India's Swiggy doubles valuation to $10.7 bln in latest fundraise - sources | Reuters
SoftBank-backed (9984.T) Swiggy doubled its valuation to $10.7 billion in its latest funding round, two people familiar with the matter said, as booming demand for quick delivery of food and grocery in India drives up investments in the sector.
The food-delivery firm said on Monday it had raised $700 million in the fundraise that was led by U.S. investment firm Invesco (IVZ.N) and also included Baron Capital Group, Sumeru Venture, IIFL and Kotak. Existing investors Alpha Wave Global and Qatar Investment Authority also took part in the round.
Demand for delivery of food and groceries has accelerated in Asia's third-largest economy since the onset of the COVID-19 pandemic, prompting companies to expand their operations in the race to dominate the sector.
Swiggy had raised $1.25 billion in a SoftBank-led fundraising in July, which valued it at $5.5 billion. read more
Monday, 24 January 2022
Oil falls 2% as Fed rate hike talk spooks risk markets | Reuters
Oil falls 2% as Fed rate hike talk spooks risk markets | Reuters
Oil prices fell about 2% on Monday, hit by investor concerns over the possibility of quicker than expected interest-rate hikes by the U.S. Federal Reserve that took down risk markets such as equities while the dollar rallied.
Wall Street stocks slumped, after last week posting their worst week since 2020, pulling down other risk assets like crude.
"Everything is being taken out to the wood shed and the wood shed is a pretty crowded place," said John Kilduff, a partner at Again Capital Management.
Brent crude fell $1.62, or 1.8%, to $86.27 a barrel, while U.S. West Texas Intermediate (WTI) crude settled down $1.83, or 2.2%, to $83.31.
Both benchmarks rose for a fifth week in a row last week, gaining about 2% to reach their highest since October 2014.
Oil prices fell about 2% on Monday, hit by investor concerns over the possibility of quicker than expected interest-rate hikes by the U.S. Federal Reserve that took down risk markets such as equities while the dollar rallied.
Wall Street stocks slumped, after last week posting their worst week since 2020, pulling down other risk assets like crude.
"Everything is being taken out to the wood shed and the wood shed is a pretty crowded place," said John Kilduff, a partner at Again Capital Management.
Brent crude fell $1.62, or 1.8%, to $86.27 a barrel, while U.S. West Texas Intermediate (WTI) crude settled down $1.83, or 2.2%, to $83.31.
Both benchmarks rose for a fifth week in a row last week, gaining about 2% to reach their highest since October 2014.
Carlyle-Backed Cepsa, IAG Unit Iberia Team Up in Green Push - Bloomberg
Carlyle-Backed Cepsa, IAG Unit Iberia Team Up in Green Push - Bloomberg
Oil producer Cepsa SA and IAG SA’s Spanish unit are forming a partnership to develop clean fuel for airlines.
Cepsa will develop sustainable aviation biofuels made from waste and recycled oils, among other products, to supply Iberia, according to a statement Monday. The deal also includes the development of other energy sources such as hydrogen and electricity to operate aircrafts and ground fleets.
Cepsa, the Spanish oil producer controlled by Abu Dhabi’s sovereign wealth fund and the Carlyle Group, is scrambling to develop its clean-energy business and catch up with larger rivals across Europe. As part of its green push, it restructured its management late last year with the appointment of Maarten Wetselaar, who was hired from Royal Dutch Shell PLC.
Last week, Cepsa tapped former BP Plc executive Carlos Barrasa as director of the new commercial and clean energies business.
Iberia Express, a low-cost carrier, will also benefit from the agreement with Cepsa. The two carriers have committed to achieving net zero emissions by 2050 and to operate a minimum of 10% of their flights with so-called clean fuels by 2030.
Oil producer Cepsa SA and IAG SA’s Spanish unit are forming a partnership to develop clean fuel for airlines.
