Oil mixed in choppy trade before U.S. inventories, OPEC+ meeting | Reuters
Oil traded below $85 a barrel on Tuesday, but remained close to a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories as traders also looked toward Thursday's OPEC+ meeting.
Analysts in a Reuters poll expected weekly U.S. crude inventory data to show a rise of 1.6 million barrels . Industry group the American Petroleum Institute releases the first of this week's two supply reports at 2030 GMT.
U.S. West Texas Intermediate (WTI) crude settled down 14 cents, or 0.2%, to $83.91. Earlier it had dropped more than $1 a barrel. Brent crude settled up 1 cent at $84.72 a barrel, having traded negative for much of the session.
"There's a little bit of uncertainty about OPEC and that's holding the market back," said Phil Flynn, an analyst at Price Futures Group in Chicago. "But we are still in a strong uptrend."
Tuesday, 2 November 2021
Middle East airports will lose $11bln in revenues by end of 2021: ACI Asia-Pacific | ZAWYA MENA Edition
Middle East airports will lose $11bln in revenues by end of 2021: ACI Asia-Pacific | ZAWYA MENA Edition
Airports in the Middle East will continue to experience significant revenue losses this year due to sustained travel restrictions and quarantine policies in some countries, according to Airports Council International (ACI) Asia-Pacific.
The industry body, which represents airports in the region, estimated that revenues of aviation hubs in the Middle East could fall by approximately $11 billion by the end of 2021. In the Asia-Pacific, revenues are forecast to decline by $34 billion.
“Consistent with forecasts previously reported in 2020, the Middle East will be one of the hardest-hit regions globally with almost 70 per cent passenger losses,” ACI said.
ACI has estimated that passenger numbers for the two regions could decline by 2.3 billion by the end of 2021 when compared to pre-pandemic forecasts.
“After a bad 2020 in terms of traffic and revenues, 2021 was even more dismal for Asia-Pacific and Middle East airports,” said Stefano Baronci, ACI Asia-Pacific Director General. “The particularly negative outcome in Asia-Pacific is a direct consequence of travel restrictions and quarantine policies observed in many countries in the region.”
Airports in the Middle East will continue to experience significant revenue losses this year due to sustained travel restrictions and quarantine policies in some countries, according to Airports Council International (ACI) Asia-Pacific.
The industry body, which represents airports in the region, estimated that revenues of aviation hubs in the Middle East could fall by approximately $11 billion by the end of 2021. In the Asia-Pacific, revenues are forecast to decline by $34 billion.
“Consistent with forecasts previously reported in 2020, the Middle East will be one of the hardest-hit regions globally with almost 70 per cent passenger losses,” ACI said.
ACI has estimated that passenger numbers for the two regions could decline by 2.3 billion by the end of 2021 when compared to pre-pandemic forecasts.
“After a bad 2020 in terms of traffic and revenues, 2021 was even more dismal for Asia-Pacific and Middle East airports,” said Stefano Baronci, ACI Asia-Pacific Director General. “The particularly negative outcome in Asia-Pacific is a direct consequence of travel restrictions and quarantine policies observed in many countries in the region.”
Tiger Global Invests in Open Banking With Tarabut in Middle East - Bloomberg
Tiger Global Invests in Open Banking With Tarabut in Middle East - Bloomberg
Tiger Global Management led a fundraising round for Middle East fintech firm Tarabut Gateway, adding to its series of deals involving open-banking startups around the world in the past few months.
As part of a rare investment in the region for the New York-based firm, Tarabut has raised $12 million from backers that also include the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial center, according to a statement on Tuesday.
The funding will help Tarabut expand its open-banking platform into Saudi Arabia and North Africa, Tarabut founder and Chief Executive Officer Abdulla Almoayed said in an interview. The firm has now raised $25 million in total over the past eight months.
“We want to create the underlying infrastructure for the next level of financial services in this region and our aspiration is to build a global company from the Middle East,” Almoayed said.
