Oil prices slip as economic fears offset tightening crude supplies | Reuters
Oil slumped on Monday over concerns about spreading COVID-19 variants derailing the global economic recovery that has brought fuel demand to near pre-pandemic levels, while tight crude supplies kept prices from falling lower.
Brent crude for September settled at $75.16 a barrel, losing 39 cents, or 0.5%. U.S. West Texas Intermediate crude for August settled at $74.10 a barrel, down 46 cents, or 0.6%.
Both benchmarks shed about 1% last week, stalling out a rally that had brought both U.S. crude and Brent to levels not seen since October 2018.
Tokyo reimposed pandemic-related restrictions due to concerns over coronavirus infections, less than two weeks before the city hosts the Summer Olympic Games.
“It has raised hackles in the market about demand recovery again,” said John Kilduff, a partner at Again Capital in New York. “Asia is obviously essential. It’s a swing demand center, and this is a huge setback.”
Monday, 12 July 2021
Oil prices slip as economic fears offset tightening crude supplies | Reuters
Oil prices slip as economic fears offset tightening crude supplies | Reuters
Oil prices fell on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key crude producers to raise output in the coming months stalled.
Brent crude for September fell 45 cents, or 0.6%, to $75.10 a barrel by 12:08 p.m. EDT (1605 GMT). U.S. West Texas Intermediate crude for August was at $74.07 a barrel, down 49 cents, or 0.7%.
Both benchmarks fell about 1% last week but remain close to highs not seen since October 2018.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies said over the weekend. The remarks weighed on the oil demand outlook.
“Traders are now refocusing on the spread of the COVID-19 pandemic and global concerns over the new variants’ expansion,” Rystad Energy analyst Louise Dickson said.
Oil prices fell on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key crude producers to raise output in the coming months stalled.
Brent crude for September fell 45 cents, or 0.6%, to $75.10 a barrel by 12:08 p.m. EDT (1605 GMT). U.S. West Texas Intermediate crude for August was at $74.07 a barrel, down 49 cents, or 0.7%.
Both benchmarks fell about 1% last week but remain close to highs not seen since October 2018.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies said over the weekend. The remarks weighed on the oil demand outlook.
“Traders are now refocusing on the spread of the COVID-19 pandemic and global concerns over the new variants’ expansion,” Rystad Energy analyst Louise Dickson said.
OPEC+ Locks in Tight Supply for August With Stalemate Unresolved - Bloomberg
OPEC+ Locks in Tight Supply for August With Stalemate Unresolved - Bloomberg
One week after OPEC and its allies abandoned their meeting in acrimony, the window for an August oil-production increase is closing without any deal in sight.
Regardless of the desire of other cartel members for a compromise, there’s little sign that Saudi Arabia and the United Arab Emirates have made progress in resolving a dispute over how their production cuts are measured, delegates said.
Meanwhile, both countries have proceeded to lock in supply volumes for their customers next month, leaving little scope for a change if there’s a sudden breakthrough, delegates said, asking not to be named because the information is private.
With August sales fixed and most Gulf countries preparing for an Islamic holiday that will close government offices and businesses for most or all of next week, a prompt supply increase may not be possible even if Russia, the U.S. or some other party manages to broker a deal. The timing of the holiday means the next gathering would be unlikely before the last days of July or perhaps early August.
The continuing stalemate leaves the oil market in limbo, unsure when or if it will receive additional shipments from the producers’ group. While prices have fallen about 3% to below $75 a barrel in London in the past week, there are still signs that demand exceeds supply.
Since the collapse in talks last week, there have been some efforts to bring the Organization of Petroleum Exporting Countries and its allies back to the negotiating table and revive the failed proposal for monthly output increases of 400,000 barrels a day.
One week after OPEC and its allies abandoned their meeting in acrimony, the window for an August oil-production increase is closing without any deal in sight.
Regardless of the desire of other cartel members for a compromise, there’s little sign that Saudi Arabia and the United Arab Emirates have made progress in resolving a dispute over how their production cuts are measured, delegates said.
Meanwhile, both countries have proceeded to lock in supply volumes for their customers next month, leaving little scope for a change if there’s a sudden breakthrough, delegates said, asking not to be named because the information is private.
