Oil edges up, as investors worry about global demand | Reuters
Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.
Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract , which expired on Tuesday, rose 27 cents to settle at $70.56 a barrel, after dropping 2.3% in the previous session. The more active November contract rose 35 cents a barrel to $70.49.
Brent and the November WTI contract earlier reached session highs of $75.18 a barrel and $71.48 per barrel, respectively.
"It seems to be a very nervous trade today," said Phil Flynn, senior analyst at Price Futures group in Chicago. "It's a little bit of ongoing concerns about the potential impact of demand going forward."
Tuesday 21 September 2021
As tensions ease, Turkey says talks to #UAE on energy investment | Reuters
As tensions ease, Turkey says talks to UAE on energy investment | Reuters
Turkey is in talks with the United Arab Emirates over investment in its energy sector, Turkey's deputy energy minister said on Tuesday, after the sides called a truce on their bitter rivalry.
After contacts between intelligence and government officials eased tensions, the UAE this month said it was seeking deeper trade and economic ties with Turkey and seven other countries as it looks to defend its global business hub status after the pandemic. read more
Turkish deputy energy minister Alparslan Bayraktar told reporters in Dubai on Tuesday there had been talks with the UAE about investment in Turkish energy projects. He did not disclose which specific projects, but said the Emiratis had previously considered power generation.
Further talks were expected on Wednesday, Bayraktar said, when he is to meet UAE energy minister Suhail Al Mazrouei.
Turkey is in talks with the United Arab Emirates over investment in its energy sector, Turkey's deputy energy minister said on Tuesday, after the sides called a truce on their bitter rivalry.
After contacts between intelligence and government officials eased tensions, the UAE this month said it was seeking deeper trade and economic ties with Turkey and seven other countries as it looks to defend its global business hub status after the pandemic. read more
Turkish deputy energy minister Alparslan Bayraktar told reporters in Dubai on Tuesday there had been talks with the UAE about investment in Turkish energy projects. He did not disclose which specific projects, but said the Emiratis had previously considered power generation.
Further talks were expected on Wednesday, Bayraktar said, when he is to meet UAE energy minister Suhail Al Mazrouei.
#Saudi Wealth Fund Plans Green Bond, Works With BlackRock on ESG - Bloomberg
Saudi Wealth Fund Plans Green Bond, Works With BlackRock on ESG - Bloomberg
Saudi Arabia’s $430 billion sovereign wealth fund plans to announce its first green debt issuance and is working with BlackRock Inc. on a framework incorporating environmental, social and governance principles.
The Public Investment Fund will announce the green issuance “very soon,” Governor Yasir Al-Rumayyan said in a virtual event on Tuesday.
“We’re working with many partners from all over the world, domestically and internationally, to have a better ESG compliance to all the things that we do,” Al-Rumayyan said.
The oil-rich kingdom is looking to boost its environmental credentials and this month appointed HSBC Holdings Plc and JPMorgan Chase & Co. as joint structuring agents for its sustainability financing framework. The PIF, as the wealth fund is known, has also hired five international banks as members of an ESG panel for its medium-term capital-raising strategy, according to Reuters.
Saudi Arabia’s $430 billion sovereign wealth fund plans to announce its first green debt issuance and is working with BlackRock Inc. on a framework incorporating environmental, social and governance principles.
The Public Investment Fund will announce the green issuance “very soon,” Governor Yasir Al-Rumayyan said in a virtual event on Tuesday.
“We’re working with many partners from all over the world, domestically and internationally, to have a better ESG compliance to all the things that we do,” Al-Rumayyan said.
The oil-rich kingdom is looking to boost its environmental credentials and this month appointed HSBC Holdings Plc and JPMorgan Chase & Co. as joint structuring agents for its sustainability financing framework. The PIF, as the wealth fund is known, has also hired five international banks as members of an ESG panel for its medium-term capital-raising strategy, according to Reuters.
OPEC+ struggles to pump more oil to meet rising demand | Reuters
OPEC+ struggles to pump more oil to meet rising demand | Reuters
OPEC and its allies struggled again to pump enough oil in August to meet global demand as it recovers from the coronavirus pandemic, potentially adding to upward pressures on oil prices.
Several OPEC+ members such as Nigeria, Angola and Kazakhstan have struggled in recent months to raise output due to years of under-investment or large maintenance work that has been delayed by the COVID-19 pandemic.
