Oil prices post third weekly drop after volatile week | Reuters
Oil prices fell on Friday, wiping out gains from the previous session, on worries that the U.S. Federal Reserve will accelerate plans to boost interest rates to tame inflation.
Brent crude futures fell 70 cents, or 0.8%, to settle at $82.17 a barrel. U.S. West Texas Intermediate (WTI) crude fell 80 cents, or 1%, to settle at $80.79 a barrel.
Both benchmarks fell for a third consecutive week, hit by a strengthening dollar and speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices. On a weekly basis, Brent fell 0.7%, while WTI declined 0.6%.
"This week has been a good reminder for oil markets that prices are not only affected by the supply-demand trajectory, but also from monetary policy forecasts and by forms of government intervention," said Louise Dickson, senior oil markets analyst at Rystad Energy. "Higher interest rates would provide even further support to the dollar and even more downward pressure on oil prices."
Friday, 12 November 2021
Oil prices head for weekly dip as dollar firms | Reuters
Oil prices head for weekly dip as dollar firms | Reuters
Oil prices fell on Friday, wiping out gains from the previous session as the dollar continued to firm on expectations that the U.S. central bank will bring forward an increase to interest rates in an effort to tame inflation.
Brent crude futures dropped 86 cents, or 1%, to $82.01 a barrel by 1325 GMT and U.S. West Texas Intermediate (WTI) crude was down $1.01, or 1.2%, at $80.58.
Both benchmark crude contracts were poised to end the week with their third weekly fall in a row after sharp swings driven by a strengthening dollar and speculation on whether the Biden administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
There are positive signs on the demand side, with air travel picking up rapidly, but tighter monetary and fiscal policy and the looming northern hemisphere winter will act as a dampener.
Oil prices fell on Friday, wiping out gains from the previous session as the dollar continued to firm on expectations that the U.S. central bank will bring forward an increase to interest rates in an effort to tame inflation.
Brent crude futures dropped 86 cents, or 1%, to $82.01 a barrel by 1325 GMT and U.S. West Texas Intermediate (WTI) crude was down $1.01, or 1.2%, at $80.58.
Both benchmark crude contracts were poised to end the week with their third weekly fall in a row after sharp swings driven by a strengthening dollar and speculation on whether the Biden administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
There are positive signs on the demand side, with air travel picking up rapidly, but tighter monetary and fiscal policy and the looming northern hemisphere winter will act as a dampener.
Oil prices head for weekly dip as dollar firms | Reuters
Oil prices head for weekly dip as dollar firms | Reuters
Oil prices fell on Friday, wiping out gains from the previous session as the dollar continued to firm on expectations that the U.S. central bank will bring forward an increase to interest rates in an effort to tame inflation.
Brent crude futures dropped $1.36, or 1.6%, to $81.51 a barrel by 1200 GMT and U.S. West Texas Intermediate (WTI) crude was down $1.58, or 1.9%, at $80.01.
Both benchmark crude contracts were poised to end the week lower after sharp swings driven by a strengthening dollar and speculation on whether the Biden administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
There are positive signs on the demand side, with air travel picking up rapidly, but tighter monetary and fiscal policy and the looming northern hemisphere winter will act as a dampener.
Oil prices fell on Friday, wiping out gains from the previous session as the dollar continued to firm on expectations that the U.S. central bank will bring forward an increase to interest rates in an effort to tame inflation.
Brent crude futures dropped $1.36, or 1.6%, to $81.51 a barrel by 1200 GMT and U.S. West Texas Intermediate (WTI) crude was down $1.58, or 1.9%, at $80.01.
Both benchmark crude contracts were poised to end the week lower after sharp swings driven by a strengthening dollar and speculation on whether the Biden administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
There are positive signs on the demand side, with air travel picking up rapidly, but tighter monetary and fiscal policy and the looming northern hemisphere winter will act as a dampener.
#AbuDhabi Royals Back Colombian Billionaire’s Bid for Food Firm - Bloomberg
Abu Dhabi Royals Back Colombian Billionaire’s Bid for Food Firm - Bloomberg
A conglomerate with ties to Abu Dhabi’s royal family is aiding billionaire Jaime Gilinski and his son, Gabriel, in their attempted takeover of Colombian food producer Nutresa SA, a person familiar with the matter said.
Abu Dhabi’s Royal Group will partner with the Gilinskis in a proposed bid for a minimum of 50.1% of shares and maximum of 62.6% of Medellin-based Nutresa, according to the person, who asked not to be named as the details are not public. The deal, which could reach as much as $2.2 billion, could close before the end of the year, the person said.
As part of the transaction, United Arab Emirates lender First Abu Dhabi Bank will present a standby letter of credit for 50% of the maximum acquisition value, the person said. Sheikh Tahnoon Bin Zayed Al Nahyan, a brother of Abu Dhabi’s Crown Prince Mohammed bin Zayed, is listed as both firms’ chairman, according to the company websites.
The Royal Group and First Abu Dhabi Bank didn’t immediately respond to a message seeking comment outside business hours. A request for comment sent to GNB Sudameris -- where Jaime Gilinski is a board member -- wasn’t immediately answered.