With August sales fixed and most Gulf countries preparing for an Islamic holiday that will close government offices and businesses for most or all of next week, a prompt supply increase may not be possible even if Russia, the U.S. or some other party manages to broker a deal. The timing of the holiday means the next gathering would be unlikely before the last days of July or perhaps early August.
The continuing stalemate leaves the oil market in limbo, unsure when or if it will receive additional shipments from the producers’ group. While prices have fallen about 3% to below $75 a barrel in London in the past week, there are still signs that demand exceeds supply.
Since the collapse in talks last week, there have been some efforts to bring the Organization of Petroleum Exporting Countries and its allies back to the negotiating table and revive the failed proposal for monthly output increases of 400,000 barrels a day.
MIDEAST STOCKS #Saudi index snaps five-day losing streak; #Qatar extends losses | Reuters
MIDEAST STOCKS Saudi index snaps five-day losing streak; Qatar extends losses | Reuters
Major stock markets in the Gulf ended mixed on Monday, with the Saudi index snapping a five-day losing streak and Qatar falling for a third consecutive session.
Saudi Arabia's benchmark index (.TASI) rose 0.1%, with Al Rajhi Bank (1120.SE) and petrochemical maker Saudi Basic Industries (2010.SE) gaining nearly 1% each.
In Abu Dhabi, the index (.ADI) finished up 0.4%, led by gains in telecoms firm Etisalat (ETISALAT.AD), which rose 1.2%.
Markets in the Gulf have started to stabilize after last week's fall as new geopolitical tendencies emerge in the region with Saudi Arabia and Oman taking steps to build a warmer relationship, said Daniel Takieddine, a senior market analyst at FXPrimus.
"The ruler of Oman visited the Saudi kingdom, a move that highlights a trend of collaboration and economic partnership in the region," Takieddine said.
Separately, Abu Dhabi's ADX securities market said shares of Al Yah Satellite Communications will be listed on the main market with effect from July 14.
The initial public offering of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise 2.68 billion dirhams ($729.69 million) after the deal was priced around the middle of an indicative price range.
Dubai's main share index (.DFMGI) gave up early gains to close 0.1% lower. as Sharia-compliant lender Dubai Islamic Bank (DISB.DU) lost 1% and Dubai Investments (DINV.DU) declined 0.6%.
On the other hand, Shuaa Capital (SHUA.DU) advanced 1.7%, extending gains for a second consecutive session.
The United Arab Emirates financial firm Shuaa said on Sunday, in a clarification of a media report, that it is in the early stages of research and talks with investment banks about the possibility of establishing special purpose vehicles.
In Qatar, the index (.QSI) eased 0.2%, hit by a 0.9% fall in petrochemical firm Industries Qatar (IQCD.QA).
The Qatari market should return to the black as the Saudi and Emirati bourses consolidate their growth and new economic developments impact the Qatari economy positively, said Takieddine.
Elsewhere, Qatar National Bank (QNBK.QA), the Gulf's largest lender, added 0.1%, a day after it reported a higher second-quarter profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.8%, with top lender Commercial International Bank (COMI.CA) rising 0.9%.
Major stock markets in the Gulf ended mixed on Monday, with the Saudi index snapping a five-day losing streak and Qatar falling for a third consecutive session.
Saudi Arabia's benchmark index (.TASI) rose 0.1%, with Al Rajhi Bank (1120.SE) and petrochemical maker Saudi Basic Industries (2010.SE) gaining nearly 1% each.
In Abu Dhabi, the index (.ADI) finished up 0.4%, led by gains in telecoms firm Etisalat (ETISALAT.AD), which rose 1.2%.
Markets in the Gulf have started to stabilize after last week's fall as new geopolitical tendencies emerge in the region with Saudi Arabia and Oman taking steps to build a warmer relationship, said Daniel Takieddine, a senior market analyst at FXPrimus.
"The ruler of Oman visited the Saudi kingdom, a move that highlights a trend of collaboration and economic partnership in the region," Takieddine said.
Separately, Abu Dhabi's ADX securities market said shares of Al Yah Satellite Communications will be listed on the main market with effect from July 14.