Cheating and producing above targets have traditionally been one of OPEC's main problems but the situation has changed in recent years as investment has flowed into the renewables sector as part of the energy transition.
Despite the rise in renewables, the world is still consuming near-record amounts of crude, which will put additional pressure on Saudi Arabia and OPEC's other leading Gulf producers to pump more oil in the years to come.
OPEC and its allies struggled again to pump enough oil in August to meet global demand as it recovers from the coronavirus pandemic, potentially adding to upward pressures on oil prices.
Several OPEC+ members such as Nigeria, Angola and Kazakhstan have struggled in recent months to raise output due to years of under-investment or large maintenance work that has been delayed by the COVID-19 pandemic.
Cheating and producing above targets have traditionally been one of OPEC's main problems but the situation has changed in recent years as investment has flowed into the renewables sector as part of the energy transition.
Despite the rise in renewables, the world is still consuming near-record amounts of crude, which will put additional pressure on Saudi Arabia and OPEC's other leading Gulf producers to pump more oil in the years to come.
MIDEAST STOCKS Most Gulf bourses in the red; #AbuDhabi edges up | Reuters
MIDEAST STOCKS Most Gulf bourses in the red; Abu Dhabi edges up | Reuters
Most stock markets in the Gulf ended lower on Tuesday, extending losses from the previous session, amid concerns about contagion from the distress of debt-saddled Chinese developer Evergrande.
The Chinese government is expected to step in to prevent any large shocks related to Evergrande, while worries about the economic slowdown and pandemic linger, said Wael Makarem, senior market strategist at Exness.
Dubai's main share index (.DFMGI) slid 1.2%, dragged down by a 1.8% decline in Emirates NBD Bank (ENBD.DU) and a 1.2% decrease in blue-chip developer Emaar Properties (EMAR.DU).
On Monday, the emirate said it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.
More than 5,000 international firms will operate under the Dubai Integrated Economic Zones Authority.
The government's efforts to establish special economic zones should prove beneficial as sanitary restrictions are reduced and international traffic increases over time, added Makarem.
Saudi Arabia's benchmark index (.TASI) inched down 0.1%, hurt by a 0.9% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE).
The kingdom plans to raise up to 10 billion riyals ($2.67 billion) next year for Amaala, one of its tourism projects on its Red Sea coast. read more
Amaala and the Red Sea project company, both 100% owned by the Public Investment Fund - Saudi Arabia's main sovereign investor - will likely be consolidated under one "Red Sea Group" by the end of this year.
The Abu Dhabi index (.ADI) reversed early losses to close 0.1% higher, ending two sessions of losses, helped by a 0.5% increase in International Holding Company (IHC) (IHC.AD), while its unit Alpha Dhabi Holding (ALPHADHABI.AD) advanced 1.3%.
IHC's subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region.
In Qatar, the index (.QSI) lost 0.3% as most of its stocks ended lower, including Mesaieed Petrochemical (MPHC.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 2%, led by a 1.3% slide in top lender Commercial International Bank (COMI.CA).
Most stock markets in the Gulf ended lower on Tuesday, extending losses from the previous session, amid concerns about contagion from the distress of debt-saddled Chinese developer Evergrande.
The Chinese government is expected to step in to prevent any large shocks related to Evergrande, while worries about the economic slowdown and pandemic linger, said Wael Makarem, senior market strategist at Exness.
Dubai's main share index (.DFMGI) slid 1.2%, dragged down by a 1.8% decline in Emirates NBD Bank (ENBD.DU) and a 1.2% decrease in blue-chip developer Emaar Properties (EMAR.DU).
On Monday, the emirate said it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.
More than 5,000 international firms will operate under the Dubai Integrated Economic Zones Authority.
The government's efforts to establish special economic zones should prove beneficial as sanitary restrictions are reduced and international traffic increases over time, added Makarem.
Saudi Arabia's benchmark index (.TASI) inched down 0.1%, hurt by a 0.9% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE).
The kingdom plans to raise up to 10 billion riyals ($2.67 billion) next year for Amaala, one of its tourism projects on its Red Sea coast. read more
Amaala and the Red Sea project company, both 100% owned by the Public Investment Fund - Saudi Arabia's main sovereign investor - will likely be consolidated under one "Red Sea Group" by the end of this year.
