Oil falls in volatile trade as investors seek OPEC clarity | Reuters
Oil prices fell more than $1 a barrel on Wednesday in another seesaw trading session, as investors feared this week's collapse in OPEC+ talks could mean more supply, not less, is on the way.
Crude markets have been volatile over the last two days following the breakdown of discussions between major oil producers Saudi Arabia and United Arab Emirates, signaling investors are unclear on what the OPEC+ standoff means for worldwide production.
Brent crude settled at $73.43 a barrel, falling $1.10, or 1.5%. U.S. West Texas Intermediate settled at $72.20 a barrel, shedding $1.17 or 1.6%. Both benchmarks rallied more than $1 a barrel earlier in the session, similar to Tuesday's action.
The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, have restrained supply for more than a year since demand crashed during the coronavirus pandemic.
Wednesday, 7 July 2021
MIDEAST STOCKS #Qatar bourse gains as major Gulf markets ease | Reuters
MIDEAST STOCKS Qatar bourse gains as major Gulf markets ease | Reuters
Most major stock markets in the Gulf ended lower on Wednesday, extending losses from the previous session, after Saudi Arabia amended import rules from the Gulf in a challenge to the United Arab Emirates, although Qatar bucked the trend.
Saudi Arabia's benchmark index (.TASI) fell 0.1%, hit by a 0.9% fall in Al Rajhi Bank (1120.SE) and a 0.7% drop in top lender Saudi National Bank (1180.SE).
The kingdom has amended its rules on imports from other Gulf Cooperation Council countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, in a bid to challenge the United Arab Emirates' status as the region's trade and business hub. read more
The UAE and Saudi Arabia clashed this month over how OPEC+ producers unwind oil output cuts. Discussions were abandoned after a third day of talks on Monday failed to resolve differences. read more
The Qatari benchmark (.QSI), however, gained 0.8%, ending two days of losses, with petrochemical firm Industries Qatar (IQCD.QA) rising 1.6%.
Dubai's main share index (.DFMGI) reversed early losses to finish flat, as declines in property shares were offset by gains in banking stocks.
Emaar Properties (EMAR.DU), Dubai's largest listed developer, retreated 2.2%, while its unit Emaar Malls (EMAA.DU) dropped 2%.
Emaar Properties expects to buy out minority shareholders of Emaar Malls and delist the business by year-end. read more
In Abu Dhabi, the index (.ADI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) and telecoms firm Etisalat (ETISALAT.AD) losing 0.5% each.
But International Holding (IHC) (IHC.AD) ended 0.2% higher, gaining for an eighth consecutive session.
The winning streak started with the listing of its unit Alpha Dhabi (ALPHADHABI.AD) last week, sparking a share price rise that made IHC Abu Dhabi's most valuable listed company. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) rebounded 1.2%, as most of the stocks on the index were in positive territory including Commercial International Bank (COMI.CA).
Most major stock markets in the Gulf ended lower on Wednesday, extending losses from the previous session, after Saudi Arabia amended import rules from the Gulf in a challenge to the United Arab Emirates, although Qatar bucked the trend.
Saudi Arabia's benchmark index (.TASI) fell 0.1%, hit by a 0.9% fall in Al Rajhi Bank (1120.SE) and a 0.7% drop in top lender Saudi National Bank (1180.SE).
The kingdom has amended its rules on imports from other Gulf Cooperation Council countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions, in a bid to challenge the United Arab Emirates' status as the region's trade and business hub. read more
The UAE and Saudi Arabia clashed this month over how OPEC+ producers unwind oil output cuts. Discussions were abandoned after a third day of talks on Monday failed to resolve differences. read more
The Qatari benchmark (.QSI), however, gained 0.8%, ending two days of losses, with petrochemical firm Industries Qatar (IQCD.QA) rising 1.6%.
Dubai's main share index (.DFMGI) reversed early losses to finish flat, as declines in property shares were offset by gains in banking stocks.
Emaar Properties (EMAR.DU), Dubai's largest listed developer, retreated 2.2%, while its unit Emaar Malls (EMAA.DU) dropped 2%.
Emaar Properties expects to buy out minority shareholders of Emaar Malls and delist the business by year-end. read more
In Abu Dhabi, the index (.ADI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) and telecoms firm Etisalat (ETISALAT.AD) losing 0.5% each.
But International Holding (IHC) (IHC.AD) ended 0.2% higher, gaining for an eighth consecutive session.