Tiger Global Management led a fundraising round for Middle East fintech firm Tarabut Gateway, adding to its series of deals involving open-banking startups around the world in the past few months.
As part of a rare investment in the region for the New York-based firm, Tarabut has raised $12 million from backers that also include the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial center, according to a statement on Tuesday.
The funding will help Tarabut expand its open-banking platform into Saudi Arabia and North Africa, Tarabut founder and Chief Executive Officer Abdulla Almoayed said in an interview. The firm has now raised $25 million in total over the past eight months.
“We want to create the underlying infrastructure for the next level of financial services in this region and our aspiration is to build a global company from the Middle East,” Almoayed said.
Oil falls to $84 before U.S. inventories and OPEC+ meeting | Reuters
Oil falls to $84 before U.S. inventories and OPEC+ meeting | Reuters
Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and of Thursday's OPEC+ meeting.
Analysts in a Reuters poll expect U.S. crude inventories to have increased by 1.6 million barrels . Industry group the American Petroleum Institute releases the first of this week's two supply reports at 2030 GMT.
Brent crude was down 68 cents, or 0.8%, at $84.03 a barrel by 1340 GMT, while U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 0.8%, to $83.40.
"The oil rally faces some headwinds this week," said Jeffrey Halley of brokerage OANDA. "Oil looks very much like it is going to range-trade ahead of the OPEC+ meeting on Thursday although pre-meeting rumours will lead to some intraday volatility."
Oil fell further below $85 a barrel on Tuesday, but it was still not far from a three-year high in choppy trade ahead of weekly U.S. supply reports expected to show a rise in crude inventories and of Thursday's OPEC+ meeting.
Analysts in a Reuters poll expect U.S. crude inventories to have increased by 1.6 million barrels . Industry group the American Petroleum Institute releases the first of this week's two supply reports at 2030 GMT.
Brent crude was down 68 cents, or 0.8%, at $84.03 a barrel by 1340 GMT, while U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 0.8%, to $83.40.
"The oil rally faces some headwinds this week," said Jeffrey Halley of brokerage OANDA. "Oil looks very much like it is going to range-trade ahead of the OPEC+ meeting on Thursday although pre-meeting rumours will lead to some intraday volatility."
#Dubai stocks leap on plans to launch market-maker fund, IPOs | Reuters
Dubai stocks leap on plans to launch market-maker fund, IPOs | Reuters
Dubai's stock market registered sharp gains on Tuesday, reaching its highest since June 2018, as the emirate laid out plans to launch a multi-billion dirham market-maker fund.
Dubai's main share index (.DFMGI) jumped 4%, hitting its highest since August 2018. Most stocks on the index climbed, including blue-chip developer Emaar Properties (EMAR.DU), which added 7.6%.
Dubai plans to launch a 2-billion-dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. read more
He also said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, and that 10 state and state-related firms would be listed on Dubai Financial Market (DFM).
Sheikh Maktoum, who oversees stock markets in the emirate, later tweeted that state-owned utility Dubai Electricity & Water Authority would be listed on the Dubai bourse in the coming months.
The initiative could help DFM attract liquidity and improve performance in the market. It could thus witness the same dynamism that appeared in neighboring markets after a series of IPOs, said Wael Makarem, senior market strategist, at Exness.
Among other gainers, Dubai Financial Market (DFM.DU) surged 14.2%, its biggest intraday gain in about 18 months.
On the other hand, DAMAC Properties (DAMAC.DU) retreated 2.1%, on course to end two sessions of gains.
Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC in a buyout of minority shareholders expected to be completed by the end of March. read more
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) rising 1.7% and Dr Sulaiman Al-Habib Medical Services (4013.SE) climbing 1.4%.
In Abu Dhabi, the index (.ADI) gained 0.7%, reaching a record high, led by a 1.4% rise in First Abu Dhabi Bank (FAB.AD), the country's largest lender.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.9%, with top lender Commercial International Bank (COMI.CA) closing 1.8% higher.