The Abu Dhabi index (.ADI) reversed early losses to close 0.1% higher, ending two sessions of losses, helped by a 0.5% increase in International Holding Company (IHC) (IHC.AD), while its unit Alpha Dhabi Holding (ALPHADHABI.AD) advanced 1.3%.
IHC's subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region.
In Qatar, the index (.QSI) lost 0.3% as most of its stocks ended lower, including Mesaieed Petrochemical (MPHC.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 2%, led by a 1.3% slide in top lender Commercial International Bank (COMI.CA).
Oil rallies on tight supplies in aftermath of U.S. storm | Reuters
Oil rallies on tight supplies in aftermath of U.S. storm | Reuters
Oil prices rose on Tuesday as tighter U.S. supplies helped to reverse days of losses triggered by concerns across global markets about the impact on China's economy of a crisis at heavily-indebted property group China Evergrande.
Brent crude gained 52 cents, or 0.7%, to $74.44 a barrel by 1338 GMT, having fallen by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract , which expires later on Tuesday, was up 41 cents, or 0.6%, at $70.70, after dropping 2.3% in the previous session. The more active November contract gained 52 cents a barrel to $70.66.
ActivTrades analyst Ricardo Evangelista said concerns over U.S. production were pushing aside other factors, including uncertainty over the outcome of the Federal Reserve monetary policy committee meeting, which begins on Tuesday and "fears that the Evergrande issue may trigger a wider crisis".
Oil prices rose on Tuesday as tighter U.S. supplies helped to reverse days of losses triggered by concerns across global markets about the impact on China's economy of a crisis at heavily-indebted property group China Evergrande.
Brent crude gained 52 cents, or 0.7%, to $74.44 a barrel by 1338 GMT, having fallen by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract , which expires later on Tuesday, was up 41 cents, or 0.6%, at $70.70, after dropping 2.3% in the previous session. The more active November contract gained 52 cents a barrel to $70.66.
ActivTrades analyst Ricardo Evangelista said concerns over U.S. production were pushing aside other factors, including uncertainty over the outcome of the Federal Reserve monetary policy committee meeting, which begins on Tuesday and "fears that the Evergrande issue may trigger a wider crisis".
OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg
OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg
OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike.
“The plan is working, we’re gradually increasing and the market is absorbing it,” United Arab Emirates Oil Minister Suhail Al-Mazrouei said Tuesday at the Gastech conference in Dubai. “I don’t see any reason why we should deviate from that.”
Mazrouei’s view echoes comments from his Iraqi counterpart over the weekend, as well as delegates from several other OPEC+ nations speaking privately.
The 23-nation OPEC+ coalition is restoring crude supplies halted when the pandemic crushed global fuel demand last year. The group, led by Saudi Arabia and Russia, will meet on Oct. 4 to review the next monthly increment of 400,000 barrels a day.
OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike.
“The plan is working, we’re gradually increasing and the market is absorbing it,” United Arab Emirates Oil Minister Suhail Al-Mazrouei said Tuesday at the Gastech conference in Dubai. “I don’t see any reason why we should deviate from that.”
Mazrouei’s view echoes comments from his Iraqi counterpart over the weekend, as well as delegates from several other OPEC+ nations speaking privately.
The 23-nation OPEC+ coalition is restoring crude supplies halted when the pandemic crushed global fuel demand last year. The group, led by Saudi Arabia and Russia, will meet on Oct. 4 to review the next monthly increment of 400,000 barrels a day.
Oil rises as U.S. storm aftermath squeezes supply | Reuters
Oil rises as U.S. storm aftermath squeezes supply | Reuters
Oil prices rose on Tuesday, after sharp losses the previous session, amid tighter U.S. supplies, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained $1.01, or 1.4%, to $74.93 a barrel by 0941 GMT, having fallen by almost 2% on Monday. The October West Texas Intermediate (WTI) contract , which expires later on Tuesday, was up 99 cents, or 1.4%, at $71.28, after dropping 2.3% in the previous session. The more active November contract gained $1.01 a barrel to $71.15.
