Oil rallies even as OPEC+ boosts output, U.S. fuel demand dips | Reuters
Oil prices rose on Wednesday, extending gains even after OPEC+ producers stuck to an agreed output target rise for February and U.S. fuel inventories surged due to sliding demand as COVID-19 cases spiked.
Brent crude futures ended up 80 cents, or 1%, to $80.80 a barrel. U.S. West Texas Intermediate (WTI) crude futures closed up 86 cents, or 1.1%, to $77.85.
The market pared gains late in the day after the release of minutes from the latest U.S. Federal Reserve meeting that showed policymakers may have to raise rates more quickly than markets anticipated. Oil dropped, following other risk assets like stocks.
U.S. crude stocks dropped by 2.1 million barrels, owing in part to tax incentives for producers to reduce inventories before year-end.
Wednesday, 5 January 2022
DAE signed 200 plane lease deals in 2021 amid gradual aviation industry recovery
DAE signed 200 plane lease deals in 2021 amid gradual aviation industry recovery
Dubai Aerospace Enterprise, the Middle East's biggest plane lessor, said its aircraft leasing division signed 200 lease agreements, extensions and amendments in 2021, as the aviation industry began to gradually recover from the Covid-19 pandemic.
DAE Capital, the company's aircraft leasing division, also acquired 41 aircraft and sold 30 aircraft during the year, DAE said in its annual business transactions update on Wednesday. In addition, it signed four new servicing agreements covering seven aircraft.
The company's fleet of owned, managed, committed and mandated-to-manage aircraft reached about 425 planes during 2021, when it served 112 customers in 54 countries, it said. The average age of its owned fleet reached 6.7 years, it said.
While the pandemic’s effects on the aviation industry will continue for a long time, the recovery is under way and aircraft lessors are well placed to prosper even in this "dislocated environment", according a report by KPMG in December.
Dubai Aerospace Enterprise, the Middle East's biggest plane lessor, said its aircraft leasing division signed 200 lease agreements, extensions and amendments in 2021, as the aviation industry began to gradually recover from the Covid-19 pandemic.
DAE Capital, the company's aircraft leasing division, also acquired 41 aircraft and sold 30 aircraft during the year, DAE said in its annual business transactions update on Wednesday. In addition, it signed four new servicing agreements covering seven aircraft.
The company's fleet of owned, managed, committed and mandated-to-manage aircraft reached about 425 planes during 2021, when it served 112 customers in 54 countries, it said. The average age of its owned fleet reached 6.7 years, it said.
While the pandemic’s effects on the aviation industry will continue for a long time, the recovery is under way and aircraft lessors are well placed to prosper even in this "dislocated environment", according a report by KPMG in December.
Oil rises more even as OPEC+ lifts output, U.S. fuel demand slips | Reuters
Oil rises more even as OPEC+ lifts output, U.S. fuel demand slips | Reuters
Oil prices rose on Wednesday, extending gains even after OPEC+ producers stuck to an agreed output target rise for February and U.S. fuel inventories surged due to a sliding demand as COVID-19 cases spiked due to the Omicron variant.
Brent crude futures rose $1.27, or 1.6%, to $81.26 a barrel as of 11:11 a.m. EST (1611 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.30, or 1.7%, to $78.29.
U.S. crude stocks dropped by 2.1 million barrels, owing in part to tax incentives for producers to reduce inventories before year-end.
However, gasoline inventories jumped by more than 10 million barrels, and stocks of distillates rose by 4.4 million barrels. Analysts cited soft demand during the last week of 2021 as people hunkered down due to the Omicron variant of the coronavirus.
Oil prices rose on Wednesday, extending gains even after OPEC+ producers stuck to an agreed output target rise for February and U.S. fuel inventories surged due to a sliding demand as COVID-19 cases spiked due to the Omicron variant.
Brent crude futures rose $1.27, or 1.6%, to $81.26 a barrel as of 11:11 a.m. EST (1611 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.30, or 1.7%, to $78.29.
U.S. crude stocks dropped by 2.1 million barrels, owing in part to tax incentives for producers to reduce inventories before year-end.
However, gasoline inventories jumped by more than 10 million barrels, and stocks of distillates rose by 4.4 million barrels. Analysts cited soft demand during the last week of 2021 as people hunkered down due to the Omicron variant of the coronavirus.
#Saudi cabinet approves MoU with #Oman to encourage investments | ZAWYA MENA Edition
Saudi cabinet approves MoU with Oman to encourage investments | ZAWYA MENA Edition
Saudi cabinet approved today a memorandum of understanding with Oman for the purpose of encouraging investments, Saudi Press Agency reported, citing cabinet's weekly statement.
