Oil settles up near 3-year highs on signs of demand growth | Reuters
Oil prices steadied on Thursday, holding close to their highest in almost three years, supported by drawdowns in U.S. inventories and accelerating German economic activity.
Prices also drew support from doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.
Brent settled up 37 cents, or 0.5%, to $75.56 a barrel by 12:28 p.m. EDT (1628 GMT), after earlier rising to $75.78. U.S. crude settled up 22 cent to $73.30 a barrel, after hitting a session high of $73.61 earlier.
On Wednesday, both benchmarks hit their highest since October 2018.
Thursday, 24 June 2021
#AbuDhabi all set for another mega-merger after Arkan approves Emirates Steel takeover | Markets – Gulf News
Abu Dhabi all set for another mega-merger after Arkan approves Emirates Steel takeover | Markets – Gulf News
Abu Dhabi is signing off on another massive merger move - Arkan Building Materials Company will proceed with a "strategic transaction" to acquire the Abu Dhabi-based Emirates Steel Industries. This follows the approval granted by the Board of Directors at Arkan.
Arkan shareholders are now to approve the offer received from General Holding Corporation (or Senaat) on May 9 to acquire Senaat's wholly-owned subsidiary Emirates Steel. The key terms of Senaat’s offer are to transfer Emirates Steel to Arkan with the issuance by Arkan to Senaat of a convertible instrument.
On closing of the transaction, the convertible instrument would automatically convert into 5.1 billion ordinary shares in Arkan at a fixed price of Dh0.798 a share. Following the conversion, Senaat would own 87.5 per cent of the entire issued share capital of Arkan.
All good to go
Jamal Salem Al Dhaheri, Chairman of Arkan, said: “Arkan is poised to capitalize on emerging opportunities in the construction and building materials sectors, as the world begins to recover from the COVID-19 pandemic. This transaction with Emirates Steel will accelerate our ambitions by combining two sector leaders in the UAE, thereby expanding our product portfolio and order book significantly.
“The deal has substantial value-enhancing potential, and we expect it to be accretive for Arkan’s shareholders. It will strengthen Arkan’s balance-sheet and financial performance, deliver greater international scale, and position Arkan to become an entry point for investing in a key regional sector while playing a key role in the UAE’s Industrial Strategy ‘Operation 300 Billon'.”
Abu Dhabi is signing off on another massive merger move - Arkan Building Materials Company will proceed with a "strategic transaction" to acquire the Abu Dhabi-based Emirates Steel Industries. This follows the approval granted by the Board of Directors at Arkan.
Arkan shareholders are now to approve the offer received from General Holding Corporation (or Senaat) on May 9 to acquire Senaat's wholly-owned subsidiary Emirates Steel. The key terms of Senaat’s offer are to transfer Emirates Steel to Arkan with the issuance by Arkan to Senaat of a convertible instrument.
On closing of the transaction, the convertible instrument would automatically convert into 5.1 billion ordinary shares in Arkan at a fixed price of Dh0.798 a share. Following the conversion, Senaat would own 87.5 per cent of the entire issued share capital of Arkan.
All good to go
Jamal Salem Al Dhaheri, Chairman of Arkan, said: “Arkan is poised to capitalize on emerging opportunities in the construction and building materials sectors, as the world begins to recover from the COVID-19 pandemic. This transaction with Emirates Steel will accelerate our ambitions by combining two sector leaders in the UAE, thereby expanding our product portfolio and order book significantly.
“The deal has substantial value-enhancing potential, and we expect it to be accretive for Arkan’s shareholders. It will strengthen Arkan’s balance-sheet and financial performance, deliver greater international scale, and position Arkan to become an entry point for investing in a key regional sector while playing a key role in the UAE’s Industrial Strategy ‘Operation 300 Billon'.”
#AbuDhabi's IHC-owned Alpha Dhabi to go in for IPO | Property – Gulf News
Abu Dhabi's IHC-owned Alpha Dhabi to go in for IPO | Property – Gulf News
Abu Dhabi's stock market has got confirmation of its second big IPO listing in as many days, with International Holding Company's subsidiary real estate subsidiary Alpha Dhabi Holding confirming a stock float. The offering is expected to comprise a sale of existing shares to individuals and other investors in the UAE (as part of the UAE retail offering) and to qualified institutional and other investors.