A conglomerate with ties to Abu Dhabi’s royal family is aiding billionaire Jaime Gilinski and his son, Gabriel, in their attempted takeover of Colombian food producer Nutresa SA, a person familiar with the matter said.
Abu Dhabi’s Royal Group will partner with the Gilinskis in a proposed bid for a minimum of 50.1% of shares and maximum of 62.6% of Medellin-based Nutresa, according to the person, who asked not to be named as the details are not public. The deal, which could reach as much as $2.2 billion, could close before the end of the year, the person said.
As part of the transaction, United Arab Emirates lender First Abu Dhabi Bank will present a standby letter of credit for 50% of the maximum acquisition value, the person said. Sheikh Tahnoon Bin Zayed Al Nahyan, a brother of Abu Dhabi’s Crown Prince Mohammed bin Zayed, is listed as both firms’ chairman, according to the company websites.
The Royal Group and First Abu Dhabi Bank didn’t immediately respond to a message seeking comment outside business hours. A request for comment sent to GNB Sudameris -- where Jaime Gilinski is a board member -- wasn’t immediately answered.
#Dubai ruler says UAE to host COP28 climate conference in 2023 | Reuters
Dubai ruler says UAE to host COP28 climate conference in 2023 | Reuters
The ruler of Dubai said in a tweet on Thursday the United Arab Emirates (UAE) has been selected to host the COP28 international climate conference in 2023.
"We will put all our capabilities to make the conference a success. The UAE will remain committed to global climate action to protect the planet," said Sheikh Mohammed bin Rashid al-Maktoum, who also serves as prime minister of the UAE.
It will be the second time in as many years that the annual talks will be held in the Middle East, with Egypt set to host them in 2022, and the third time the talks are hosted by a member of the Organization of the Petroleum Exporting Countries. Former OPEC member Qatar hosted in 2012 and Indonesia did in 2007.
Mariam bint Mohammed Almheiri, UAE's minister of climate change and environment, said on Twitter the UAE is ready to deliver a meeting that mobilises countries to boost their efforts to fight climate change.
"Hosting this global gathering will provide us with a prime opportunity to involve our most dynamic segment of society - our youth - in the meetings and negotiations that will ultimately ensure a sustainable future for generations to come," she said.
At the COP26 talks in Glasgow, Scotland, a surprise announcement between China and the United States, the world's two largest greenhouse gas emitters, raised hopes the nearly 200 countries in the talks could toughen their commitments and reach a deal by Friday.
The ruler of Dubai said in a tweet on Thursday the United Arab Emirates (UAE) has been selected to host the COP28 international climate conference in 2023.
"We will put all our capabilities to make the conference a success. The UAE will remain committed to global climate action to protect the planet," said Sheikh Mohammed bin Rashid al-Maktoum, who also serves as prime minister of the UAE.
It will be the second time in as many years that the annual talks will be held in the Middle East, with Egypt set to host them in 2022, and the third time the talks are hosted by a member of the Organization of the Petroleum Exporting Countries. Former OPEC member Qatar hosted in 2012 and Indonesia did in 2007.
Mariam bint Mohammed Almheiri, UAE's minister of climate change and environment, said on Twitter the UAE is ready to deliver a meeting that mobilises countries to boost their efforts to fight climate change.
"Hosting this global gathering will provide us with a prime opportunity to involve our most dynamic segment of society - our youth - in the meetings and negotiations that will ultimately ensure a sustainable future for generations to come," she said.
At the COP26 talks in Glasgow, Scotland, a surprise announcement between China and the United States, the world's two largest greenhouse gas emitters, raised hopes the nearly 200 countries in the talks could toughen their commitments and reach a deal by Friday.
Oil prices on track for weekly dip as dollar firms | Reuters
Oil prices on track for weekly dip as dollar firms | Reuters
Oil prices fell on Friday, wiping out gains from the previous session, as the dollar continued to gain on bets the U.S. central bank will bring forward plans to raise rates to tame inflation.
U.S. West Texas Intermediate (WTI) crude futures fell 61 cents, or 0.8%, to $80.98 a barrel at 0749 GMT, reversing Thursday's 25 cent gain.
Brent crude futures dropped 65 cents, or 0.8%, to $82.22 a barrel.
"The greenback may hold its strength until the expectation of a more hawkish Fed is fully digested by the market, which may not be sooner than mid-2022. Before that happens, a strong dollar can be a possible headwind for higher oil prices," said Leona Liu, analyst at Singapore-based DailyFX.
Oil prices fell on Friday, wiping out gains from the previous session, as the dollar continued to gain on bets the U.S. central bank will bring forward plans to raise rates to tame inflation.
U.S. West Texas Intermediate (WTI) crude futures fell 61 cents, or 0.8%, to $80.98 a barrel at 0749 GMT, reversing Thursday's 25 cent gain.
Brent crude futures dropped 65 cents, or 0.8%, to $82.22 a barrel.
"The greenback may hold its strength until the expectation of a more hawkish Fed is fully digested by the market, which may not be sooner than mid-2022. Before that happens, a strong dollar can be a possible headwind for higher oil prices," said Leona Liu, analyst at Singapore-based DailyFX.
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