Cepsa will develop sustainable aviation biofuels made from waste and recycled oils, among other products, to supply Iberia, according to a statement Monday. The deal also includes the development of other energy sources such as hydrogen and electricity to operate aircrafts and ground fleets.
Cepsa, the Spanish oil producer controlled by Abu Dhabi’s sovereign wealth fund and the Carlyle Group, is scrambling to develop its clean-energy business and catch up with larger rivals across Europe. As part of its green push, it restructured its management late last year with the appointment of Maarten Wetselaar, who was hired from Royal Dutch Shell PLC.
Last week, Cepsa tapped former BP Plc executive Carlos Barrasa as director of the new commercial and clean energies business.
Iberia Express, a low-cost carrier, will also benefit from the agreement with Cepsa. The two carriers have committed to achieving net zero emissions by 2050 and to operate a minimum of 10% of their flights with so-called clean fuels by 2030.
#AbuDhabi Looks to Attract Piece of SPAC Market With New Rules - Bloomberg
Abu Dhabi Looks to Attract Piece of SPAC Market With New Rules - Bloomberg
Abu Dhabi regulators approved a framework for special purpose acquisition companies, looking to capture some of the blank-check boom that has gripped global markets for the past two years.
The move by the United Arab Emirates Securities and Commodities Authority paves the way for the Gulf region’s first SPAC listing, the government media office said on Monday. Exchanges in the region have been vying to set up their own rulebooks for blank-check firms since they exploded on Wall Street.
Blank-check offerings have raised $250 billion since the start of 2020 in the U.S. alone, though the pace of new deals has slowed down markedly amid dwindling investor enthusiasm. SPACs can provide a quicker route to going public than a fully-fledged IPO, but increased regulatory scrutiny and slumping stock prices have reduced their appeal in New York.
SPACs are empty shells that raise money from investors with a view to acquiring a private company in a set time frame, usually two years.
Neighboring Dubai has also proposed a general framework for SPAC listings, while Saudi Arabia’s bourse is considering whether to allow them, its chief executive said last year. Egypt is gearing up for blank-check firms, with the head of the country’s financial regulator saying he expects the first deal no later than February, according to Arab News.
In Abu Dhabi, sponsors will need to raise a minimum of 100 million dirhams ($27 million) in the initial public offering and the units sold will include warrants that give investors and sponsors the right to convert them into shares.
Abu Dhabi regulators approved a framework for special purpose acquisition companies, looking to capture some of the blank-check boom that has gripped global markets for the past two years.
The move by the United Arab Emirates Securities and Commodities Authority paves the way for the Gulf region’s first SPAC listing, the government media office said on Monday. Exchanges in the region have been vying to set up their own rulebooks for blank-check firms since they exploded on Wall Street.
Blank-check offerings have raised $250 billion since the start of 2020 in the U.S. alone, though the pace of new deals has slowed down markedly amid dwindling investor enthusiasm. SPACs can provide a quicker route to going public than a fully-fledged IPO, but increased regulatory scrutiny and slumping stock prices have reduced their appeal in New York.
SPACs are empty shells that raise money from investors with a view to acquiring a private company in a set time frame, usually two years.
Neighboring Dubai has also proposed a general framework for SPAC listings, while Saudi Arabia’s bourse is considering whether to allow them, its chief executive said last year. Egypt is gearing up for blank-check firms, with the head of the country’s financial regulator saying he expects the first deal no later than February, according to Arab News.
In Abu Dhabi, sponsors will need to raise a minimum of 100 million dirhams ($27 million) in the initial public offering and the units sold will include warrants that give investors and sponsors the right to convert them into shares.
Oil falls on strong dollar and potential Fed rate rises | Reuters
Oil falls on strong dollar and potential Fed rate rises | Reuters
Oil prices fell on Monday, hit by a stronger dollar and investor concerns over the possibility of quicker than expected increases to interest rates by the U.S. Federal Reserve.