Alpha Dhabi was incorporated in 2013 and operates across five main verticals - industries, healthcare, investments with partners, construction and hospitality. It owns a major chunk in Aldar Properties and has also been picking up choice real estate in Abu Dhabi and abroad. The investment portfolio, local and international, includes 25 subsidiaries and 40,000 employees.
This week, Mubadala owned Yahsat confirmed it was going in for an IPO, the first one in Abu Dhabi since 2017. Alpha Dhabi has Dh10 billion as paid-up capital.
“We have made the journey to become a public company in a way that’s going have a positive reflection on our growth plan," said Mohamed Thani Murshed Al Rumaithi, Chairman of Alpha Dhabi Holding. "As a public company we will have a stronger capital structure to invest in additional verticals, expand commercially and accelerate growth both organically and through acquisitions.”
Abu Dhabi's stock market has got confirmation of its second big IPO listing in as many days, with International Holding Company's subsidiary real estate subsidiary Alpha Dhabi Holding confirming a stock float. The offering is expected to comprise a sale of existing shares to individuals and other investors in the UAE (as part of the UAE retail offering) and to qualified institutional and other investors.
Alpha Dhabi was incorporated in 2013 and operates across five main verticals - industries, healthcare, investments with partners, construction and hospitality. It owns a major chunk in Aldar Properties and has also been picking up choice real estate in Abu Dhabi and abroad. The investment portfolio, local and international, includes 25 subsidiaries and 40,000 employees.
This week, Mubadala owned Yahsat confirmed it was going in for an IPO, the first one in Abu Dhabi since 2017. Alpha Dhabi has Dh10 billion as paid-up capital.
“We have made the journey to become a public company in a way that’s going have a positive reflection on our growth plan," said Mohamed Thani Murshed Al Rumaithi, Chairman of Alpha Dhabi Holding. "As a public company we will have a stronger capital structure to invest in additional verticals, expand commercially and accelerate growth both organically and through acquisitions.”
- Alpha Dhabi's long-term strategy is to be a diversified holding company through which it seeks to grow by acquiring businesses in industrial and hospitality sectors.
- In March, the company acquired 12.1% in Aldar Properties, which reflects its new strategic direction as well as reaffirming its strong position in the UAE real estate market.
- In June, it acquired assets from privately held Murban Energy, valued at Dh2.5 billion, which includes the St. Regis at Saadiyat Island and Cheval Blanc Randheli in the Maldives as well as Etihad International Hospitality, a facility management company.
Gulf Fund Courted as Africa Runs $170 Billion Infrastructure Gap - Bloomberg
Gulf Fund Courted as Africa Runs $170 Billion Infrastructure Gap - Bloomberg
Africa’s spiraling infrastructure needs are prompting one of the continent’s key development finance institutions to seek out backing from beyond the region.
Africa Finance Corp., which already counts 31 nations, or more than half the continent, as members, is looking to bring new shareholders on board as part of a strategy to deliver fast-track growth.
In a joint interview, AFC Chief Investment Officer Sameh Shenouda and Sanjeev Gupta, its executive director for financial services, said the bank is courting sovereign entities in the Gulf and Europe to widen the scope for funding an infrastructure shortfall that it estimates at as much as $170 billion across Africa each year.
“We are in discussion with a large European sovereign fund and we are in discussion with one of the largest Gulf-based sovereign funds,” Gupta said. “Both are at an advanced stage.”
Africa’s spiraling infrastructure needs are prompting one of the continent’s key development finance institutions to seek out backing from beyond the region.
Africa Finance Corp., which already counts 31 nations, or more than half the continent, as members, is looking to bring new shareholders on board as part of a strategy to deliver fast-track growth.
In a joint interview, AFC Chief Investment Officer Sameh Shenouda and Sanjeev Gupta, its executive director for financial services, said the bank is courting sovereign entities in the Gulf and Europe to widen the scope for funding an infrastructure shortfall that it estimates at as much as $170 billion across Africa each year.
“We are in discussion with a large European sovereign fund and we are in discussion with one of the largest Gulf-based sovereign funds,” Gupta said. “Both are at an advanced stage.”
#UAE Eyes First Net Zero by 2050 Goal Among Major Petrostates - Bloomberg
UAE Eyes First Net Zero by 2050 Goal Among Major Petrostates - Bloomberg
The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but likely have little impact on its massive oil industry.