The cabinet also delegated the minister of finance to negotiate a potential MoU with UK in the field of financial services, it added.
Additionally, Saudi Arabia approved an initial agreement with Japan in the area of environment, SPA said.
Saudi cabinet approved today a memorandum of understanding with Oman for the purpose of encouraging investments, Saudi Press Agency reported, citing cabinet's weekly statement.
The cabinet also delegated the minister of finance to negotiate a potential MoU with UK in the field of financial services, it added.
Additionally, Saudi Arabia approved an initial agreement with Japan in the area of environment, SPA said.
OPEC Output Boost Severely Limited as African Members Struggle - Bloomberg video
OPEC Output Boost Severely Limited as African Members Struggle - Bloomberg
OPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members.
The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December, as a boost by Saudi Arabia was offset by losses in Libya and Nigeria, according to a Bloomberg survey.
The OPEC+ coalition led by Saudi Arabia and Russia has been restoring production halted during the pandemic, and on Tuesday agreed to press on with further increases at a rate of 400,000 barrels a day. But the process has been hindered as some members struggle with investment constraints and internal instability.
The coalition’s travails are helping to support oil prices even as global markets tip back into oversupply, with Brent crude futures trading near $80 a barrel in London on Wednesday.
OPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members.
The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December, as a boost by Saudi Arabia was offset by losses in Libya and Nigeria, according to a Bloomberg survey.
The OPEC+ coalition led by Saudi Arabia and Russia has been restoring production halted during the pandemic, and on Tuesday agreed to press on with further increases at a rate of 400,000 barrels a day. But the process has been hindered as some members struggle with investment constraints and internal instability.
The coalition’s travails are helping to support oil prices even as global markets tip back into oversupply, with Brent crude futures trading near $80 a barrel in London on Wednesday.
Oil extends gains above $80 after OPEC+ output hike | Reuters
Oil extends gains above $80 after OPEC+ output hike | Reuters
Oil prices extended gains on Wednesday, rising towards $81 a barrel after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant.
Brent crude futures were up 65 cents, or 0.81%, to $80.65 a barrel by 1317 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.73%, to $77.55.
OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August. read more
The United States reported nearly 1 million new coronavirus infections on Monday, the highest daily tally of any country in the world and nearly double the previous U.S. peak set a week earlier.
Oil prices extended gains on Wednesday, rising towards $81 a barrel after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant.
Brent crude futures were up 65 cents, or 0.81%, to $80.65 a barrel by 1317 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 56 cents, or 0.73%, to $77.55.
OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August. read more
The United States reported nearly 1 million new coronavirus infections on Monday, the highest daily tally of any country in the world and nearly double the previous U.S. peak set a week earlier.
Most Gulf bourses track oil prices higher | Reuters
Most Gulf bourses track oil prices higher | Reuters
Most stock markets in the Gulf ended higher on Wednesday, tracking rising oil prices, as investors shrugged off impact of a rise in COVID-19 cases caused by the Omicron variant.
Crude prices, a key catalyst for the Gulf's financial markets, held near $80 a barrel after OPEC+ producers stuck to an agreed output target rise for February.
OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August. read more
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, boosted by a 2.7% rise in the country's largest lender Saudi National Bank (1180.SE) and a 1.4% increase in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020. read more
The Qatari index (.QSI) climbed 1.8%, as almost all the stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA).
Elsewhere, public utility Qatar Electricity and Water Company concluded 1.1% after its subsidiary signed an agreement to acquire 40% stake in energy investment company Nebras Power for $530 million. read more
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.4% rise in blue-chip developer Emaar Properties (EMAR.DU).
Middle East crude benchmarks Oman and Dubai extended gains on Wednesday after OPEC+ decided to continue increasing output.
The Abu Dhabi index (.ADI) finished flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, led by a 2.2% rise in tobaco monopoly Eastern Co (EAST.CA).
Egypt's draft budget for the 2022/23 fiscal year aims to achieve 5.7% economic growth as the government looks to keep expansion on track, Finance Minister Mohamed Maiit said in a statement on Wednesday. read more
Most stock markets in the Gulf ended higher on Wednesday, tracking rising oil prices, as investors shrugged off impact of a rise in COVID-19 cases caused by the Omicron variant.
Crude prices, a key catalyst for the Gulf's financial markets, held near $80 a barrel after OPEC+ producers stuck to an agreed output target rise for February.
