar benchmark (.QSI), which traded after a three-session break, retreated 1.1% as most of the stocks on the index were in negative territory.
Petrochemical maker Industries Qatar (IQCD.QA) dropped 3.6%, while utility firm Qatar Electricity and Water (QEWC.QA) declined 2.8%.
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