The country is considering a 2050 target to align with a global push to keep temperatures from rising more than 1.5 degrees Celsius from pre-industrial levels, according to people familiar with the discussions. They asked not to be named because talks are private and ongoing. The aim is to make an announcement before the UN climate summit in Glasgow in November, the people said.
If the UAE decides on a 2050 target, it would be the first major petrostate to set such an ambitious climate goal. Emissions from burning fossil fuels after they're shipped abroad aren’t included in such country-level climate goals, meaning the UAE could technically reach net zero while continuing with plans to invest billions in oil extraction.
Oil exports from the region that became the UAE began in the 1960s, and growing revenues have made the country among the wealthiest in the world. Consumption of fossil fuels and generation of planet-warming emissions have risen in tandem. Home to nearly 10 million people, the UAE generated 190 million tons of carbon dioxide in 2019, according to the Global Carbon Project. It has among the highest per capita emissions in the world, beating Australia and the U.S.
The country is considering a 2050 target to align with a global push to keep temperatures from rising more than 1.5 degrees Celsius from pre-industrial levels, according to people familiar with the discussions. They asked not to be named because talks are private and ongoing. The aim is to make an announcement before the UN climate summit in Glasgow in November, the people said.
If the UAE decides on a 2050 target, it would be the first major petrostate to set such an ambitious climate goal. Emissions from burning fossil fuels after they're shipped abroad aren’t included in such country-level climate goals, meaning the UAE could technically reach net zero while continuing with plans to invest billions in oil extraction.
Oil exports from the region that became the UAE began in the 1960s, and growing revenues have made the country among the wealthiest in the world. Consumption of fossil fuels and generation of planet-warming emissions have risen in tandem. Home to nearly 10 million people, the UAE generated 190 million tons of carbon dioxide in 2019, according to the Global Carbon Project. It has among the highest per capita emissions in the world, beating Australia and the U.S.
Mideast Stocks: #Saudi gains as major Gulf markets ease | ZAWYA MENA Edition
Mideast Stocks: Saudi gains as major Gulf markets ease | ZAWYA MENA Edition
Most major stock markets in the Gulf ended lower on Thursday, pressured by losses in financial shares, although the Saudi index bucked the trend to close higher.
Saudi Arabia's benchmark index added 0.2%, with Al Rajhi Bank rising 0.9% and Sahara International Petrochemical Company (Sipchem) jumping 5.6% after proposing a first-half dividend of 0.75 riyal per share.
SIPCHEM said in a separate filing it planned to mothball Gulf Advanced Cable Insulation Company, a move that would positively impact its future results.
The value of the kingdom's oil exports in April climbed 109% to 51.7 billion riyals ($13.79 billion) from a year earlier while non-oil exports rose by 46.3%, official data showed on Thursday.
Dubai's main share index fell 0.4%, hit by a 0.4% fall in its top lender Emirates NBD and a 0.4% decrease in sharia-compliant lender Dubai Islamic Bank.
In Abu Dhabi, the index declined 1%, dragged down by a 2.1% fall in the country's largest lender First Abu Dhabi Bank and a 0.8% drop in aquaculture firm International Holding.
COVID-19 cases have risen in the UAE in the past month, prompting Abu Dhabi to maintain restrictions on entry such as home quarantine and testing at intervals after arrival.
Separately, the Bitcoin Fund debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East's first listed cryptocurrency fund.
The Qatari benchmark lost 0.1%, with Commercial Bank losing over 1%.
The Gulf Arab state has no need to change its currency peg regime despite concerns about rising inflation, the governor of Qatar's central bank said on Wednesday.
Outside the Gulf, Egypt's blue-chip index added 0.1%, helped by a 0.1% rise in Fawry for Banking Technology and Electronic.
The International Monetary Fund said on Wednesday it had completed the second and final review of Egypt's economic reform program supported by a 12-month Stand-By Arrangement, allowing the authorities to draw about $1.7 billion.
Most major stock markets in the Gulf ended lower on Thursday, pressured by losses in financial shares, although the Saudi index bucked the trend to close higher.
Saudi Arabia's benchmark index added 0.2%, with Al Rajhi Bank rising 0.9% and Sahara International Petrochemical Company (Sipchem) jumping 5.6% after proposing a first-half dividend of 0.75 riyal per share.
SIPCHEM said in a separate filing it planned to mothball Gulf Advanced Cable Insulation Company, a move that would positively impact its future results.