OPEC+ producers, which include members of the Organization of the Petroleum Exporting Countries along with Russia and others, on Tuesday agreed to add another 400,000 barrels per day of supply in February, as they have done each month since August. read more
Saudi Arabia's benchmark index (.TASI) advanced 0.9%, boosted by a 2.7% rise in the country's largest lender Saudi National Bank (1180.SE) and a 1.4% increase in petrochemical maker Saudi Basic Industries Corp (2010.SE).
The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020. read more
The Qatari index (.QSI) climbed 1.8%, as almost all the stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA).
Elsewhere, public utility Qatar Electricity and Water Company concluded 1.1% after its subsidiary signed an agreement to acquire 40% stake in energy investment company Nebras Power for $530 million. read more
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.4% rise in blue-chip developer Emaar Properties (EMAR.DU).
Middle East crude benchmarks Oman and Dubai extended gains on Wednesday after OPEC+ decided to continue increasing output.
The Abu Dhabi index (.ADI) finished flat.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, led by a 2.2% rise in tobaco monopoly Eastern Co (EAST.CA).
Egypt's draft budget for the 2022/23 fiscal year aims to achieve 5.7% economic growth as the government looks to keep expansion on track, Finance Minister Mohamed Maiit said in a statement on Wednesday. read more
Brent Oil Near $80 as OPEC+ Adds More Crude to Tightening Market - Bloomberg
Brent Oil Near $80 as OPEC+ Adds More Crude to Tightening Market - Bloomberg
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#Qatar Electricity and Water Co unit makes $530 mln bid for 40% stake in Nebras Power | Reuters
Qatar Electricity and Water Co unit makes $530 mln bid for 40% stake in Nebras Power | Reuters
Public utility Qatar Electricity and Water Company said on Wednesday its subsidiary signed an agreement to acquire 40% stake in energy investment company Nebras Power for $530 million.
QEWC, which already owns 60% in Nebras Power, would get full control in the company through the deal.
QEWC's unit Raslaffan Operating Company made the offer to buy the stake from Qatar Holding, a unit of Qatar's sovereign wealth fund, the Qatar Investment Authority, QEWC said in a bourse statement.
The transaction, it said, is subject to a number of conditions precedent which includes regulatory approvals and notifications from other foreign jurisdictions where Nebras is present.
Public utility Qatar Electricity and Water Company said on Wednesday its subsidiary signed an agreement to acquire 40% stake in energy investment company Nebras Power for $530 million.
QEWC, which already owns 60% in Nebras Power, would get full control in the company through the deal.
QEWC's unit Raslaffan Operating Company made the offer to buy the stake from Qatar Holding, a unit of Qatar's sovereign wealth fund, the Qatar Investment Authority, QEWC said in a bourse statement.
The transaction, it said, is subject to a number of conditions precedent which includes regulatory approvals and notifications from other foreign jurisdictions where Nebras is present.
#Saudi's Kingdom Holding concludes selling half of its stake in Four Seasons hotels | ZAWYA MENA Edition
Saudi's Kingdom Holding concludes selling half of its stake in Four Seasons hotels | ZAWYA MENA Edition
Kingdom Holding Co. said it had concluded selling half of its shares in Four Seasons hotels and collected cash proceeds of SR8.29 billion ($2.21 billion) from the sale, according to a bourse filing.
The company, known as KHC, said the expected gain of SR5.9 billion will be recognized in the first quarter of 2022.
KHC will retain a 23.8-percent stake in Four Seasons Holding Inc. by one of its affiliate Kingdom Investment Co.
The company’s decision to sell half its shares in the Four Seasons hotel chain to Bill Gates’ Cascade Investment LLC was taken to generate a return for investors, CEO Talal Al-Mayman said in an interview with Al Arabia last Septmber.
The company, known as KHC, said the expected gain of SR5.9 billion will be recognized in the first quarter of 2022.
KHC will retain a 23.8-percent stake in Four Seasons Holding Inc. by one of its affiliate Kingdom Investment Co.
The company’s decision to sell half its shares in the Four Seasons hotel chain to Bill Gates’ Cascade Investment LLC was taken to generate a return for investors, CEO Talal Al-Mayman said in an interview with Al Arabia last Septmber.
#AbuDhabi Wealth Fund ADQ to Form #UAE’s Largest Health-Care Firm - Bloomberg
Abu Dhabi Wealth Fund ADQ to Form UAE’s Largest Health-Care Firm - Bloomberg
Abu Dhabi is planning to create the largest health-care provider in the United Arab Emirates as demand for medical services rise.
ADQ, one of Abu Dhabi’s sovereign wealth funds, entered an agreement to consolidate several companies. Abu Dhabi Health Services Co., known as SEHA, and National Health Insurance Co., known as Daman, will merge into Pure Health. Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cell Center will also become a part of the entity.