Dubai's stock market registered sharp gains on Tuesday, reaching its highest since June 2018, as the emirate laid out plans to launch a multi-billion dirham market-maker fund.
Dubai's main share index (.DFMGI) jumped 4%, hitting its highest since August 2018. Most stocks on the index climbed, including blue-chip developer Emaar Properties (EMAR.DU), which added 7.6%.
Dubai plans to launch a 2-billion-dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. read more
He also said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, and that 10 state and state-related firms would be listed on Dubai Financial Market (DFM).
Sheikh Maktoum, who oversees stock markets in the emirate, later tweeted that state-owned utility Dubai Electricity & Water Authority would be listed on the Dubai bourse in the coming months.
The initiative could help DFM attract liquidity and improve performance in the market. It could thus witness the same dynamism that appeared in neighboring markets after a series of IPOs, said Wael Makarem, senior market strategist, at Exness.
Among other gainers, Dubai Financial Market (DFM.DU) surged 14.2%, its biggest intraday gain in about 18 months.
On the other hand, DAMAC Properties (DAMAC.DU) retreated 2.1%, on course to end two sessions of gains.
Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC in a buyout of minority shareholders expected to be completed by the end of March. read more
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) rising 1.7% and Dr Sulaiman Al-Habib Medical Services (4013.SE) climbing 1.4%.
In Abu Dhabi, the index (.ADI) gained 0.7%, reaching a record high, led by a 1.4% rise in First Abu Dhabi Bank (FAB.AD), the country's largest lender.
Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 0.9%, with top lender Commercial International Bank (COMI.CA) closing 1.8% higher.
#Dubai Aims to List Utility DEWA at $25 Billion Valuation - Bloomberg
Dubai Aims to List Utility DEWA at $25 Billion Valuation - Bloomberg
Dubai plans to sell shares in its main utility, valuing the firm at more than $25 billion in a deal that will probably be the emirate’s biggest listing, according to people familiar with the matter.
Dubai Electricity & Water Authority’s initial public offering is likely to be the first of many as the government tries to revive a flagging local bourse, the people said, asking not to be identified. DEWA, as the company is known, wasn’t immediately available for comment.
Earlier on Tuesday, deputy ruler Maktoum bin Mohammed bin Rashid said Dubai will sell a stake in DEWA “in coming months.” Shares will be listed “in stages” due to the utility’s size.The planned listing comes a day after Dubai said it would sell stakes in 10 companies. It will be a test of confidence in a stock market dogged by falling volumes and at a time when regional rivals Saudi Arabia and Abu Dhabi are stepping up IPOs.
Dubai plans to sell shares in its main utility, valuing the firm at more than $25 billion in a deal that will probably be the emirate’s biggest listing, according to people familiar with the matter.
Dubai Electricity & Water Authority’s initial public offering is likely to be the first of many as the government tries to revive a flagging local bourse, the people said, asking not to be identified. DEWA, as the company is known, wasn’t immediately available for comment.
Earlier on Tuesday, deputy ruler Maktoum bin Mohammed bin Rashid said Dubai will sell a stake in DEWA “in coming months.” Shares will be listed “in stages” due to the utility’s size.The planned listing comes a day after Dubai said it would sell stakes in 10 companies. It will be a test of confidence in a stock market dogged by falling volumes and at a time when regional rivals Saudi Arabia and Abu Dhabi are stepping up IPOs.
Oil rises towards $85 as demand grows, OPEC supply lags | Reuters
Oil rises towards $85 as demand grows, OPEC supply lags | Reuters
Oil rose towards $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short as demand recovers from the worst of the pandemic.
The increase in OPEC's oil output in October undershot the rise planned under a deal with allies, a Reuters survey found on Monday, due to involuntary outages and limited capacity in some smaller producers. read more
Brent crude gained 20 cents, or 0.2%, to $84.91 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2%, to $84.19.
"Global oil demand is healthy and supply is trying to play catch-up," said Tamas Varga of oil broker PVM. "These efforts are not producing results."