The value of the kingdom's oil exports in April climbed 109% to 51.7 billion riyals ($13.79 billion) from a year earlier while non-oil exports rose by 46.3%, official data showed on Thursday.
Dubai's main share index fell 0.4%, hit by a 0.4% fall in its top lender Emirates NBD and a 0.4% decrease in sharia-compliant lender Dubai Islamic Bank.
In Abu Dhabi, the index declined 1%, dragged down by a 2.1% fall in the country's largest lender First Abu Dhabi Bank and a 0.8% drop in aquaculture firm International Holding.
COVID-19 cases have risen in the UAE in the past month, prompting Abu Dhabi to maintain restrictions on entry such as home quarantine and testing at intervals after arrival.
Separately, the Bitcoin Fund debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East's first listed cryptocurrency fund.
The Qatari benchmark lost 0.1%, with Commercial Bank losing over 1%.
The Gulf Arab state has no need to change its currency peg regime despite concerns about rising inflation, the governor of Qatar's central bank said on Wednesday.
Outside the Gulf, Egypt's blue-chip index added 0.1%, helped by a 0.1% rise in Fawry for Banking Technology and Electronic.
The International Monetary Fund said on Wednesday it had completed the second and final review of Egypt's economic reform program supported by a 12-month Stand-By Arrangement, allowing the authorities to draw about $1.7 billion.
#Saudi bourse's 2020 net profit surged ahead of listing | Reuters
Saudi bourse's 2020 net profit surged ahead of listing | Reuters
Saudi Tadawul Group, the owner and operator of the country's stock market, said its net profit rose 227% in 2020 from a year earlier, while revenue more than doubled with a boost from trading commissions.
It posted a profit after zakat or Islamic tax of 500.5 million riyals ($133.46 million), it said in a statement.
Unlisted Tadawul gave a peak of its earnings ahead of a planned initial public offering later this year that will allow it to expand and strengthen its position globally. read more
Saudi Arabia's stock exchange has converted itself into a holding company ahead of the listing.
Tadawul is the ninth largest exchange in the world in terms of market capitalization which stood at around $2.6 trillion, partly boosted by the listing oil giant Saudi Aramco (2222.SE) in 2019.
Saudi Tadawul Group, the owner and operator of the country's stock market, said its net profit rose 227% in 2020 from a year earlier, while revenue more than doubled with a boost from trading commissions.
It posted a profit after zakat or Islamic tax of 500.5 million riyals ($133.46 million), it said in a statement.
Unlisted Tadawul gave a peak of its earnings ahead of a planned initial public offering later this year that will allow it to expand and strengthen its position globally. read more
Saudi Arabia's stock exchange has converted itself into a holding company ahead of the listing.
Tadawul is the ninth largest exchange in the world in terms of market capitalization which stood at around $2.6 trillion, partly boosted by the listing oil giant Saudi Aramco (2222.SE) in 2019.
#AbuDhabi's Mubadala sells 4.5% Oil Search stake for $275 million | Reuters
Abu Dhabi's Mubadala sells 4.5% Oil Search stake for $275 million | Reuters
Abu Dhabi state investor Mubadala sold a 4.5% stake in Oil Search Ltd for A$362.8 million ($274.82 million), the oil and gas producer said in a filing late on Thursday.
Mubadala, an investor since 2008, sold 94 million shares on Tuesday, the filing showed, lowering its stake to 4.94%, below the 5% threshold to be considered a substantial shareholder in Australia.
The state fund did not immediately respond to a request for comment.
Mubadala, which initially bought a 17.6% stake in 2008, declined to participate in a A$1.16 billion capital raise conducted by Oil Search in April 2020.
The state fund’s representative, Bakheet Al Katheeri, also stepped down from Oil Search’s board, the company said in a separate statement earlier on Thursday.
Abu Dhabi state investor Mubadala sold a 4.5% stake in Oil Search Ltd for A$362.8 million ($274.82 million), the oil and gas producer said in a filing late on Thursday.
Mubadala, an investor since 2008, sold 94 million shares on Tuesday, the filing showed, lowering its stake to 4.94%, below the 5% threshold to be considered a substantial shareholder in Australia.
The state fund did not immediately respond to a request for comment.
Mubadala, which initially bought a 17.6% stake in 2008, declined to participate in a A$1.16 billion capital raise conducted by Oil Search in April 2020.