The initial public offering of Yahsat, the satellite company of Abu Dhabi state investor Mubadala, is set to raise 2.68 billion dirhams ($729.69 million) after the deal was priced around the middle of an indicative price range.
Dubai's main share index (.DFMGI) gave up early gains to close 0.1% lower. as Sharia-compliant lender Dubai Islamic Bank (DISB.DU) lost 1% and Dubai Investments (DINV.DU) declined 0.6%.
On the other hand, Shuaa Capital (SHUA.DU) advanced 1.7%, extending gains for a second consecutive session.
The United Arab Emirates financial firm Shuaa said on Sunday, in a clarification of a media report, that it is in the early stages of research and talks with investment banks about the possibility of establishing special purpose vehicles.
In Qatar, the index (.QSI) eased 0.2%, hit by a 0.9% fall in petrochemical firm Industries Qatar (IQCD.QA).
The Qatari market should return to the black as the Saudi and Emirati bourses consolidate their growth and new economic developments impact the Qatari economy positively, said Takieddine.
Elsewhere, Qatar National Bank (QNBK.QA), the Gulf's largest lender, added 0.1%, a day after it reported a higher second-quarter profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.8%, with top lender Commercial International Bank (COMI.CA) rising 0.9%.
NMC Health's administrators to pursue claims once restructuring is complete
NMC Health's administrators to pursue claims once restructuring is complete
The joint administrators of UAE healthcare group NMC Health have said they intend to begin legal action in a bid to recover part of the $4 billion that disappeared from the company.
Cases are expected to be filed once the group's restructuring through a Deeds of Company Arrangement, or Doca, is complete, Richard Fleming, joint administrator from Alvarez & Marsal, said.
A Doca refers to binding arrangement between a company and its creditors that details how the former's assets and operations are to be dealt with.
“Investigations on the cause and facilitation of the fraud, which was catalyst to the crisis that befell NMC in February 2020, is ongoing and progressing at pace," said Mr Fleming.
"Following the formal launch of the Doca, the joint administrators intend to start commencing legal actions.”
NMC Health was placed into administration in April last year. Problems at the UAE's biggest healthcare group first emerged in December 2019 after activist investor Muddy Waters issued a report claiming the company had under-reported its debts and inflated the value of its assets.
The joint administrators of UAE healthcare group NMC Health have said they intend to begin legal action in a bid to recover part of the $4 billion that disappeared from the company.
Cases are expected to be filed once the group's restructuring through a Deeds of Company Arrangement, or Doca, is complete, Richard Fleming, joint administrator from Alvarez & Marsal, said.
A Doca refers to binding arrangement between a company and its creditors that details how the former's assets and operations are to be dealt with.
“Investigations on the cause and facilitation of the fraud, which was catalyst to the crisis that befell NMC in February 2020, is ongoing and progressing at pace," said Mr Fleming.
"Following the formal launch of the Doca, the joint administrators intend to start commencing legal actions.”
NMC Health was placed into administration in April last year. Problems at the UAE's biggest healthcare group first emerged in December 2019 after activist investor Muddy Waters issued a report claiming the company had under-reported its debts and inflated the value of its assets.
South Korea signs 20-year LNG deal with #Qatar | Reuters
South Korea signs 20-year LNG deal with Qatar | Reuters
South Korea's energy ministry said on Monday it had signed a 20-year liquefied natural gas (LNG) supply agreement with Qatar for the next 20 years starting in 2025.
South Korea's state-run Korea Gas Corp (036460.KS) will buy 2 million tonnes of LNG annually from Qatar Petroleum (QATPE.UL).
"This long-term contract is considered to have favourable contract conditions, which would help stabilise LNG supply as well as to significantly drop fees," the ministry said in a statement.
It did not provide financial details of the agreement.
The energy ministry added that KOGAS buys 9 million tonnes of LNG annually from Qatar through long-term contracts and a contract worth 4.9 million tonnes of LNG is expected to end in 2024.
South Korea's energy ministry said on Monday it had signed a 20-year liquefied natural gas (LNG) supply agreement with Qatar for the next 20 years starting in 2025.
South Korea's state-run Korea Gas Corp (036460.KS) will buy 2 million tonnes of LNG annually from Qatar Petroleum (QATPE.UL).