The winning streak started with the listing of its unit Alpha Dhabi (ALPHADHABI.AD) last week, sparking a share price rise that made IHC Abu Dhabi's most valuable listed company. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) rebounded 1.2%, as most of the stocks on the index were in positive territory including Commercial International Bank (COMI.CA).
#SaudiArabia and the #UAE Can't Afford Not to Be Friends Despite Their OPEC Tiff - Bloomberg
Saudi Arabia and the UAE Can't Afford Not to Be Friends Despite Their OPEC Tiff - Bloomberg
The Middle East’s most meaningful alliance has endured territorial disputes, succession crises and the pressures of war in the neighborhood. Now the partnership between Saudi Arabia and the United Arab Emirates is being tested by a more existential challenge: economics.
It will survive because the two Gulf Arab countries have many common interests, especially in the spheres of geopolitics and security: They are both threatened by Iran and its proxies, are wary of Turkey’s growing influence in the region and fear the political Islam propagated by the Muslim Brotherhood and its offshoots. Their de facto rulers, Saudi Crown Prince Mohammed bin Salman and Abu Dhabi’s Crown Prince Mohammed bin Zayed, have a close personal friendship.
But as they chart different economic courses for a post-oil future, the Saudis and Emiratis will find themselves in conflict as often as in a clinch.
On occasion, their disagreements will have global consequences. Take their latest ructions over oil-production quotas, which threaten to inflate gasoline prices everywhere. At other times, the ramifications of their economic rivalry will be mostly local, such as Riyadh’s self-defeating attempt to lure multinational companies away from Dubai and Abu Dhabi.
But on issues of regional importance, the two sides will find a modus vivendi even when they are not entirely in accord. The Saudis showed no outward sign of anger when the UAE scaled down its involvement in their joint military campaign in Yemen. And the Emiratis made no official protest when the Saudis ended their embargo of Qatar.
The Middle East’s most meaningful alliance has endured territorial disputes, succession crises and the pressures of war in the neighborhood. Now the partnership between Saudi Arabia and the United Arab Emirates is being tested by a more existential challenge: economics.
It will survive because the two Gulf Arab countries have many common interests, especially in the spheres of geopolitics and security: They are both threatened by Iran and its proxies, are wary of Turkey’s growing influence in the region and fear the political Islam propagated by the Muslim Brotherhood and its offshoots. Their de facto rulers, Saudi Crown Prince Mohammed bin Salman and Abu Dhabi’s Crown Prince Mohammed bin Zayed, have a close personal friendship.
But as they chart different economic courses for a post-oil future, the Saudis and Emiratis will find themselves in conflict as often as in a clinch.
On occasion, their disagreements will have global consequences. Take their latest ructions over oil-production quotas, which threaten to inflate gasoline prices everywhere. At other times, the ramifications of their economic rivalry will be mostly local, such as Riyadh’s self-defeating attempt to lure multinational companies away from Dubai and Abu Dhabi.
But on issues of regional importance, the two sides will find a modus vivendi even when they are not entirely in accord. The Saudis showed no outward sign of anger when the UAE scaled down its involvement in their joint military campaign in Yemen. And the Emiratis made no official protest when the Saudis ended their embargo of Qatar.
Israeli startup AnyVision raises $235 mln from SoftBank, others | Reuters
Israeli startup AnyVision raises $235 mln from SoftBank, others | Reuters
AnyVision, an artificial intelligence-based facial recognition startup, said on Wednesday it had raised $235 million in a funding round from SoftBank Vision Fund 2 and Eldridge, among others.
The proceeds from the round, which also saw participation from existing investors, will be used to fund growth and adoption of AnyVision's offerings.
The company has formed strategic partnerships with notable companies including Honeywell, Schneider Electric and Nvidia.
AnyVision's technology helps transform surveillance cameras into security systems, Chief Executive Officer Avi Golan said. It uses facial recognition to open guarded points for authorized people, its website said.
Golan was previously an operating partner at SoftBank Vision Fund, a position he left last year to lead AnyVision. He has held other key roles at Google and Intuit, among others.
"The visual recognition market is nascent but has large potential in the Western world...we believe AnyVision is uniquely placed to redefine physical environment analytics across numerous industries," said Anthony Doeh, partner for SoftBank Investment Advisers.
Amit Lubovsky, a director at SoftBank Investment Advisers, will take a seat on Israel-based AnyVision's board as part of the transaction.