“Pure Health will be instrumental in transforming the provision of healthcare as we consolidate several companies into the platform,” ADQ’s CEO Mohamed Hassan Alsuwaidi said.
ADQ, which is headed by Sheikh Tahnoon Bin Zayed Al Nahyan, the country’s national security adviser and brother to Abu Dhabi’s crown prince, will become the largest shareholder in Pure Health. Other shareholders include Alpha Dhabi Holding, AH Capital, Ataa Financial Investments as well as International Holding Co., a company also led by Sheikh Tahnoon.
Pure Health, a company that has partnered with the UAE government to launch a Covid-19 screening initiative covering the nation’s airports, is in the process of going public, IHC’s Chief Executive Officer Syed Basar Shueb told Bloomberg last month.
“Going forward, Pure Health will actively seek expansion opportunities globally to further diversify its portfolio and leverage its success in the UAE,” Alpha Dhabi Holding Chairman Mohamed Thani Murshed Al Rumaithi said in Wednesday’s statement.
Abu Dhabi is planning to create the largest health-care provider in the United Arab Emirates as demand for medical services rise.
ADQ, one of Abu Dhabi’s sovereign wealth funds, entered an agreement to consolidate several companies. Abu Dhabi Health Services Co., known as SEHA, and National Health Insurance Co., known as Daman, will merge into Pure Health. Tamouh Healthcare, Yas Clinic Group and Abu Dhabi Stem Cell Center will also become a part of the entity.
“Pure Health will be instrumental in transforming the provision of healthcare as we consolidate several companies into the platform,” ADQ’s CEO Mohamed Hassan Alsuwaidi said.
ADQ, which is headed by Sheikh Tahnoon Bin Zayed Al Nahyan, the country’s national security adviser and brother to Abu Dhabi’s crown prince, will become the largest shareholder in Pure Health. Other shareholders include Alpha Dhabi Holding, AH Capital, Ataa Financial Investments as well as International Holding Co., a company also led by Sheikh Tahnoon.
Pure Health, a company that has partnered with the UAE government to launch a Covid-19 screening initiative covering the nation’s airports, is in the process of going public, IHC’s Chief Executive Officer Syed Basar Shueb told Bloomberg last month.
“Going forward, Pure Health will actively seek expansion opportunities globally to further diversify its portfolio and leverage its success in the UAE,” Alpha Dhabi Holding Chairman Mohamed Thani Murshed Al Rumaithi said in Wednesday’s statement.
Oil Rebound Seen Boosting #UAE Growth Even as Covid Worry Lingers - Bloomberg
Oil Rebound Seen Boosting UAE Growth Even as Covid Worry Lingers - Bloomberg
The United Arab Emirates expects its economy to grow 4.2% in 2022, supported by a rebound in oil.
Growth in the oil sector’s gross domestic product is set to be at 5% this year, an increase from last year’s 2% contraction, according to preliminary data from the country’s central bank. Non-oil GDP is expected to remain in line with 2021.
Still, “economic projections are susceptible to uncertainties amidst Covid-19 repercussions,” it said in a quarterly economic review.
UAE Dec. Whole Economy PMI 55.6 vs 55.9 in Nov.
Gulf countries, including the UAE, were dealt with a double whammy in 2020 as the spread of the coronavirus pandemic was accompanied by a drop in crude prices, the main source of income for the region. Last year, sentiment was better as travel restrictions eased and Dubai’s Expo 2020 was launched, attracting millions of visitors.
The UAE’s daily virus cases have increased to more than 2,000 in recent days, however, a sharp rise from below 100 cases less than a month ago.
The International Monetary Fund expects the UAE’s economy to grow more than 3% this year and hover around the same levels into 2026 at least.
The United Arab Emirates expects its economy to grow 4.2% in 2022, supported by a rebound in oil.
Growth in the oil sector’s gross domestic product is set to be at 5% this year, an increase from last year’s 2% contraction, according to preliminary data from the country’s central bank. Non-oil GDP is expected to remain in line with 2021.
Still, “economic projections are susceptible to uncertainties amidst Covid-19 repercussions,” it said in a quarterly economic review.
UAE Dec. Whole Economy PMI 55.6 vs 55.9 in Nov.
Gulf countries, including the UAE, were dealt with a double whammy in 2020 as the spread of the coronavirus pandemic was accompanied by a drop in crude prices, the main source of income for the region. Last year, sentiment was better as travel restrictions eased and Dubai’s Expo 2020 was launched, attracting millions of visitors.