"This long-term contract is considered to have favourable contract conditions, which would help stabilise LNG supply as well as to significantly drop fees," the ministry said in a statement.
It did not provide financial details of the agreement.
The energy ministry added that KOGAS buys 9 million tonnes of LNG annually from Qatar through long-term contracts and a contract worth 4.9 million tonnes of LNG is expected to end in 2024.
Column: Supply struggles, not just demand, are fuelling LNG's price surge: Russell | Reuters
Column: Supply struggles, not just demand, are fuelling LNG's price surge: Russell | Reuters
The rally in spot liquefied natural gas (LNG) prices in recent weeks has been framed as being led by robust demand in Asia and in Europe as the northern hemisphere deals with hotter-than-usual temperatures.
Although this certainly has a strong influence on prices, the narrative has downplayed issues surrounding supply of the super-chilled fuel, with declining volumes being shipped by major producers such as Australia, Qatar, the United States and Russia.
All four of these top exporters shipped less LNG in June than in May, and in some cases the June volumes were multi-month lows, according to data from commodity analysts Kpler.
The weekly spot price of LNG delivered to north Asia ended at $12.55 per million British thermal units (mmBtu), down from the six-month high of $14 the prior week.
However, futures contracts linked to the benchmark S&P Global Platts JKM index ended last week on a positive note, rising to $13 per mmBtu on July 9, up a second consecutive day but below its recent high of $13.23 on July 1.
On an annual basis, spot prices are massively higher, but this is largely a reflection of the collapse in demand for LNG in the middle of last year as economies across the globe were locked down as part of efforts to battle the coronavirus pandemic.
The rally in spot liquefied natural gas (LNG) prices in recent weeks has been framed as being led by robust demand in Asia and in Europe as the northern hemisphere deals with hotter-than-usual temperatures.
Although this certainly has a strong influence on prices, the narrative has downplayed issues surrounding supply of the super-chilled fuel, with declining volumes being shipped by major producers such as Australia, Qatar, the United States and Russia.
All four of these top exporters shipped less LNG in June than in May, and in some cases the June volumes were multi-month lows, according to data from commodity analysts Kpler.
The weekly spot price of LNG delivered to north Asia ended at $12.55 per million British thermal units (mmBtu), down from the six-month high of $14 the prior week.
However, futures contracts linked to the benchmark S&P Global Platts JKM index ended last week on a positive note, rising to $13 per mmBtu on July 9, up a second consecutive day but below its recent high of $13.23 on July 1.
On an annual basis, spot prices are massively higher, but this is largely a reflection of the collapse in demand for LNG in the middle of last year as economies across the globe were locked down as part of efforts to battle the coronavirus pandemic.
#Saudi sovereign wealth fund scopes banks for ESG framework - sources | Reuters
Saudi sovereign wealth fund scopes banks for ESG framework - sources | Reuters
Saudi Arabia’s sovereign wealth fund has asked banks to help it develop an environmental, social and governance (ESG) framework, four sources said, a move that could allow it to expand its funding base to attract ESG-focussed investors.
The Public Investment Fund (PIF) sent a request for proposals to banks last month, said the four sources with direct knowledge of the matter, speaking anonymously because the matter is private.
PIF - at the centre of Saudi de facto ruler and Crown Prince Mohammed bin Salman’s Vision 2030 that aims to wean the economy off oil - has been funding itself in recent years with tens of billions of dollars in loans.
One of the sources said developing an ESG framework was likely a precursor for a multibillion dollar bond sale, which would be the Saudi wealth fund’s first.
Once an ESG framework is developed, PIF may need credit ratings and an audit of its finances before it can issue bonds, the source said, adding the fund could sell bonds in the fourth quarter if “all goes smoothly.”
PIF did not respond to an emailed request for comment.
PIF signed a $15 billion loan with a large group of banks in March, which followed a $10 billion loan it took in 2019 that was repaid last year and an $11 billion facility in 2018.
The development of a framework to assess the impact of its sustainability practices comes amid growing awareness among international investors about ESG risks.
The Red Sea Development Company, owned by PIF, secured earlier this year a $3.8 billion “green” loan for new hotels powered by renewable energy.
PIF is also the cornerstone investor in NEOM, a futuristic development in Saudi Arabia whose flagship project is a zero-carbon city.