AnyVision, an artificial intelligence-based facial recognition startup, said on Wednesday it had raised $235 million in a funding round from SoftBank Vision Fund 2 and Eldridge, among others.
The proceeds from the round, which also saw participation from existing investors, will be used to fund growth and adoption of AnyVision's offerings.
The company has formed strategic partnerships with notable companies including Honeywell, Schneider Electric and Nvidia.
AnyVision's technology helps transform surveillance cameras into security systems, Chief Executive Officer Avi Golan said. It uses facial recognition to open guarded points for authorized people, its website said.
Golan was previously an operating partner at SoftBank Vision Fund, a position he left last year to lead AnyVision. He has held other key roles at Google and Intuit, among others.
"The visual recognition market is nascent but has large potential in the Western world...we believe AnyVision is uniquely placed to redefine physical environment analytics across numerous industries," said Anthony Doeh, partner for SoftBank Investment Advisers.
Amit Lubovsky, a director at SoftBank Investment Advisers, will take a seat on Israel-based AnyVision's board as part of the transaction.
Oil rises as tighter market eyed after OPEC+ cancels meeting | Reuters
Oil rises as tighter market eyed after OPEC+ cancels meeting | Reuters
Oil rose towards $76 a barrel on Wednesday, rebounding from steep losses a day earlier with support coming from a tight market in the short term after OPEC+ talks collapsed this week without a deal to boost supply.
Underlining tightening conditions, U.S. crude inventories are expected to fall this week. The failure of OPEC+ talks on Monday means no output rise has been agreed, while U.S. oil shale firms are hesitating to pump more. read more
"The OPEC+ deadlock continues, putting the market in a position of risking a sizeable undersupply in August," said Louise Dickson of Rystad Energy. "U.S. shale producers also seem to be reluctant to invest."
Brent crude was up $1.20, or 1.6%, at $75.73 a barrel by 1127 GMT, after slumping more than 3% on Tuesday. U.S. West Texas Intermediate gained $1.22, or 1.7%, to $74.59, having declined by more than 2% on Tuesday.
Oil rose towards $76 a barrel on Wednesday, rebounding from steep losses a day earlier with support coming from a tight market in the short term after OPEC+ talks collapsed this week without a deal to boost supply.
Underlining tightening conditions, U.S. crude inventories are expected to fall this week. The failure of OPEC+ talks on Monday means no output rise has been agreed, while U.S. oil shale firms are hesitating to pump more. read more
"The OPEC+ deadlock continues, putting the market in a position of risking a sizeable undersupply in August," said Louise Dickson of Rystad Energy. "U.S. shale producers also seem to be reluctant to invest."
Brent crude was up $1.20, or 1.6%, at $75.73 a barrel by 1127 GMT, after slumping more than 3% on Tuesday. U.S. West Texas Intermediate gained $1.22, or 1.7%, to $74.59, having declined by more than 2% on Tuesday.
#Oman bonds rise after it seeks IMF technical assistance | Reuters
Oman bonds rise after it seeks IMF technical assistance | Reuters
Omani government bonds rose on Wednesday on news the Gulf country had asked the International Monetary Fund for technical assistance to help it develop a medium-term debt strategy and bolster its fiscal structure.
Oman’s bonds due in 2051 were up almost 1 cent to 101.73 cents on the dollar, while bonds maturing in 2048 were 0.85 cents higher to trade at 99.6 cents on the dollar, data from Refinitiv’s Traeweb showed.
Omani government bonds rose on Wednesday on news the Gulf country had asked the International Monetary Fund for technical assistance to help it develop a medium-term debt strategy and bolster its fiscal structure.
Oman’s bonds due in 2051 were up almost 1 cent to 101.73 cents on the dollar, while bonds maturing in 2048 were 0.85 cents higher to trade at 99.6 cents on the dollar, data from Refinitiv’s Traeweb showed.
#UAE-#Saudi brinkmanship threatens Opec unity as oil prices soar | Financial Times
UAE-Saudi brinkmanship threatens Opec unity as oil prices soar | Financial Times
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| UAE, keen to use increased oil production to fund future diversification, has refused to agree to a Saudi-led call to extend Opec’s April 2020 supply deal, throwing the future of the cartel into question © FT montage; Bloomberg |
So sour are Saudi-Emirati relations that neither side could agree on how Monday’s private discussions concluded between Opec members and allies.