Growing concerns over U.S. production "seem to be outpacing other factors ... such as the uncertainty over the outcome of the Federal Reserve monetary policy committee meeting and fears that the Evergrande issue may trigger a wider crisis," ActivTrades analyst Ricardo Evangelista said.
Royal Dutch Shell (RDSa.L), the largest U.S. Gulf of Mexico oil producer, said on Monday that damage to offshore transfer facilities from Hurricane Ida will cut production into early next year. read more
Oil prices rose on Tuesday, after sharp losses the previous session, amid tighter U.S. supplies, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained $1.01, or 1.4%, to $74.93 a barrel by 0941 GMT, having fallen by almost 2% on Monday. The October West Texas Intermediate (WTI) contract , which expires later on Tuesday, was up 99 cents, or 1.4%, at $71.28, after dropping 2.3% in the previous session. The more active November contract gained $1.01 a barrel to $71.15.
Growing concerns over U.S. production "seem to be outpacing other factors ... such as the uncertainty over the outcome of the Federal Reserve monetary policy committee meeting and fears that the Evergrande issue may trigger a wider crisis," ActivTrades analyst Ricardo Evangelista said.
Royal Dutch Shell (RDSa.L), the largest U.S. Gulf of Mexico oil producer, said on Monday that damage to offshore transfer facilities from Hurricane Ida will cut production into early next year. read more
Low gas prices were not sustainable, #UAE minister says | Reuters
Low gas prices were not sustainable, UAE minister says | Reuters
The United Arab Emirates' energy minister said on Tuesday low gas prices were not sustainable and a recent hike reflected market fundamentals and a lack of investment in the sector.
"Gas prices were not sustainable (at) $2 or $3. New investments need to be there. I'm afraid it is not going to be magical. ..prices will go through ups and downs until the market realises the right price. The market will drive the price," Minister Suhail al-Mazrouei said at an industry conference in Dubai.
He added that if current prices continue it will be a burden on many countries and that longer term the market is not prepared to accept such prices.
Gas prices have soared 280% higher in Europe this year and by more than 100% in the United States due to a range of factors including low storage levels, carbon prices and reduced Russian supply.
The United Arab Emirates' energy minister said on Tuesday low gas prices were not sustainable and a recent hike reflected market fundamentals and a lack of investment in the sector.
"Gas prices were not sustainable (at) $2 or $3. New investments need to be there. I'm afraid it is not going to be magical. ..prices will go through ups and downs until the market realises the right price. The market will drive the price," Minister Suhail al-Mazrouei said at an industry conference in Dubai.
He added that if current prices continue it will be a burden on many countries and that longer term the market is not prepared to accept such prices.
Gas prices have soared 280% higher in Europe this year and by more than 100% in the United States due to a range of factors including low storage levels, carbon prices and reduced Russian supply.
Soaring gas prices not a crisis, reflect lack of investment - #Qatar minister | Reuters
Soaring gas prices not a crisis, reflect lack of investment -Qatar minister | Reuters
Qatar’s energy minister said on Tuesday that he believes currently high gas prices reflect a lack of investment as well as a shortage of supply but added he did not regard the situation as a crisis.
"There is a huge demand from all our customers, and unfortunately we cannot cater for everybody. Unfortunately, in my view, this is due to the market not investing enough in the industry," Saad al-Kaabi said on the sidelines of an industry conference in Dubai.
Asked if he expects high prices to last he said: "We hope not. We don't want these high prices, we don't think it is good for the consumers. We don't want $2 and we don't want $20, we want to have a reasonable price that is sustainable."
Qatar’s energy minister said on Tuesday that he believes currently high gas prices reflect a lack of investment as well as a shortage of supply but added he did not regard the situation as a crisis.
"There is a huge demand from all our customers, and unfortunately we cannot cater for everybody. Unfortunately, in my view, this is due to the market not investing enough in the industry," Saad al-Kaabi said on the sidelines of an industry conference in Dubai.
Asked if he expects high prices to last he said: "We hope not. We don't want these high prices, we don't think it is good for the consumers. We don't want $2 and we don't want $20, we want to have a reasonable price that is sustainable."
Saipem signs deal to set up newco with #Saudi Aramco | Reuters
Saipem signs deal to set up newco with Saudi Aramco | Reuters
Italian energy services group Saipem (SPMI.MI) said it signed an agreement with Saudi Aramco to look into setting up a company to do engineering and construction (E&C) work in Saudi Arabia.