Brent crude fell $1.42, or 1.6%, to $86.47 a barrel by 1430 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.70, or 2%, to $83.44.
The dollar rose to a two-week high on Monday against a basket of currencies, lifted by the tension between Russia and the West over Ukraine and the possibility of a more hawkish stance from the Fed this week. read more
Brent had risen more than a $1 earlier in the session on concerns over tight supplies and elevated geopolitical risks in Europe and Middle East.
Oil prices fell on Monday, hit by a stronger dollar and investor concerns over the possibility of quicker than expected increases to interest rates by the U.S. Federal Reserve.
Brent crude fell $1.42, or 1.6%, to $86.47 a barrel by 1430 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.70, or 2%, to $83.44.
The dollar rose to a two-week high on Monday against a basket of currencies, lifted by the tension between Russia and the West over Ukraine and the possibility of a more hawkish stance from the Fed this week. read more
Brent had risen more than a $1 earlier in the session on concerns over tight supplies and elevated geopolitical risks in Europe and Middle East.
#Dubai sees biggest fall in over a month after Houthi attack intercepted | Reuters
Dubai sees biggest fall in over a month after Houthi attack intercepted | Reuters
Most stock markets in the Gulf ended lower on Monday, in line with global shares, while the Dubai index saw its biggest fall in over a month as the United Arab Emirates intercepted another attack by the Houthis.
Dubai's main share index (.DFMGI) declined 2%, dragged down by a 3.5% drop in blue-chip developer Emaar Properties (EMAR.DU) and a 1.9% fall in top lender Emirates NBD (ENBD.DU).
The United Arab Emirates (UAE) on Monday said it had foiled another Houthi missile attack following last week's deadly assault on the Gulf state as the Iran-aligned group takes aim at the safe haven status of the region's tourism and commercial hub. read more
Yemen's Houthis, battling a Saudi-led coalition that includes the UAE, have said they aim to make Abu Dhabi pay a high price for backing militias that are blocking Houthi attempts to capture prized oil regions.
The Abu Dhabi index (.ADI) eased 0.1%, with conglomerate International Holding losing 0.6%.
"Global markets are set to remain sensitive to fresh policy clues out of the Federal Reserve this week. Since the start of the new year, risk assets have been realigning with the more aggressive Fed rate hikes expected for 2022," said Han Tan, chief market analyst at Exinity Group.
Saudi Arabia's benchmark index (.TASI) fell 0.6%, hit by a 1.3% fall in Al Rajhi Bank (1120.SE) and a 2.5% decline in Saudi National Bank (1180.SE).
The Saudi market continued its correction, after hitting its highest in over 15 years earlier this month, as investors try to secure their gains, said Wael Makarem, senior market strategist at Exness.
The Saudi-led coalition fighting in Yemen said two foreigners sustained minor injuries when a ballistic missile fired by the Houthis fell in the south of Saudi Arabia. read more
In Qatar, the index (.QSI) added 0.3%, helped by a 4.4% gain in Commercial Bank (COMB.QA).
Crude prices, a key catalyst for the Gulf's financial markets, rose on elevated geopolitical risks in Europe and Middle East.
Outside the Gulf, Egypt's blue-chip index (.EGX30) decreased 0.3%, with Commercial International Bank (COMI.CA) losing 0.4%.
Most stock markets in the Gulf ended lower on Monday, in line with global shares, while the Dubai index saw its biggest fall in over a month as the United Arab Emirates intercepted another attack by the Houthis.
Dubai's main share index (.DFMGI) declined 2%, dragged down by a 3.5% drop in blue-chip developer Emaar Properties (EMAR.DU) and a 1.9% fall in top lender Emirates NBD (ENBD.DU).