The state fund’s representative, Bakheet Al Katheeri, also stepped down from Oil Search’s board, the company said in a separate statement earlier on Thursday.
Ambani’s Reliance appoints head of #Saudi wealth fund to board | Financial Times
Ambani’s Reliance appoints head of Saudi wealth fund to board | Financial Times
Mukesh Ambani’s Reliance Industries has appointed the head of Saudi Arabia’s Public Investment Fund to its board, deepening ties between the powerful Indian conglomerate and the oil-rich Gulf kingdom.
Yasir al-Rumayyan, managing director of the kingdom’s sovereign wealth fund, will join the board as an independent director, Ambani said at the company’s annual meeting on Thursday.
Rumayyan’s appointment is part of Reliance’s years-long attempt to remake the family-run conglomerate, founded by Mukesh’s father Dhirubhai almost 50 years ago, into a 21st-century business embedded in the global energy and technology economy.
Reliance brought in a series of strategic investors from tech and private equity to its digital and retail businesses last year. Facebook and Google have seats on the board of Reliance’s digital subsidiary Jio Platforms, in which they have invested billions of dollars.
The addition of Rumayyan, who is also chair of state energy giant Saudi Aramco, to the Reliance board highlights Ambani’s quest to deepen ties with the Gulf kingdom, whose oil and cash are vital to the future of the Indian group’s core refinery business.
Reliance is trying to close a $15bn investment from Saudi Arabia for a 20 per cent stake in the conglomerate’s refining and petrochemical assets, first announced by Ambani in 2019.
MIDEAST STOCKS Major Gulf markets mixed in early trade | Reuters
MIDEAST STOCKS Major Gulf markets mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Thursday, with the Dubai index on course to snap two sessions of gains on weakness in banks.
In Saudi Arabia, the index (.TASI) rose 0.3% as Al Rajhi Bank (1120.SE) gained 0.4%, while Sahara International Petrochemical Company (SIPCHEM) (2310.SE) jumped 4.5% after proposing a first-half dividend of 0.75 riyal per share.
SIPCHEM said in a separate filing it planned to mothball Gulf Advanced Cable Insulation Company, a move that would positively impact its future results.
Saudi Arabian oil giant Aramco (2222.SE) was little changed after a Reuters report that it had secured a one-year extension to a $10 billion loan it raised last year.
In Dubai, the main share index (.DFMGI) edged down 0.2% as its top lender Emirates NBD (ENBD.DU) traded 0.7% lower.
The Bitcoin Fund (QBTCu.TO) debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East's first listed cryptocurrency fund. read more
The Abu Dhabi index (.ADI) fell 0.7%, hit by a 1.3% decline in the country's largest lender First Abu Dhabi Bank (FAB.AD).
COVID-19 cases have risen in the UAE in the past month, prompting Abu Dhabi to maintain restrictions on entry such as home quarantine and testing at intervals after arrival. read more
The Qatari benchmark (.QSI) added 0.1%, supported by a 0.9% gain in Qatar Islamic Bank (QISB.QA).
Qatar has no need to change its currency peg regime despite concerns about rising inflation, the governor of the Gulf state's central bank said on Wednesday. read more
Sheikh Abdullah bin Saud al-Thani said economic recovery after the coronavirus crisis could create inflationary pressure but said this would be only temporary.
Major stock markets in the Gulf were mixed in early trade on Thursday, with the Dubai index on course to snap two sessions of gains on weakness in banks.
In Saudi Arabia, the index (.TASI) rose 0.3% as Al Rajhi Bank (1120.SE) gained 0.4%, while Sahara International Petrochemical Company (SIPCHEM) (2310.SE) jumped 4.5% after proposing a first-half dividend of 0.75 riyal per share.
SIPCHEM said in a separate filing it planned to mothball Gulf Advanced Cable Insulation Company, a move that would positively impact its future results.
Saudi Arabian oil giant Aramco (2222.SE) was little changed after a Reuters report that it had secured a one-year extension to a $10 billion loan it raised last year.
In Dubai, the main share index (.DFMGI) edged down 0.2% as its top lender Emirates NBD (ENBD.DU) traded 0.7% lower.
The Bitcoin Fund (QBTCu.TO) debuted on the Nasdaq Dubai on Wednesday, becoming the Middle East's first listed cryptocurrency fund. read more
The Abu Dhabi index (.ADI) fell 0.7%, hit by a 1.3% decline in the country's largest lender First Abu Dhabi Bank (FAB.AD).