In a statement Saipem said the new company would carry out E&C activity in the energy and infrastructure industrial sector.
The agreement, signed on September 7, is part of Saudi Aramco's Namaat Investment Industrial Program.
Italian energy services group Saipem (SPMI.MI) said it signed an agreement with Saudi Aramco to look into setting up a company to do engineering and construction (E&C) work in Saudi Arabia.
In a statement Saipem said the new company would carry out E&C activity in the energy and infrastructure industrial sector.
The agreement, signed on September 7, is part of Saudi Aramco's Namaat Investment Industrial Program.
#Saudi regulator authorises Natixis as underwriter, arranger | Reuters
Saudi regulator authorises Natixis as underwriter, arranger | Reuters
Saudi Arabia's Capital Markets Authority has approved Natixis Saudi Arabia's request to change its business profile in the kingdom, allowing it to conduct dealings as an underwriter and arranging in the securities business, CMA said on Monday.
The change also cancels Natixis Saudi Arabia's activity of conduct advising, CMA said.
Natixis did not immediately respond to a Reuters request for comment.
The French investment bank opened a corporate and investment banking office in the capital Riyadh last year.
Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to privatise state assets and introduced reforms to attract foreign capital under its Vision 2030 programme to reduce the economy's dependence on oil.
Saudi Arabia's Capital Markets Authority has approved Natixis Saudi Arabia's request to change its business profile in the kingdom, allowing it to conduct dealings as an underwriter and arranging in the securities business, CMA said on Monday.
The change also cancels Natixis Saudi Arabia's activity of conduct advising, CMA said.
Natixis did not immediately respond to a Reuters request for comment.
The French investment bank opened a corporate and investment banking office in the capital Riyadh last year.
Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to privatise state assets and introduced reforms to attract foreign capital under its Vision 2030 programme to reduce the economy's dependence on oil.
#Dubai Airports Sees Doubling of Visitors in 2022 as Curbs Ease - Bloomberg video
Dubai Airports Sees Doubling of Visitors in 2022 as Curbs Ease - Bloomberg
Dubai’s airports chief says the number of international visitors may more than double next year as the easing of Covid-19 restrictions boosts travel through one of the world’s busiest hubs.
“We’re going to see a very sharp up-tick,” Dubai Airports Chief Executive Paul Griffiths said on Bloomberg Television on Tuesday. The lifting of curbs between Dubai and countries such as the U.K., U.S. and Saudi Arabia will have a “massive impact” on the Gulf state, with about 27 million people passing through this year alone, he said.
Dubai is “very confident” that from Oct. 4 the United Arab Emirates will be included among countries not deemed by the U.K. as high-risk for coronavirus infections, Griffiths added. Dubai International Airport, the world’s largest by international traffic, counts London as its leading destination.
The U.K. said on the weekend it would reduce testing requirements for visitors for more countries and recognize coronavirus vaccines administered in 17 nations, including Qatar, Saudi Arabia, Kuwait, Bahrain and Israel. The UAE wasn’t included in the list but Britain’s Minister for the Middle East and North Africa, James Cleverly, said on Sept. 17 that could change.
“We’re going to see a very sharp up-tick,” Dubai Airports Chief Executive Paul Griffiths said on Bloomberg Television on Tuesday. The lifting of curbs between Dubai and countries such as the U.K., U.S. and Saudi Arabia will have a “massive impact” on the Gulf state, with about 27 million people passing through this year alone, he said.
Dubai is “very confident” that from Oct. 4 the United Arab Emirates will be included among countries not deemed by the U.K. as high-risk for coronavirus infections, Griffiths added. Dubai International Airport, the world’s largest by international traffic, counts London as its leading destination.
The U.K. said on the weekend it would reduce testing requirements for visitors for more countries and recognize coronavirus vaccines administered in 17 nations, including Qatar, Saudi Arabia, Kuwait, Bahrain and Israel. The UAE wasn’t included in the list but Britain’s Minister for the Middle East and North Africa, James Cleverly, said on Sept. 17 that could change.