The United Arab Emirates (UAE) on Monday said it had foiled another Houthi missile attack following last week's deadly assault on the Gulf state as the Iran-aligned group takes aim at the safe haven status of the region's tourism and commercial hub. read more
Yemen's Houthis, battling a Saudi-led coalition that includes the UAE, have said they aim to make Abu Dhabi pay a high price for backing militias that are blocking Houthi attempts to capture prized oil regions.
The Abu Dhabi index (.ADI) eased 0.1%, with conglomerate International Holding losing 0.6%.
"Global markets are set to remain sensitive to fresh policy clues out of the Federal Reserve this week. Since the start of the new year, risk assets have been realigning with the more aggressive Fed rate hikes expected for 2022," said Han Tan, chief market analyst at Exinity Group.
Saudi Arabia's benchmark index (.TASI) fell 0.6%, hit by a 1.3% fall in Al Rajhi Bank (1120.SE) and a 2.5% decline in Saudi National Bank (1180.SE).
The Saudi market continued its correction, after hitting its highest in over 15 years earlier this month, as investors try to secure their gains, said Wael Makarem, senior market strategist at Exness.
The Saudi-led coalition fighting in Yemen said two foreigners sustained minor injuries when a ballistic missile fired by the Houthis fell in the south of Saudi Arabia. read more
In Qatar, the index (.QSI) added 0.3%, helped by a 4.4% gain in Commercial Bank (COMB.QA).
Crude prices, a key catalyst for the Gulf's financial markets, rose on elevated geopolitical risks in Europe and Middle East.
Outside the Gulf, Egypt's blue-chip index (.EGX30) decreased 0.3%, with Commercial International Bank (COMI.CA) losing 0.4%.
Qatari sovereign fund-backed Barwa to sell 24% stake in Al Imtiaz Investment Group | ZAWYA MENA Edition
Qatari sovereign fund-backed Barwa to sell 24% stake in Al Imtiaz Investment Group | ZAWYA MENA Edition
Qatar’s Barwa Real Estate is looking to sell its stake in Al Imtiaz Investment Group Company, a public joint stock firm registered in Kuwait, according to a disclosure on Monday.
More than 276.6 million shares, representing 24.4 percent of Al Imtiaz’s issued shares will be sold, the property firm told the Qatar Stock Exchange.
The Qatar-listed company also sent a similar disclosure to the Capital Markets Authority and the stock exchange in Kuwait regarding the planned sale.
Barwa is 45 percent owned by Qatari Diar, the real estate arm of the GCC state’s sovereign wealth fund, the Qatar Investment Authority.
Its net profit for the third quarter of 2021 reached 735.8 million riyals ($202 million), up from 723.5 million riyals a year earlier.
Qatar’s Barwa Real Estate is looking to sell its stake in Al Imtiaz Investment Group Company, a public joint stock firm registered in Kuwait, according to a disclosure on Monday.
More than 276.6 million shares, representing 24.4 percent of Al Imtiaz’s issued shares will be sold, the property firm told the Qatar Stock Exchange.
The Qatar-listed company also sent a similar disclosure to the Capital Markets Authority and the stock exchange in Kuwait regarding the planned sale.
Barwa is 45 percent owned by Qatari Diar, the real estate arm of the GCC state’s sovereign wealth fund, the Qatar Investment Authority.
Its net profit for the third quarter of 2021 reached 735.8 million riyals ($202 million), up from 723.5 million riyals a year earlier.
#UAE shares fall after Houthi attack intercepted | Reuters
UAE shares fall after Houthi attack intercepted | Reuters
Most major stock markets in the Gulf fell in early trade on Monday, with the Dubai index falling the most as the United Arab Emirates intercepted another attack by the Houthis.
Dubai's main share index (.DFMGI) dropped as much as 1.4%, with most of the stocks in negative territory, including blue-chip developer Emaar Properties (EMAR.DU), which was down 1.7%.
