Oil prices rebound, edge up ahead of next week's OPEC meeting | Reuters
U.S. crude prices settled higher on Friday, turning positive after an early decline, supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.
However, Brent and U.S. crude oil benchmarks both declined on the week after reaching multi-year highs on Monday.
Brent crude rose 6 cents to settle at $84.38, while U.S. West Texas Intermediate crude rose 76 cents, or 0.9%, to $83.57.
"While more Iranian supply may come online, it looks like OPEC+ is unlikely to raise production which is giving strength to the market today," said John Kilduff, partner at Again Capital LLC in New York.
Friday 29 October 2021
Oil slips towards $84, heads for weekly drop as supply concerns ease | Reuters
Oil slips towards $84, heads for weekly drop as supply concerns ease | Reuters
Oil slipped towards $84 a barrel on Friday, heading for its first weekly loss in about two months after a rise in U.S. crude inventories and the prospect of more Iranian supply eased concern of a tight market.
U.S. crude stocks rose by 4.3 million barrels in this week's report. Iran has said talks on reviving the international deal on its nuclear programme will restart by the end of November, bringing it a step closer to boosting oil exports.
"The sharp rise in U.S. crude oil stocks and the expectation of nuclear talks being resumed with Iran have temporarily eased concerns about supply to some extent," said Commerzbank's Carsten Fritsch.
Brent crude fell 2 cents to $84.30 a barrel by 1345 GMT and U.S. West Texas Intermediate crude slipped 43 cents, or 0.5%, to $82.38. Both benchmarks touched multi-year highs on Monday.
Oil slipped towards $84 a barrel on Friday, heading for its first weekly loss in about two months after a rise in U.S. crude inventories and the prospect of more Iranian supply eased concern of a tight market.
U.S. crude stocks rose by 4.3 million barrels in this week's report. Iran has said talks on reviving the international deal on its nuclear programme will restart by the end of November, bringing it a step closer to boosting oil exports.
"The sharp rise in U.S. crude oil stocks and the expectation of nuclear talks being resumed with Iran have temporarily eased concerns about supply to some extent," said Commerzbank's Carsten Fritsch.
Brent crude fell 2 cents to $84.30 a barrel by 1345 GMT and U.S. West Texas Intermediate crude slipped 43 cents, or 0.5%, to $82.38. Both benchmarks touched multi-year highs on Monday.
Moody’s affirms eight #UAE banks' ratings and changes outlook to stable
Moody’s affirms eight UAE banks' ratings and changes outlook to stable
Moody's Investors Service affirmed the long-term ratings of eight UAE banks and changed the outlook to stable from negative on Thursday, saying the move was driven by a recovery in operating conditions in the country.
Moody's said it has changed the outlook to stable from negative on the long-term deposit and issuer ratings of Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, HSBC Bank Middle East, MashreqBank, National Bank of Fujairah and The National Bank of Ras-Al-Khaimah.
The rating agency also affirmed the Baseline Credit Assessments (BCAs) and Adjusted BCAs of the eight banks.
“The primary driver for the BCA affirmations is Moody's view that the operating environment for the UAE banks is recovering from the effects of the pandemic. This is expected to support the banks' financial fundamentals, particularly profitability, capital and liquidity,” Moody’s said in a statement.
Moody's Investors Service affirmed the long-term ratings of eight UAE banks and changed the outlook to stable from negative on Thursday, saying the move was driven by a recovery in operating conditions in the country.
Moody's said it has changed the outlook to stable from negative on the long-term deposit and issuer ratings of Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Dubai Islamic Bank, HSBC Bank Middle East, MashreqBank, National Bank of Fujairah and The National Bank of Ras-Al-Khaimah.
The rating agency also affirmed the Baseline Credit Assessments (BCAs) and Adjusted BCAs of the eight banks.
“The primary driver for the BCA affirmations is Moody's view that the operating environment for the UAE banks is recovering from the effects of the pandemic. This is expected to support the banks' financial fundamentals, particularly profitability, capital and liquidity,” Moody’s said in a statement.
#Dubai Billionaire Sajwani Ups Damac Offer Amid Investor Backlash - Bloomberg
Dubai Billionaire Sajwani Ups Damac Offer Amid Investor Backlash - Bloomberg
Dubai-based billionaire Hussain Sajwani increased his bid to buy the rest of Damac Properties PJSC by about 8%, after a previous offer triggered a regulatory review and backlash from minority investors.
Sajwani’s Maple Invest Co. Limited will now offer 1.40 dirhams ($0.38) per share of Damac, up from 1.30 dirhams, valuing the developer at 8.47 billion dirhams. Sajwani and his family currently hold just under 84% of the company.
Maple’s initial offer was at a discount of nearly 45% to Damac’s local listing in 2015. That bid prompted the Securities and Commodities Authority to open a review and sparked a backlash among some investors who questioned the timing of the plan just as the property market started to improve.
The shares closed unchanged at 1.25 dirhams in Dubai on Thursday.
Sajwani’s bid is the latest in a string of similar deals in the United Arab Emirates which sought to buy out minority shareholders at a discount. Emaar Properties PJSC said in March it will effectively delist one of its units for about two-thirds of its original public-offering price. Late last year, government-controlled Meraas Holding LLC proposed taking DXB Entertainments private at a 33% discount.
Dubai-based billionaire Hussain Sajwani increased his bid to buy the rest of Damac Properties PJSC by about 8%, after a previous offer triggered a regulatory review and backlash from minority investors.