The UAE’s daily virus cases have increased to more than 2,000 in recent days, however, a sharp rise from below 100 cases less than a month ago.
The International Monetary Fund expects the UAE’s economy to grow more than 3% this year and hover around the same levels into 2026 at least.
Most major Gulf bourses rise in early trade | Reuters
Most major Gulf bourses rise in early trade | Reuters
Most major stock markets in the Gulf rose in early trade on Wednesday, shrugging off concerns that the Omicron coronavirus variant could choke the global economic recovery.
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, helped by a 1.1% rise in Riyad Bank (1010.SE) and a 0.3% increase in oil behemoth Saudi Aramco (2222.SE).
Oil prices, a key catalyst for the Gulf's financial markets, steadied as investors assessed the impact of a massive spike in COVID-19 cases caused by the Omicron variant, though the upside remained limited after U.S. fuel inventories climbed.
OPEC+'s decision this week to stick to its planned increase in oil output for February reflects easing concern of a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market, Reuters reported citing sources and analysts. read more
The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020. read more
Dubai's main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1%.
In Abu Dhabi, the index (.ADI) fell 0.2%, hit by a 1.1% fall in telecoms giant Etisalat (ETISALAT.AD).
The United Arab Emirates, regional tourism and commercial hub, recorded 2,581 new coronavirus casses on Tuesday, as it hosts a world fair during its peak tourist season.
The Qatari benchmark (.QSI) gained 0.6%, led by a 1.3% rise in Qatar Islamic Bank (QISB.QA).
Qatar reported 1,695 new coronavirus cases on Tuesday, the highest daily number since last summer.
Most major stock markets in the Gulf rose in early trade on Wednesday, shrugging off concerns that the Omicron coronavirus variant could choke the global economic recovery.
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, helped by a 1.1% rise in Riyad Bank (1010.SE) and a 0.3% increase in oil behemoth Saudi Aramco (2222.SE).
Oil prices, a key catalyst for the Gulf's financial markets, steadied as investors assessed the impact of a massive spike in COVID-19 cases caused by the Omicron variant, though the upside remained limited after U.S. fuel inventories climbed.
OPEC+'s decision this week to stick to its planned increase in oil output for February reflects easing concern of a big surplus in the first quarter, as well as a wish to provide consistent guidance to the market, Reuters reported citing sources and analysts. read more
The kingdom on Tuesday registered 2,585 new infections, up from some 1,000 cases announced on Sunday. It is still below a peak of more than 4,700 in June 2020. read more
Dubai's main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1%.
In Abu Dhabi, the index (.ADI) fell 0.2%, hit by a 1.1% fall in telecoms giant Etisalat (ETISALAT.AD).
The United Arab Emirates, regional tourism and commercial hub, recorded 2,581 new coronavirus casses on Tuesday, as it hosts a world fair during its peak tourist season.
The Qatari benchmark (.QSI) gained 0.6%, led by a 1.3% rise in Qatar Islamic Bank (QISB.QA).
Qatar reported 1,695 new coronavirus cases on Tuesday, the highest daily number since last summer.
Oil steadies as investors weigh impact of Omicron surge | Reuters
Oil steadies as investors weigh impact of Omicron surge | Reuters
Oil prices steadied on Wednesday as investors assessed the impact of a massive spike in COVID-19 cases caused by the Omicron variant, though the upside remained limited after U.S. fuel inventories climbed.
Brent crude futures fell 4 cents, or 0.03%, to $80.04 a barrel by 0716 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents, or 0.03%, to $77.01 a barrel.
The United States reported nearly 1 million new coronavirus infections on Monday, the highest daily tally of any country in the world and nearly double the previous U.S. peak set a week ago.
U.S. gasoline stockpiles rose by 7.1 million barrels in the week to Dec. 31, the American Petroleum Institute (API) reported late on Tuesday. Distillate stockpiles climbed by 4.4 million barrels in the week.
Oil prices steadied on Wednesday as investors assessed the impact of a massive spike in COVID-19 cases caused by the Omicron variant, though the upside remained limited after U.S. fuel inventories climbed.
Brent crude futures fell 4 cents, or 0.03%, to $80.04 a barrel by 0716 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents, or 0.03%, to $77.01 a barrel.
The United States reported nearly 1 million new coronavirus infections on Monday, the highest daily tally of any country in the world and nearly double the previous U.S. peak set a week ago.
U.S. gasoline stockpiles rose by 7.1 million barrels in the week to Dec. 31, the American Petroleum Institute (API) reported late on Tuesday. Distillate stockpiles climbed by 4.4 million barrels in the week.