The United Arab Emirates intercepted and destroyed two Houthi ballistic missiles targeting the Gulf country on Monday with no casualties, its defence ministry said. read more
Monday's attack was the second on UAE soil since last week's strike that hit a fuel depot in Abu Dhabi, killing three people, and causing a fire near its international airport. read more
The Abu Dhabi index (.FTFADGI) fell 0.7%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) losing more than 1%.
"I doubt (the attacks) will impact markets ... don't think this attack will make much difference," said Khaled Majeed, fund manager at SAM Capital in London. "The targets were not aimed at very critical infrastructure."
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, a day after it snapped a 10-day winning streak, helped by a 0.1% rise in Al Rajhi Bank (1120.SE).
SABIC Agri-Nutrients (2020.SE) added 0.5% after the fertiliser maker signed an agreement to acquire a 49% stake in ETG Inputs Holdco Ltd. read more
In Qatar, the index (.QSI) eased 0.1%, hurt by a 0.5% fall in Qatar Islamic Bank (QISB.QA).
Most major stock markets in the Gulf fell in early trade on Monday, with the Dubai index falling the most as the United Arab Emirates intercepted another attack by the Houthis.
Dubai's main share index (.DFMGI) dropped as much as 1.4%, with most of the stocks in negative territory, including blue-chip developer Emaar Properties (EMAR.DU), which was down 1.7%.
The United Arab Emirates intercepted and destroyed two Houthi ballistic missiles targeting the Gulf country on Monday with no casualties, its defence ministry said. read more
Monday's attack was the second on UAE soil since last week's strike that hit a fuel depot in Abu Dhabi, killing three people, and causing a fire near its international airport. read more
The Abu Dhabi index (.FTFADGI) fell 0.7%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) losing more than 1%.
"I doubt (the attacks) will impact markets ... don't think this attack will make much difference," said Khaled Majeed, fund manager at SAM Capital in London. "The targets were not aimed at very critical infrastructure."
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, a day after it snapped a 10-day winning streak, helped by a 0.1% rise in Al Rajhi Bank (1120.SE).
SABIC Agri-Nutrients (2020.SE) added 0.5% after the fertiliser maker signed an agreement to acquire a 49% stake in ETG Inputs Holdco Ltd. read more
In Qatar, the index (.QSI) eased 0.1%, hurt by a 0.5% fall in Qatar Islamic Bank (QISB.QA).
Mideast Restructuring Scene Gets More Crowded With Teneo’s Entry - Bloomberg
Mideast Restructuring Scene Gets More Crowded With Teneo’s Entry - Bloomberg
Teneo poached two executives from AlixPartners LLC in Dubai, marking its entry into the fast-growing Middle Eastern market for financial advisory and restructuring as competition builds in the region.
The New York-based firm hired restructuring veterans Matthew Wilde and Elie Fakhoury to lead its local turnaround practice, according to a statement Monday. Backed by CVC Capital Partners, Teneo already employs 80 people in the Middle East in areas such as risk advisory, communications and management consulting, with offices in Dubai, Doha and Riyadh.
Wilde, who formerly led PwC’s turnaround and corporate finance teams in the region, is one of the Middle East’s best-known restructuring specialists. He was involved with several prominent cases including the restructurings of developer Arabtec, hospital operator NMC Health and Dubai World. Fakhoury has worked with clients such as private equity firm The Abraaj Group and Arabtec.
The biggest turnaround firms have been on a hiring spree in the Middle East during the last two years in anticipation of more work linked to the impact of the coronavirus pandemic on the region’s economies. Alvarez & Marsal Inc., Houlihan Lokey Inc. and Deloitte, among others, all beefed up their regional presence.
“The Middle East represents a significant opportunity for our business and we look forward to continuing to grow our regional team and offering in the weeks and months ahead,” said Daniel Butters, head of Teneo’s financial advisory business
Teneo is a relative newcomer in the world of restructurings. It bought Deloitte U.K.’s insolvency practice less than a year ago and recently acquired KPMG’s restructuring business in the Cayman and British Virgin Islands.