Saudi Arabia’s sovereign wealth fund has asked banks to help it develop an environmental, social and governance (ESG) framework, four sources said, a move that could allow it to expand its funding base to attract ESG-focussed investors.
The Public Investment Fund (PIF) sent a request for proposals to banks last month, said the four sources with direct knowledge of the matter, speaking anonymously because the matter is private.
PIF - at the centre of Saudi de facto ruler and Crown Prince Mohammed bin Salman’s Vision 2030 that aims to wean the economy off oil - has been funding itself in recent years with tens of billions of dollars in loans.
One of the sources said developing an ESG framework was likely a precursor for a multibillion dollar bond sale, which would be the Saudi wealth fund’s first.
Once an ESG framework is developed, PIF may need credit ratings and an audit of its finances before it can issue bonds, the source said, adding the fund could sell bonds in the fourth quarter if “all goes smoothly.”
PIF did not respond to an emailed request for comment.
PIF signed a $15 billion loan with a large group of banks in March, which followed a $10 billion loan it took in 2019 that was repaid last year and an $11 billion facility in 2018.
The development of a framework to assess the impact of its sustainability practices comes amid growing awareness among international investors about ESG risks.
The Red Sea Development Company, owned by PIF, secured earlier this year a $3.8 billion “green” loan for new hotels powered by renewable energy.
PIF is also the cornerstone investor in NEOM, a futuristic development in Saudi Arabia whose flagship project is a zero-carbon city.
Oil prices fall as economic worries offset tightening supplies | Reuters
Oil prices fall as economic worries offset tightening supplies | Reuters
Oil prices slipped on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 86 cents, or 1.1%, to $74.69 a barrel by 1240 GMT. U.S. West Texas Intermediate crude for August was at $73.71 a barrel, down 85 cents, or 1.1%.
Both benchmarks fell about 1% last week but remain close to highs last reached in October 2018. Brent climbed above $77 last week.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies said on Saturday.
“Traders are now refocusing on the spread of the COVID-19 pandemic and global concerns over the new variants’ expansion are weighing on prices, despite tightening oil supplies globally,” Rystad Energy analyst Louise Dickson said.
Oil prices slipped on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 86 cents, or 1.1%, to $74.69 a barrel by 1240 GMT. U.S. West Texas Intermediate crude for August was at $73.71 a barrel, down 85 cents, or 1.1%.
Both benchmarks fell about 1% last week but remain close to highs last reached in October 2018. Brent climbed above $77 last week.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies said on Saturday.
“Traders are now refocusing on the spread of the COVID-19 pandemic and global concerns over the new variants’ expansion are weighing on prices, despite tightening oil supplies globally,” Rystad Energy analyst Louise Dickson said.
Higher Oil Prices to Boost Broader Middle East Economy: Daman Investments - Bloomberg video
Higher Oil Prices to Boost Broader Middle East Economy: Daman Investments - Bloomberg
Ali El Adou, head of asset management at Daman Investments, expects higher oil prices and capital spending to spill over into the broader economy in the region. He speaks with Bloomberg's Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#UAE Central Bank plans to roll out digital currency | ZAWYA MENA Edition
UAE Central Bank plans to roll out digital currency | ZAWYA MENA Edition
The UAE central bank is planning to roll out a digital currency as part of its 2023-2026 strategy, according to state news agency WAM.
Jurisdictions like ADGM and DIFC have introduced crypto regulations, and last year, the central bank had rolled out a virtual asset scheme. When a central bank introduces a digital currency it is expected to support the industry as assets will back it.
The WAM report said the strategy includes supporting digital transformation in the financial services sector by adopting the latest technologies in artificial intelligence and big data, developing a strong and secure financial cloud infrastructure and supporting the green economy in the UAE.
The new strategy also includes the use of technology in regulatory and insurance systems, in addition to the use of a digital identity infrastructure, to enhance financial inclusion and faster access to financial services.
The Securities and Commodities Authority (SCA) of the UAE had released a regulatory framework in 2020 for Crypto Assets. The purpose of this regulation is to regulate the offering, issuance, listing, and trading of crypto assets in the state, as well as associated financial activities. However, it excluded the Central Bank of UAE, crypto assets issued by the government and/or public undertakings, a currency, virtual currency, digital currency, unit of stored value, or any other payment unit issued through a system licensed, approved and authorised by Central bank from time to time.