OPEC, #Qatar Say Crisis Shows More Investment Needed: Gas Update - Bloomberg
OPEC, Qatar Say Crisis Shows More Investment Needed: Gas Update - Bloomberg
Qatar Says Demand for LNG is Huge (11:50am UAE)
“There is huge demand and we basically have a set capacity,” Qatar’s energy minister, Saad Al-Kaabi, said. The country is the world’s biggest exporter of liquefied natural gas and is investing billions of dollars to increase production, though the project will take years.
“They are queuing up for LNG. We have huge demand from all our customers and unfortunately we can’t cater for everyone.”
LNG prices in Asia have spiked almost 50% this month to $27.19 per million British thermal units.
“We don’t want these high prices, we don’t think its good for consumer,” he said.
“There is huge demand and we basically have a set capacity,” Qatar’s energy minister, Saad Al-Kaabi, said. The country is the world’s biggest exporter of liquefied natural gas and is investing billions of dollars to increase production, though the project will take years.
“They are queuing up for LNG. We have huge demand from all our customers and unfortunately we can’t cater for everyone.”
LNG prices in Asia have spiked almost 50% this month to $27.19 per million British thermal units.
“We don’t want these high prices, we don’t think its good for consumer,” he said.
Oil rises 1% as U.S. storm aftermath tightens supply | Reuters
Oil rises 1% as U.S. storm aftermath tightens supply | Reuters
Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.
Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said. read more
"While slowing Chinese economic growth and uncertainty around the (U.S.) Fed's tapering timetable weighed on market sentiment, other developments still point to higher oil prices," ANZ Research said in a note.
Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI) , which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.
Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ada that imply less supply is available, ANZ analysts said. read more
"While slowing Chinese economic growth and uncertainty around the (U.S.) Fed's tapering timetable weighed on market sentiment, other developments still point to higher oil prices," ANZ Research said in a note.
MIDEAST STOCKS Most Gulf indexes extend losses in line with Asian stocks | Reuters
MIDEAST STOCKS Most Gulf indexes extend losses in line with Asian stocks | Reuters
Most stock markets in the Gulf region fell in ealry trade on Tuesday, extending losses from the previous session, mirroring weakness in Asian shares.
Asian stocks struggled for traction in the wake of a sell-off that has shattered months of uneasy calm, as fears of contagion from the distress of debt-saddled developer China Evergrande triggered a global flight from risky assets.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 0.9% and Al Rajhi Bank (1120.SE) was down 0.2%.
Brent crude gained 95 cents, or 1.3% to $74.87 a barrel by 0645 GMT, as analysts pointed to signs of U.S. supply tightness.
The Abu Dhabi index (.ADI) lost 0.2%, hit by a 0.3% drop in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.3% decrease in telecoms firm Etisalat (ETISALAT.AD).
But conglomerate International Holding Co (IHC.AD) added 0.6%, after its subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region.
Dubai's main share index (.DFMGI) declined 0.7%, weighed down by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 0.7% drop in Emirates NBD Bank (ENBD.DU).
On Monday, the emirate said it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.
More than 5,000 international firms will operate under the Dubai Integrated Economic Zones Authority.
The Qatari index (.QSI) slipped 0.2%, with Mesaieed Petrochemical (MPHC.QA) declining 1.8%.
Most stock markets in the Gulf region fell in ealry trade on Tuesday, extending losses from the previous session, mirroring weakness in Asian shares.
Asian stocks struggled for traction in the wake of a sell-off that has shattered months of uneasy calm, as fears of contagion from the distress of debt-saddled developer China Evergrande triggered a global flight from risky assets.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 0.9% and Al Rajhi Bank (1120.SE) was down 0.2%.
Brent crude gained 95 cents, or 1.3% to $74.87 a barrel by 0645 GMT, as analysts pointed to signs of U.S. supply tightness.
The Abu Dhabi index (.ADI) lost 0.2%, hit by a 0.3% drop in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.3% decrease in telecoms firm Etisalat (ETISALAT.AD).
But conglomerate International Holding Co (IHC.AD) added 0.6%, after its subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region.
Dubai's main share index (.DFMGI) declined 0.7%, weighed down by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 0.7% drop in Emirates NBD Bank (ENBD.DU).
On Monday, the emirate said it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.
More than 5,000 international firms will operate under the Dubai Integrated Economic Zones Authority.
The Qatari index (.QSI) slipped 0.2%, with Mesaieed Petrochemical (MPHC.QA) declining 1.8%.
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