Earlier this month Teneo appointed Jay Goffman, who held a senior role at Rothschild & Co., for its financial advisory business.
Teneo poached two executives from AlixPartners LLC in Dubai, marking its entry into the fast-growing Middle Eastern market for financial advisory and restructuring as competition builds in the region.
The New York-based firm hired restructuring veterans Matthew Wilde and Elie Fakhoury to lead its local turnaround practice, according to a statement Monday. Backed by CVC Capital Partners, Teneo already employs 80 people in the Middle East in areas such as risk advisory, communications and management consulting, with offices in Dubai, Doha and Riyadh.
Wilde, who formerly led PwC’s turnaround and corporate finance teams in the region, is one of the Middle East’s best-known restructuring specialists. He was involved with several prominent cases including the restructurings of developer Arabtec, hospital operator NMC Health and Dubai World. Fakhoury has worked with clients such as private equity firm The Abraaj Group and Arabtec.
The biggest turnaround firms have been on a hiring spree in the Middle East during the last two years in anticipation of more work linked to the impact of the coronavirus pandemic on the region’s economies. Alvarez & Marsal Inc., Houlihan Lokey Inc. and Deloitte, among others, all beefed up their regional presence.
“The Middle East represents a significant opportunity for our business and we look forward to continuing to grow our regional team and offering in the weeks and months ahead,” said Daniel Butters, head of Teneo’s financial advisory business
Teneo is a relative newcomer in the world of restructurings. It bought Deloitte U.K.’s insolvency practice less than a year ago and recently acquired KPMG’s restructuring business in the Cayman and British Virgin Islands.
Earlier this month Teneo appointed Jay Goffman, who held a senior role at Rothschild & Co., for its financial advisory business.
#SaudiArabia Plans To Keep Debt Stable as Oil Income Surges - Bloomberg
Saudi Arabia Plans To Keep Debt Stable as Oil Income Surges - Bloomberg
Saudi Arabia plans to keep its overall debt level stable this year with borrowing largely focused on 43 billion riyals ($11.4 billion) in debt refinancing, as rising oil prices and rebounding growth fill state coffers with surplus cash.
The kingdom may consider additional funding through domestic or international markets, the National Debt Management Center said in a statement published on its website Sunday. Depending on market conditions, it “may explore” a non-dollar denominated international issuance, according to the 2022 borrowing plan, though public debt is expected to remain at 938 billion riyals by the end of 2022, or 25.9% of expected gross domestic product.
Euro-denominated outstanding debt is currently around 2% of the kingdom’s overall portfolio. This year’s split between domestic and international debt will be “largely unchanged” from last year, it added.
Saudi Arabia plans to deliver its first budget surplus in eight years in 2022, along with the fastest economic growth since 2011, as higher oil prices and production volumes boost the finances of the world’s largest crude exporter. The government expects to record a surplus of 90 billion riyals, putting it 12 months ahead of an earlier plan to balance the budget by 2023.
Saudi Arabia plans to keep its overall debt level stable this year with borrowing largely focused on 43 billion riyals ($11.4 billion) in debt refinancing, as rising oil prices and rebounding growth fill state coffers with surplus cash.
The kingdom may consider additional funding through domestic or international markets, the National Debt Management Center said in a statement published on its website Sunday. Depending on market conditions, it “may explore” a non-dollar denominated international issuance, according to the 2022 borrowing plan, though public debt is expected to remain at 938 billion riyals by the end of 2022, or 25.9% of expected gross domestic product.
Euro-denominated outstanding debt is currently around 2% of the kingdom’s overall portfolio. This year’s split between domestic and international debt will be “largely unchanged” from last year, it added.
Saudi Arabia plans to deliver its first budget surplus in eight years in 2022, along with the fastest economic growth since 2011, as higher oil prices and production volumes boost the finances of the world’s largest crude exporter. The government expects to record a surplus of 90 billion riyals, putting it 12 months ahead of an earlier plan to balance the budget by 2023.