COVID-19 cases have risen in the UAE in the past month, prompting Abu Dhabi to maintain restrictions on entry such as home quarantine and testing at intervals after arrival. read more
The Qatari benchmark (.QSI) added 0.1%, supported by a 0.9% gain in Qatar Islamic Bank (QISB.QA).
Qatar has no need to change its currency peg regime despite concerns about rising inflation, the governor of the Gulf state's central bank said on Wednesday. read more
Sheikh Abdullah bin Saud al-Thani said economic recovery after the coronavirus crisis could create inflationary pressure but said this would be only temporary.
Mubadala-backed Catalyst Partners ready to raise more funds, says CEO | Reuters
Mubadala-backed Catalyst Partners ready to raise more funds, says CEO | Reuters
Mubadala-backed fund Abu Dhabi Catalyst Partners is ready to raise more capital after investing close to $1 billion over the last 18 months, its chief executive said.
The fund was set up by Abu Dhabi state fund Mubadala and U.S. alternative asset manager Falcon Edge Capital in 2019 with $1 billion in capital.
CEO James Munce told Reuters Catalyst Partners had so far made 21 investments with an average ticket size of $50 million, with some deals investing up to $100 million.
“The plan is to go again. I think we have gone faster than expected,” Munce said in reference to adding more capital.
No decision had been made on when or how much more capital would be committed, he said.
“My view on it is this can grow to be another $1 billion and we have $2 billion deployed over the next 18 months from here. That will be a four year-track record of a $2 billion fund and we would start to get some relevance in the region,” he said.
Catalyst Partners was set up to support the development of Abu Dhabi’s ADGM financial centre, which opened in 2015, while also achieving financial returns, according to its website.
Its investments have included an American financial technology startup developing blockchain tools for banks and an Abu Dhabi-based aircraft leasing firm.
Mubadala-backed fund Abu Dhabi Catalyst Partners is ready to raise more capital after investing close to $1 billion over the last 18 months, its chief executive said.
The fund was set up by Abu Dhabi state fund Mubadala and U.S. alternative asset manager Falcon Edge Capital in 2019 with $1 billion in capital.
CEO James Munce told Reuters Catalyst Partners had so far made 21 investments with an average ticket size of $50 million, with some deals investing up to $100 million.
“The plan is to go again. I think we have gone faster than expected,” Munce said in reference to adding more capital.
No decision had been made on when or how much more capital would be committed, he said.
“My view on it is this can grow to be another $1 billion and we have $2 billion deployed over the next 18 months from here. That will be a four year-track record of a $2 billion fund and we would start to get some relevance in the region,” he said.
Catalyst Partners was set up to support the development of Abu Dhabi’s ADGM financial centre, which opened in 2015, while also achieving financial returns, according to its website.
Its investments have included an American financial technology startup developing blockchain tools for banks and an Abu Dhabi-based aircraft leasing firm.
Oil gains as draw in U.S. crude stocks reinforces outlook for robust demand | Reuters
Oil gains as draw in U.S. crude stocks reinforces outlook for robust demand | Reuters
Oil prices gained for a second day on Thursday after a bigger-than-expected drawdown in U.S. crude and gasoline stocks confirmed outlook for robust fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.
Brent crude futures rose 30 cents, or 0.4%, to $75.49 a barrel by 0643 GMT, after increasing 0.5% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.4%, to $73.39 a barrel, after rising 0.3% on Wednesday.
Both benchmarks hit their highest since October 2018 on Wednesday, but they pared gains later in the session as energy traders locked in profit after the U.S. inventory report, Edward Moya, senior market analyst at brokerage OANDA, said in a report. Prices resumed climbing in Asian trade on Thursday.
Oil prices gained for a second day on Thursday after a bigger-than-expected drawdown in U.S. crude and gasoline stocks confirmed outlook for robust fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.
Brent crude futures rose 30 cents, or 0.4%, to $75.49 a barrel by 0643 GMT, after increasing 0.5% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.4%, to $73.39 a barrel, after rising 0.3% on Wednesday.
Both benchmarks hit their highest since October 2018 on Wednesday, but they pared gains later in the session as energy traders locked in profit after the U.S. inventory report, Edward Moya, senior market analyst at brokerage OANDA, said in a report. Prices resumed climbing in Asian trade on Thursday.