Sajwani’s Maple Invest Co. Limited will now offer 1.40 dirhams ($0.38) per share of Damac, up from 1.30 dirhams, valuing the developer at 8.47 billion dirhams. Sajwani and his family currently hold just under 84% of the company.
Maple’s initial offer was at a discount of nearly 45% to Damac’s local listing in 2015. That bid prompted the Securities and Commodities Authority to open a review and sparked a backlash among some investors who questioned the timing of the plan just as the property market started to improve.
The shares closed unchanged at 1.25 dirhams in Dubai on Thursday.
Sajwani’s bid is the latest in a string of similar deals in the United Arab Emirates which sought to buy out minority shareholders at a discount. Emaar Properties PJSC said in March it will effectively delist one of its units for about two-thirds of its original public-offering price. Late last year, government-controlled Meraas Holding LLC proposed taking DXB Entertainments private at a 33% discount.
#SaudiArabia completes early redemption of sukuk valued at $8.8bln | ZAWYA MENA Edition
Saudi Arabia completes early redemption of sukuk valued at $8.8bln | ZAWYA MENA Edition
Saudi Arabia on Thursday announced the completion of an early redemption of a portion of outstanding Islamic bonds maturing next year with a total value of 33 billion riyals ($8.80 billion).
The kingdom has also issued new Islamic bonds under its sukuk programme, the finance ministry said in a statement cited by the state news agency.
The new sukuk issuance comprises four tranches with a total value of 33.48 billion riyals.
Saudi Arabia on Thursday announced the completion of an early redemption of a portion of outstanding Islamic bonds maturing next year with a total value of 33 billion riyals ($8.80 billion).
The kingdom has also issued new Islamic bonds under its sukuk programme, the finance ministry said in a statement cited by the state news agency.
The new sukuk issuance comprises four tranches with a total value of 33.48 billion riyals.
Winter chill set to keep oil prices near $80 a barrel: Reuters poll | Reuters
Winter chill set to keep oil prices near $80 a barrel: Reuters poll | Reuters
Oil prices will hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for power generation, a Reuters poll showed on Friday.
The survey of 41 analysts and economists forecast benchmark Brent crude to average $70.89 a barrel in 2021, the highest forecast for the year since April 2019.
It falls short of the $100 a barrel level mooted by some producers and forecasters and compares with an average price of $69.52 so far this year. read more
Prices are forecast to average $80.92 a barrel in the fourth quarter this year and $78.74 in the subsequent quarter.
"The main factors affecting oil prices will continue to be related to the energy crunch in Europe and the switching from natural gas to oil derivatives," Matthew Sherwood, Global Economist at the Economist Intelligence Unit, said.
However, that could ease from about the middle of 2022 as the United States responds by pumping more oil, Sherwood added.
The poll forecast U.S. crude at $68.62 per barrel, the highest 2021 forecast since March 2017. West Texas Intermediate was seen averaging $78.06 in the current quarter and at $75.68 in the first quarter of 2022.
Oil prices will hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for power generation, a Reuters poll showed on Friday.
The survey of 41 analysts and economists forecast benchmark Brent crude to average $70.89 a barrel in 2021, the highest forecast for the year since April 2019.
It falls short of the $100 a barrel level mooted by some producers and forecasters and compares with an average price of $69.52 so far this year. read more
Prices are forecast to average $80.92 a barrel in the fourth quarter this year and $78.74 in the subsequent quarter.
"The main factors affecting oil prices will continue to be related to the energy crunch in Europe and the switching from natural gas to oil derivatives," Matthew Sherwood, Global Economist at the Economist Intelligence Unit, said.
However, that could ease from about the middle of 2022 as the United States responds by pumping more oil, Sherwood added.
The poll forecast U.S. crude at $68.62 per barrel, the highest 2021 forecast since March 2017. West Texas Intermediate was seen averaging $78.06 in the current quarter and at $75.68 in the first quarter of 2022.
Oil rally resumes as OPEC+ seen keeping supply tight | Reuters
Oil rally resumes as OPEC+ seen keeping supply tight | Reuters
Oil rose further above $84 a barrel on Friday, within sight of a multi-year high hit this week, as expectations OPEC and its allies will keep supply tight countered rising U.S. inventories and the prospect of more Iranian exports.
Algeria said on Thursday a crude output increase by OPEC and its allies in December should not exceed 400,000 barrels per day because of risks. The alliance, which is gradually unwinding last year's record output cuts, meets on Nov. 4.
"Supply will therefore continue to play catch-up with demand in the immediate term," said Stephen Brennock of oil broker PVM. "In short, OPEC+ is intent on continuing to act as a key pillar of price support."
Brent crude rose 25 cents, or 0.3%, to $84.57 a barrel by 1104 GMT, while U.S. West Texas Intermediate crude added 27 cents, or 0.3%, to $83.08. Both benchmarks touched multi-year highs on Monday.
Oil rose further above $84 a barrel on Friday, within sight of a multi-year high hit this week, as expectations OPEC and its allies will keep supply tight countered rising U.S. inventories and the prospect of more Iranian exports.
Algeria said on Thursday a crude output increase by OPEC and its allies in December should not exceed 400,000 barrels per day because of risks. The alliance, which is gradually unwinding last year's record output cuts, meets on Nov. 4.
"Supply will therefore continue to play catch-up with demand in the immediate term," said Stephen Brennock of oil broker PVM. "In short, OPEC+ is intent on continuing to act as a key pillar of price support."
Brent crude rose 25 cents, or 0.3%, to $84.57 a barrel by 1104 GMT, while U.S. West Texas Intermediate crude added 27 cents, or 0.3%, to $83.08. Both benchmarks touched multi-year highs on Monday.