An annual UBS survey of 30 leading central banks, highlighted the fact that though central bank officials have doubts over private cryptocurrencies, they are certain over the prospect of central bank digital currencies or official coins.
About 60 per cent of the respondents (central bank reserve managers) expect at least one G7 central bank to make digital currencies available to consumers in the next half decade.
Over 80 percent of central bank reserve managers said over the period, they expect the launch and accessibility of “wholesale” central bank coins to big financial institutions.
The UAE central bank is planning to roll out a digital currency as part of its 2023-2026 strategy, according to state news agency WAM.
Jurisdictions like ADGM and DIFC have introduced crypto regulations, and last year, the central bank had rolled out a virtual asset scheme. When a central bank introduces a digital currency it is expected to support the industry as assets will back it.
The WAM report said the strategy includes supporting digital transformation in the financial services sector by adopting the latest technologies in artificial intelligence and big data, developing a strong and secure financial cloud infrastructure and supporting the green economy in the UAE.
The new strategy also includes the use of technology in regulatory and insurance systems, in addition to the use of a digital identity infrastructure, to enhance financial inclusion and faster access to financial services.
The Securities and Commodities Authority (SCA) of the UAE had released a regulatory framework in 2020 for Crypto Assets. The purpose of this regulation is to regulate the offering, issuance, listing, and trading of crypto assets in the state, as well as associated financial activities. However, it excluded the Central Bank of UAE, crypto assets issued by the government and/or public undertakings, a currency, virtual currency, digital currency, unit of stored value, or any other payment unit issued through a system licensed, approved and authorised by Central bank from time to time.
An annual UBS survey of 30 leading central banks, highlighted the fact that though central bank officials have doubts over private cryptocurrencies, they are certain over the prospect of central bank digital currencies or official coins.
About 60 per cent of the respondents (central bank reserve managers) expect at least one G7 central bank to make digital currencies available to consumers in the next half decade.
Over 80 percent of central bank reserve managers said over the period, they expect the launch and accessibility of “wholesale” central bank coins to big financial institutions.
Walmart's Flipkart raises $3.6bln in funding, SoftBank back as investor | ZAWYA MENA Edition
Walmart's Flipkart raises $3.6bln in funding, SoftBank back as investor | ZAWYA MENA Edition
Walmart Inc-owned Indian online retailer Flipkart said on Monday it has raised $3.6 billion in a round of funding, after which it will be valued at $37.6 billion.
The funding was led by investors GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart.
It also attracted investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad and private equity firm Blackstone Group Inc.-backed Antara Capital among others.
Japan's SoftBank, which sold its roughly 20% stake in the e-commerce firm to Walmart in 2018, has returned as a shareholder.
Walmart Inc-owned Indian online retailer Flipkart said on Monday it has raised $3.6 billion in a round of funding, after which it will be valued at $37.6 billion.
The funding was led by investors GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart.
It also attracted investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad and private equity firm Blackstone Group Inc.-backed Antara Capital among others.
Japan's SoftBank, which sold its roughly 20% stake in the e-commerce firm to Walmart in 2018, has returned as a shareholder.
Oil prices slip as economic worries offset tightening supplies | Reuters
Oil prices slip as economic worries offset tightening supplies | Reuters
Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 35 cents, or 0.5%, to $75.20 a barrel by 0641 GMT while U.S. West Texas Intermediate crude for August was at $74.23 a barrel, down 33 cents, or 0.4%.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday.
A Reuters tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate pointing upwards since late-June and now hitting 478,000. here
“We’ve not yet seen the impact but at this rate, it will hit demand sooner or later,” a Singapore-based oil trader said.
Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 35 cents, or 0.5%, to $75.20 a barrel by 0641 GMT while U.S. West Texas Intermediate crude for August was at $74.23 a barrel, down 33 cents, or 0.4%.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday.
A Reuters tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate pointing upwards since late-June and now hitting 478,000. here
“We’ve not yet seen the impact but at this rate, it will hit demand sooner or later,” a Singapore-based oil trader said.