Oil rose towards $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short as demand recovers from the worst of the pandemic.
The increase in OPEC's oil output in October undershot the rise planned under a deal with allies, a Reuters survey found on Monday, due to involuntary outages and limited capacity in some smaller producers. read more
Brent crude gained 20 cents, or 0.2%, to $84.91 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2%, to $84.19.
"Global oil demand is healthy and supply is trying to play catch-up," said Tamas Varga of oil broker PVM. "These efforts are not producing results."
#Dubai plans to increase stock market size by listing 10 state-owned firms | ZAWYA MENA Edition
Dubai plans to increase stock market size by listing 10 state-owned firms | ZAWYA MENA Edition
Dubai has announced plans to list 10 government and state-owned companies on the Dubai Financial Market (DFM) and expand the stock market’s size to 3 trillion dirhams ($816 billion).
The emirate also launched a market-making fund worth 2 billion dirhams and another fund worth 1 billion dirhams, to encourage companies in the technology sector to list on the local stock market, said Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance.
The goal is to cement Dubai’s status as a leading financial hub.
“We want to move to develop the financial markets very quickly during the coming period,” bin Mohammed said on Twitter.
“Dubai has a stock market, Nasdaq Dubai and a gold and commodities exchange. We are the second-largest Islamic sukuk centre in the world and the third-highest country in diamond trading. We have one of the largest gold exchanges and we are the largest country to re-export tea and we have exchanges to trade these commodities. Our next stop will be to organise digital assets for the future,” he said.
Dubai has announced plans to list 10 government and state-owned companies on the Dubai Financial Market (DFM) and expand the stock market’s size to 3 trillion dirhams ($816 billion).
The emirate also launched a market-making fund worth 2 billion dirhams and another fund worth 1 billion dirhams, to encourage companies in the technology sector to list on the local stock market, said Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance.
The goal is to cement Dubai’s status as a leading financial hub.
“We want to move to develop the financial markets very quickly during the coming period,” bin Mohammed said on Twitter.
“Dubai has a stock market, Nasdaq Dubai and a gold and commodities exchange. We are the second-largest Islamic sukuk centre in the world and the third-highest country in diamond trading. We have one of the largest gold exchanges and we are the largest country to re-export tea and we have exchanges to trade these commodities. Our next stop will be to organise digital assets for the future,” he said.
GCC markets gain in October on strong banking sector earnings | ZAWYA MENA Edition
GCC markets gain in October on strong banking sector earnings | ZAWYA MENA Edition
GCC equity markets witnessed gains for the 12th consecutive month supported by a broad -based rally across exchanges in the region.
The MSCI GCC index was up 3.1 percent during October 2021 supported by consistent gains since the start of the month that was partially offset by a 1.6 percent decline since last week.
The monthly gains pushed GCC’s year-to-date (YTD) 2021 returns to one of the highest globally at 36.1 percent.
Kuwait was the best performing market in the GCC during the month with a gain of 3.5 percent backed by gain in stocks in the Main Market, Kamco Invest said in its GCC markets monthly report.
Oman followed with a gain of 3.4 percent after three consecutive months of declines. In terms of year-to-date 2021 gains, Abu Dhabi further strengthened its position as one of the best performing markets globally with a gain of 55.9 percent followed by Saudi and Kuwait, also with solid gains of 34.7 percent and 28.2 percent, respectively.
According to the Kamco Invest report, the sector performance chart for the month showed mid-to-low single digit gains for large[1]cap sectors including Banks, Energy and Utilities. Gains for the Banking sector were mainly led by solid earnings announced by most banks in the region, while Energy stocks reflected the consistent gain in oil prices.
GCC equity markets witnessed gains for the 12th consecutive month supported by a broad -based rally across exchanges in the region.
The MSCI GCC index was up 3.1 percent during October 2021 supported by consistent gains since the start of the month that was partially offset by a 1.6 percent decline since last week.