People close to the United Arab Emirates said a formal meeting of oil ministers had been postponed. Their Saudi Arabian counterparts argued it had been cancelled and blamed the UAE for torpedoing a deal to raise output at a time when resurgent demand has already pushed up crude prices by 50 per cent this year.
Brent, the international benchmark, reached a three-year high on Tuesday as the disagreement between Saudi Arabia, Opec’s de facto leader, and the UAE, a close, previously co-operative partner, triggered a briefing war between the two camps.
The clash has opened a rift at the heart of Opec that threatens the ability of the cartel — and its partners in the Opec+ alliance — to deliver oil market stability and could yet see the UAE, a member since 1967, leave the group.
US hosts high-level #Saudi visit after Khashoggi killing
US hosts high-level Saudi visit after Khashoggi killing
Top Biden administration officials on Tuesday hosted a brother to Saudi Arabia’s powerful crown prince, Mohammed bin Salman, in the highest-level such visit known since the U.S. made public intelligence findings linking the crown prince to the killing of journalist Jamal Khashoggi.
The Biden administration did not publicly disclose the visit by Prince Khalid bin Salman, Saudi Arabia’s deputy defense minister, in advance. President Joe Biden had pledged to make a “pariah” of the kingdom’s crown prince during his presidential campaign over Khashoggi’s killing and other abuses, but his administration has instead emphasized U.S. strategic interests with Saudi Arabia.
The high-level sessions with Prince Khalid, a younger brother and confidant to Saudi Arabia’s powerful crown prince, revived complaints that the administration was giving the Saudis a pass in the Khashoggi killing, given that country’s strategic importance as a Middle East power and top oil producer.
“US still has their back, no matter how awfully they terrorize their citizens,” Sarah Leah Whitson, who leads the Arab rights group Democracy for the Arab World Now, tweeted Tuesday in a criticism of Biden administration policy.
Top Biden administration officials on Tuesday hosted a brother to Saudi Arabia’s powerful crown prince, Mohammed bin Salman, in the highest-level such visit known since the U.S. made public intelligence findings linking the crown prince to the killing of journalist Jamal Khashoggi.
The Biden administration did not publicly disclose the visit by Prince Khalid bin Salman, Saudi Arabia’s deputy defense minister, in advance. President Joe Biden had pledged to make a “pariah” of the kingdom’s crown prince during his presidential campaign over Khashoggi’s killing and other abuses, but his administration has instead emphasized U.S. strategic interests with Saudi Arabia.
The high-level sessions with Prince Khalid, a younger brother and confidant to Saudi Arabia’s powerful crown prince, revived complaints that the administration was giving the Saudis a pass in the Khashoggi killing, given that country’s strategic importance as a Middle East power and top oil producer.
“US still has their back, no matter how awfully they terrorize their citizens,” Sarah Leah Whitson, who leads the Arab rights group Democracy for the Arab World Now, tweeted Tuesday in a criticism of Biden administration policy.
#UAE seeks to tighten anti-money laundering and terror financing measures | Banking – Gulf News
UAE seeks to tighten anti-money laundering and terror financing measures | Banking – Gulf News
The UAE’s National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) has urged financial sector regulators and law enforcement agencies to tighten their procedures to combat money laundering and terror financing.
A meeting of the NAMLCFTC chaired by Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the NAMLCFTC urged regulators update their internal procedures and systems, based on a guidance paper introduced by the NAMLCFTC to strengthen public institutions’ roles in checking money laundering and terror financing.
“Effectively responding to the threat of financial crime, notably money laundering and terrorist financing, requires a concerted effort and the mobilisation of the public and private sectors’ collective resources and expertise. As such, the UAE is strengthening its cooperation with local and international financial institutions to swiftly monitor and report any and all activities deemed suspicious,” said Balama.
The UAE’s National Committee for Combating Money Laundering and Financing of Terrorism and Illegal Organisations (NAMLCFTC) has urged financial sector regulators and law enforcement agencies to tighten their procedures to combat money laundering and terror financing.
A meeting of the NAMLCFTC chaired by Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE) and Chairman of the NAMLCFTC urged regulators update their internal procedures and systems, based on a guidance paper introduced by the NAMLCFTC to strengthen public institutions’ roles in checking money laundering and terror financing.