Gulf economies to grow faster in 2022, oil price fall biggest threat | Reuters
Gulf economies to grow faster in 2022, oil price fall biggest threat | Reuters
The economies in the six-member Gulf Cooperation Council will grow at their fastest paces in several years, according to a Reuters poll of economists who cautioned the risk to that outlook was skewed to the downside.
Crude oil prices, a major driver for Gulf economies, climbed to their highest since 2014 on Wednesday, driven by escalating global political tensions involving major producers including United Arab Emirates and Russia, which could worsen already tight supplies.
That is bullish news for the six wealthy oil-exporting countries in the region.
The Jan. 11-19 poll of 25 economists forecast all six economies in the Gulf Cooperation Council would grow faster this year than was expected three months ago.
The economies in the six-member Gulf Cooperation Council will grow at their fastest paces in several years, according to a Reuters poll of economists who cautioned the risk to that outlook was skewed to the downside.
Crude oil prices, a major driver for Gulf economies, climbed to their highest since 2014 on Wednesday, driven by escalating global political tensions involving major producers including United Arab Emirates and Russia, which could worsen already tight supplies.
That is bullish news for the six wealthy oil-exporting countries in the region.
The Jan. 11-19 poll of 25 economists forecast all six economies in the Gulf Cooperation Council would grow faster this year than was expected three months ago.
Column: Shrunken U.S. oil inventories point to chronic under-supply: Kemp | Reuters
Column: Shrunken U.S. oil inventories point to chronic under-supply: Kemp | Reuters
U.S. petroleum inventories have continued to slide over the last month and are well below their normal seasonal levels, which has helped push oil prices to their highest since 2014.
The market remains chronically under-supplied with OPEC+ and U.S. shale firms unable or unwilling to meet rapidly recovering demand at prevailing price levels.
Total commercial crude and products inventories have fallen in 56 out of the last 81 weeks according to data from the U.S. Energy Information Administration ("Weekly petroleum status report", EIA, Jan. 20).
Commercial inventories have declined by a total of 273 million barrels since peaking in July 2020, more than reversing the 204 million increase during the first wave of the pandemic and lockdowns.
U.S. petroleum inventories have continued to slide over the last month and are well below their normal seasonal levels, which has helped push oil prices to their highest since 2014.
The market remains chronically under-supplied with OPEC+ and U.S. shale firms unable or unwilling to meet rapidly recovering demand at prevailing price levels.
Total commercial crude and products inventories have fallen in 56 out of the last 81 weeks according to data from the U.S. Energy Information Administration ("Weekly petroleum status report", EIA, Jan. 20).
Commercial inventories have declined by a total of 273 million barrels since peaking in July 2020, more than reversing the 204 million increase during the first wave of the pandemic and lockdowns.
Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East | Reuters
Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East | Reuters
Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.
Brent crude futures rose 81 cents, or 0.9%, to $88.70 a barrel by 0344 GMT, reversing a 0.6% loss on Friday.
U.S. West Texas Intermediate (WTI) crude futures gained 72 cents, or 0.9%, to $85.86 a barrel, having fallen 0.5% on Friday.
Both benchmarks rose for a fifth week in a row last week, gaining around 2% to hit their highest since October 2014. Prices are already up more than 10% this year on the concerns over tightening supplies.
Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.
Brent crude futures rose 81 cents, or 0.9%, to $88.70 a barrel by 0344 GMT, reversing a 0.6% loss on Friday.
U.S. West Texas Intermediate (WTI) crude futures gained 72 cents, or 0.9%, to $85.86 a barrel, having fallen 0.5% on Friday.
Both benchmarks rose for a fifth week in a row last week, gaining around 2% to hit their highest since October 2014. Prices are already up more than 10% this year on the concerns over tightening supplies.