The monthly gains pushed GCC’s year-to-date (YTD) 2021 returns to one of the highest globally at 36.1 percent.
Kuwait was the best performing market in the GCC during the month with a gain of 3.5 percent backed by gain in stocks in the Main Market, Kamco Invest said in its GCC markets monthly report.
Oman followed with a gain of 3.4 percent after three consecutive months of declines. In terms of year-to-date 2021 gains, Abu Dhabi further strengthened its position as one of the best performing markets globally with a gain of 55.9 percent followed by Saudi and Kuwait, also with solid gains of 34.7 percent and 28.2 percent, respectively.
According to the Kamco Invest report, the sector performance chart for the month showed mid-to-low single digit gains for large[1]cap sectors including Banks, Energy and Utilities. Gains for the Banking sector were mainly led by solid earnings announced by most banks in the region, while Energy stocks reflected the consistent gain in oil prices.
#Dubai Damac Properties' Hussain Sajwani Shocked by Property Rebound - Bloomberg video
Dubai Damac Properties' Hussain Sajwani Shocked by Property Rebound - Bloomberg
Overseas Investments
Sajwani, who earlier this year made an offer to take his company private, said he may look to make investments overseas after the deal closes.
“We avoided overseas investments as a public company because minority shareholders don’t want to take risks with their money so maybe this appetite will increase,” he said.
Sajwani’s offer for Damac was at a steep discount to the company’s local listing in 2015, triggering a regulatory review and backlash from minority investors. He ended up increasing his bid by about 8%.
Barely a year after predicting Dubai’s real estate sector was facing a disaster from oversupply, the billionaire head of one of the city’s largest developers said a “surprising” rebound will extend into 2022.
“I was totally wrong,” Damac Properties PJSC Chairman Hussain Sajwani said in a Bloomberg TV interview, “I was very surprised and shocked to see how things changed.”Next year will be as good as 2021, if not better, as a lot of people moved to the emirate during the pandemic, he said.
Coronavirus cases in the United Arab Emirates have been falling sharply amid a fast vaccination drive. Dubai, unlike other major financial hubs, has shunned lockdowns since emerging from one last year. Sajwani said that has made the city an attractive destination.
The comments mark a turnaround from last year, when Sajwani warned chronic oversupply could spell trouble for Dubai’s lenders. While the supply glut did drive down prices sharply, things have started to look up recently -- average home prices have risen at the fastest pace since 2015 and transaction volumes surged 77% in August on an annual basis, according to real estate adviser CBRE Group.
“I was totally wrong,” Damac Properties PJSC Chairman Hussain Sajwani said in a Bloomberg TV interview, “I was very surprised and shocked to see how things changed.”Next year will be as good as 2021, if not better, as a lot of people moved to the emirate during the pandemic, he said.
Coronavirus cases in the United Arab Emirates have been falling sharply amid a fast vaccination drive. Dubai, unlike other major financial hubs, has shunned lockdowns since emerging from one last year. Sajwani said that has made the city an attractive destination.
The comments mark a turnaround from last year, when Sajwani warned chronic oversupply could spell trouble for Dubai’s lenders. While the supply glut did drive down prices sharply, things have started to look up recently -- average home prices have risen at the fastest pace since 2015 and transaction volumes surged 77% in August on an annual basis, according to real estate adviser CBRE Group.
Overseas Investments
Sajwani, who earlier this year made an offer to take his company private, said he may look to make investments overseas after the deal closes.
“We avoided overseas investments as a public company because minority shareholders don’t want to take risks with their money so maybe this appetite will increase,” he said.
Sajwani’s offer for Damac was at a steep discount to the company’s local listing in 2015, triggering a regulatory review and backlash from minority investors. He ended up increasing his bid by about 8%.
#Dubai stocks jump on plans to launch market-maker fund | Reuters
Dubai stocks jump on plans to launch market-maker fund | Reuters
Dubai's stock market jumped in early trade on Tuesday, outperforming other regional peers, as the emirate plans to launch a multi-billion dirham market-maker fund.