“Effectively responding to the threat of financial crime, notably money laundering and terrorist financing, requires a concerted effort and the mobilisation of the public and private sectors’ collective resources and expertise. As such, the UAE is strengthening its cooperation with local and international financial institutions to swiftly monitor and report any and all activities deemed suspicious,” said Balama.
ICD Brookfield signs 16 new leases for Q2 at #Dubai building | Reuters
ICD Brookfield signs 16 new leases for Q2 at Dubai building | Reuters
ICD Brookfield, a joint venture between Investment Corp of Dubai (ICD) and Brookfield Asset Management, has signed 16 new leases in the second quarter at its building in downtown Dubai for the second quarter, it said on Wednesday.
The new tenants consist of multinational corporations, such as luxury holding company Richemont, as well as a number of lifestyle retail and food and drink venues, it said in a statement.
ICD Brookfield, a joint venture between Investment Corp of Dubai (ICD) and Brookfield Asset Management, has signed 16 new leases in the second quarter at its building in downtown Dubai for the second quarter, it said on Wednesday.
The new tenants consist of multinational corporations, such as luxury holding company Richemont, as well as a number of lifestyle retail and food and drink venues, it said in a statement.
#AbuDhabi royals-owned real estate firm begins dollar sukuk sale | Reuters
Abu Dhabi royals-owned real estate firm begins dollar sukuk sale | Reuters
The Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD), a relatively small real estate player in Abu Dhabi owned by members of its ruling family, has given initial price guidance of around 5.75% for five-year U.S. dollar-denominated Islamic bonds, a document showed on Wednesday.
Emirates NBD Capital (ENBD.DU) and First Abu Dhabi Bank (FAB.AD) acted as global coordinators, while Abu Dhabi Commercial Bank (ADCB.AD), Dubai Islamic Bank (DISB.DU) and Mashreq (MASB.DU) ware also involved in the deal, which is expected to launch later on Wednesday, the document from one of the banks showed. read more
The Private Department of Sheikh Mohamed Bin Khalid Al Nahyan LLC (PD), a relatively small real estate player in Abu Dhabi owned by members of its ruling family, has given initial price guidance of around 5.75% for five-year U.S. dollar-denominated Islamic bonds, a document showed on Wednesday.
Emirates NBD Capital (ENBD.DU) and First Abu Dhabi Bank (FAB.AD) acted as global coordinators, while Abu Dhabi Commercial Bank (ADCB.AD), Dubai Islamic Bank (DISB.DU) and Mashreq (MASB.DU) ware also involved in the deal, which is expected to launch later on Wednesday, the document from one of the banks showed. read more
#Qatar's Dukhan Bank expected to sell $500 mln in AT1 sukuk | Reuters
Qatar's Dukhan Bank expected to sell $500 mln in AT1 sukuk | Reuters
Qatar's Dukhan Bank is expected to sell $500 million in Additional Tier 1 (AT1) Islamic bonds, for which it has given the initial price guidance of around 4.375%, a document showed on Wednesday.
The size of the issuance will not grow, according to the document from one of the banks on the deal, which is expected to be launched later in the day.
Citi (C.N), Credit Suisse (CSGN.S), JPMorgan (JPM.N), KFH Capital (KFH.KW), QInvest, QNB Capital (QNBK.QA), and Societe Generale (SOGN.PA) are arranging the deal.
AT1 bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature but issuers can call them in after a specified period. Dukhan's sukuk will be non-callable for five-and-a-half years.
Qatar's Dukhan Bank is expected to sell $500 million in Additional Tier 1 (AT1) Islamic bonds, for which it has given the initial price guidance of around 4.375%, a document showed on Wednesday.
The size of the issuance will not grow, according to the document from one of the banks on the deal, which is expected to be launched later in the day.
Citi (C.N), Credit Suisse (CSGN.S), JPMorgan (JPM.N), KFH Capital (KFH.KW), QInvest, QNB Capital (QNBK.QA), and Societe Generale (SOGN.PA) are arranging the deal.
AT1 bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature but issuers can call them in after a specified period. Dukhan's sukuk will be non-callable for five-and-a-half years.
Asian Buyers to Seek Full #Saudi Oil Supply Despite Price Hike - Bloomberg
Asian Buyers to Seek Full Saudi Oil Supply Despite Price Hike - Bloomberg
Some Asian oil refiners are planning to ask for full contractual crude volumes from Saudi Arabia, despite the kingdom jacking up prices for August, as there are few cheaper alternative sources of supply.