Dubai's main share index (.DFMGI) advanced 3.1%, hitting its highest since Aug. 2018, as most of the stocks on the index were in positive territory, including Dubai Investments (DINV.DU) which soared 11.6%.
Dubai plans to launch a 2 billion dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. read more
He said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, adding that 10 state and state-related firms would be listed on Dubai Financial Market.
Sheikh Maktoum also announced the formation of a market supervisory committee and specialised courts for capital markets in Dubai.
Among other gainers, Dubai Financial Market (DFM.DU) surged 14.2%, its biggest intraday gain in about 18 months.
On the other hand, DAMAC Properties (DAMAC.DU) retreated 2.1%, on course to end two sessions of gains.
Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC in a buyout of minority shareholders expected to be completed by the end of March. read more
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) rising 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) putting on 1.2%.
Oil prices rose as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand.
In Abu Dhabi, the index (.ADI) edged 0.2% higher, helped by a 0.7% gain in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) gained 0.4%, led by a 0.4%increase in Qatar National Bank (QNBK.QA).
Dubai's stock market jumped in early trade on Tuesday, outperforming other regional peers, as the emirate plans to launch a multi-billion dirham market-maker fund.
Dubai's main share index (.DFMGI) advanced 3.1%, hitting its highest since Aug. 2018, as most of the stocks on the index were in positive territory, including Dubai Investments (DINV.DU) which soared 11.6%.
Dubai plans to launch a 2 billion dirham ($545 million) market-maker fund to boost trading on its stock market, state news agency WAM reported, citing the emirate's deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. read more
He said a committee overseeing the stock market's development approved a goal to double the financial market's size to 3 trillion dirhams, adding that 10 state and state-related firms would be listed on Dubai Financial Market.
Sheikh Maktoum also announced the formation of a market supervisory committee and specialised courts for capital markets in Dubai.
Among other gainers, Dubai Financial Market (DFM.DU) surged 14.2%, its biggest intraday gain in about 18 months.
On the other hand, DAMAC Properties (DAMAC.DU) retreated 2.1%, on course to end two sessions of gains.
Dubai property tycoon Hussain Sajwani's investment vehicle said on Monday he and "associated group members" now own 91.65% of DAMAC in a buyout of minority shareholders expected to be completed by the end of March. read more
Saudi Arabia's benchmark index (.TASI) added 0.3%, with Al Rajhi Bank (1120.SE) rising 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) putting on 1.2%.
Oil prices rose as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand.
In Abu Dhabi, the index (.ADI) edged 0.2% higher, helped by a 0.7% gain in the country's largest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) gained 0.4%, led by a 0.4%increase in Qatar National Bank (QNBK.QA).
Oil prices rise on slow OPEC output increase | Reuters
Oil prices rise on slow OPEC output increase | Reuters
Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand.
Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by 0744 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 6 cents, or 0.1%, to $84.11 a barrel.
"Crude prices still seemed poised to head higher, with some traders waiting for confirmation after both the EIA crude oil inventory shows demand for most products are headed in the right direction, while U.S. production is stable and with OPEC+ sticking to their gradual 400,000 bpd increase plan," said Edward Moya, senior analyst at OANDA.
Oil rallied to multi-year highs last week, helped by a post-pandemic demand rebound and the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, sticking to gradual, monthly production increases of 400,000 barrels per day (bpd), despite calls for more oil from major consumers.
Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand.
Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by 0744 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 6 cents, or 0.1%, to $84.11 a barrel.
"Crude prices still seemed poised to head higher, with some traders waiting for confirmation after both the EIA crude oil inventory shows demand for most products are headed in the right direction, while U.S. production is stable and with OPEC+ sticking to their gradual 400,000 bpd increase plan," said Edward Moya, senior analyst at OANDA.
Oil rallied to multi-year highs last week, helped by a post-pandemic demand rebound and the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+, sticking to gradual, monthly production increases of 400,000 barrels per day (bpd), despite calls for more oil from major consumers.
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