Saudi Aramco raised the official selling price for its key Arab Light crude to Asia next month by the most since January after the breakdown of OPEC+ talks to boost output. Alternative grades from the U.S. or the North Sea are currently more expensive, leaving refiners without many options to curb rising costs.
At least five processors are requesting normal contractual volumes for August-loading cargoes, according to refinery officials who asked not to be identified. One will seek more of the lighter Saudi grade to replace spot purchases from the Atlantic Basin, they said. Buyers are asked to submit so-called nominations by Wednesday, and will be informed of allocated amounts by early next week.
The collapse of the OPEC+ talks means that the group’s output limits will remain in place for August, depriving buyers of extra barrels as the demand rebound from the pandemic accelerates. The physical oil market is showing signs of strength, with the prompt Dubai timespread at the widest backwardation since January 2020.
The premium of Oman crude to Dubai swaps has also widened, signaling a bullish outlook for Middle Eastern oil in the Asian spot market. Light-sweet crude from the U.S. that can be delivered to Asia in October is now about $2 a barrel more expensive than similar Middle Eastern cargoes, meaning the arbitrage trade is shut, according to traders.
Other official selling prices from major Middle Eastern producers such as Kuwait, Qatar and Iraq will be released in the coming days. Those suppliers typically follow Saudi Arabia in their pricing strategy.
Some Asian oil refiners are planning to ask for full contractual crude volumes from Saudi Arabia, despite the kingdom jacking up prices for August, as there are few cheaper alternative sources of supply.
Saudi Aramco raised the official selling price for its key Arab Light crude to Asia next month by the most since January after the breakdown of OPEC+ talks to boost output. Alternative grades from the U.S. or the North Sea are currently more expensive, leaving refiners without many options to curb rising costs.
At least five processors are requesting normal contractual volumes for August-loading cargoes, according to refinery officials who asked not to be identified. One will seek more of the lighter Saudi grade to replace spot purchases from the Atlantic Basin, they said. Buyers are asked to submit so-called nominations by Wednesday, and will be informed of allocated amounts by early next week.
The collapse of the OPEC+ talks means that the group’s output limits will remain in place for August, depriving buyers of extra barrels as the demand rebound from the pandemic accelerates. The physical oil market is showing signs of strength, with the prompt Dubai timespread at the widest backwardation since January 2020.
The premium of Oman crude to Dubai swaps has also widened, signaling a bullish outlook for Middle Eastern oil in the Asian spot market. Light-sweet crude from the U.S. that can be delivered to Asia in October is now about $2 a barrel more expensive than similar Middle Eastern cargoes, meaning the arbitrage trade is shut, according to traders.
Other official selling prices from major Middle Eastern producers such as Kuwait, Qatar and Iraq will be released in the coming days. Those suppliers typically follow Saudi Arabia in their pricing strategy.
Oil steadies after tumble as market awaits OPEC+ clarity | Reuters
Oil steadies after tumble as market awaits OPEC+ clarity | Reuters
Oil prices rose on Wednesday, recovering from a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect the world's major crude exporters will turn on the taps to gain market share.
Brent crude was up 74cents, or 1%, at $75.27 a barrel by 0715 GMT, after slumping more than 3% on Tuesday. U.S. oil was up 88 cents, or 1.2%, at $74.25 a barrel, having declined by more than 2% in the previous session.
Energy ministers from OPEC+, a grouping that includes the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other oil producing countries, ended talks on supply policy on Monday.
Divisions between Saudi Arabia, the biggest OPEC producer, and the United Arab Emirates (UAE), which opposed extending supply constraints designed to support prices after the fall in demand from the pandemic, were the main reason behind the failure of the discussions.
Oil prices rose on Wednesday, recovering from a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect the world's major crude exporters will turn on the taps to gain market share.
Brent crude was up 74cents, or 1%, at $75.27 a barrel by 0715 GMT, after slumping more than 3% on Tuesday. U.S. oil was up 88 cents, or 1.2%, at $74.25 a barrel, having declined by more than 2% in the previous session.
Energy ministers from OPEC+, a grouping that includes the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other oil producing countries, ended talks on supply policy on Monday.
Divisions between Saudi Arabia, the biggest OPEC producer, and the United Arab Emirates (UAE), which opposed extending supply constraints designed to support prices after the fall in demand from the pandemic, were the main reason behind the failure of the discussions.