Oil breaks $90/bbl for the first time since 2014 on Russia tensions | Reuters
Oil rose on Wednesday, tuoching $90 a barrel for the first time in seven years, supported as tight supply and rising political tensions between Russia and Ukraine added to concerns about further disruption in an already-tight market.
Brent crude gained $1.76, or 2%, to settle at $89.96 a barrel, after surpassing $90 for the first time since October 2014. U.S. West Texas Intermediate (WTI) crude closed up $1.75, or 2%, to $87.35 a barrel.
Oil prices edged off their gains in post-settlement trading, retreating with other risk assets like equities after investors interpreted U.S. Federal Reserve Chairman Jerome Powell's comments in a press conference on expected interest rate hikes as somewhat hawkish. read more
Russia has amassed thousands of troops on Ukraine's border, fanning fears of an invasion. Energy market prices rose on worries that Russia's gas supply to Europe could be interrupted. Russia is also one of the world's largest oil exporters.
Wednesday, 26 January 2022
#Israel Sovereign Wealth Fund May Be Up and Running by September - Bloomberg
Israel Sovereign Wealth Fund May Be Up and Running by September - Bloomberg
Israel’s long-delayed sovereign wealth fund is expected to begin operations before the Jewish new year begins in September, the Finance Ministry said Wednesday.
It also presented the final lineup of the fund’s board of directors.
Parliament voted to set up Israel’s first sovereign wealth fund in 2014 to invest surplus tax revenue from newly discovered off-shore natural gas fields in the eastern Mediterranean, setting a 1-billion shekel ($315 million) threshold before it could begin operations. This target has repeatedly been missed due to lower-than-expected tax revenue from the gas industry.
The Bank of Israel’s deputy governor, Andrew Abir, will sit on the board overseeing the implementation of investment policy, alongside Finance Ministry Accountant General Yahli Rothenberg and Amir Barkan, a deputy minister in the prime minister’s office.
The board will be led by Finance Minister Avigdor Liberman and include three previously announced private-sector members -- Barry Topf, a former Bank of Israel market operations director; Israeli businessman Rony Halman; and Yarom Ariav, a former Finance Ministry director general.
Israel’s long-delayed sovereign wealth fund is expected to begin operations before the Jewish new year begins in September, the Finance Ministry said Wednesday.
It also presented the final lineup of the fund’s board of directors.
Parliament voted to set up Israel’s first sovereign wealth fund in 2014 to invest surplus tax revenue from newly discovered off-shore natural gas fields in the eastern Mediterranean, setting a 1-billion shekel ($315 million) threshold before it could begin operations. This target has repeatedly been missed due to lower-than-expected tax revenue from the gas industry.
The Bank of Israel’s deputy governor, Andrew Abir, will sit on the board overseeing the implementation of investment policy, alongside Finance Ministry Accountant General Yahli Rothenberg and Amir Barkan, a deputy minister in the prime minister’s office.
The board will be led by Finance Minister Avigdor Liberman and include three previously announced private-sector members -- Barry Topf, a former Bank of Israel market operations director; Israeli businessman Rony Halman; and Yarom Ariav, a former Finance Ministry director general.
#UAE tackles banned weapons financing, awaits dirty money list decision | Reuters
UAE tackles banned weapons financing, awaits dirty money list decision | Reuters
The United Arab Emirates said it was assessing the risk that funds for banned weapons could pass through its trading hub and would take measures to prevent this, as it awaits a March decision on whether it will be added to a dirty money watchlist.
The UAE and the Financial Action Task Force (FATF), a global financial crime monitoring group, will hold meetings in Paris at the end of February to assess a progress report submitted by the UAE late last year. The watchdog in March will update its list of high-risk and other monitored jurisdictions.
A 2020 FATF report said the UAE needed "fundamental and major improvements" to avoid landing on its 'grey list' of countries under increased monitoring.
Countries on the list risk reputational damage, trouble accessing global finance and increased transaction costs.
The United Arab Emirates said it was assessing the risk that funds for banned weapons could pass through its trading hub and would take measures to prevent this, as it awaits a March decision on whether it will be added to a dirty money watchlist.
The UAE and the Financial Action Task Force (FATF), a global financial crime monitoring group, will hold meetings in Paris at the end of February to assess a progress report submitted by the UAE late last year. The watchdog in March will update its list of high-risk and other monitored jurisdictions.
A 2020 FATF report said the UAE needed "fundamental and major improvements" to avoid landing on its 'grey list' of countries under increased monitoring.
Countries on the list risk reputational damage, trouble accessing global finance and increased transaction costs.
#UAE Oil Producer Adnoc May Aim for $5 Billion of Bonds This Year - Bloomberg
UAE Oil Producer Adnoc May Aim for $5 Billion of Bonds This Year - Bloomberg
Abu Dhabi’s state energy company plans to raise about $3 billion to $5 billion from a debut bond sale this year, according to people familiar with the matter.
Abu Dhabi National Oil Co. executives told debt investors during a call on Tuesday that they’re considering setting up a multi-year bond program of around $15 billion, said three of the people. The first deal, which will be issued from a new entity called Adnoc Murban, will be used to help refinance the company’s existing loans, they said.
Adnoc has about $20 billion of debt, including roughly $5 billion maturing this year, according to data compiled by Bloomberg. The company declined to comment to Bloomberg on its issuance plans.
Abu Dhabi is the capital of the United Arab Emirates, the third-largest producer in the Organization of Petroleum Exporting Countries. The country is trying to use money from energy exports to build new industries such as robotics and artificial intelligence.
JPMorgan Chase & Co. and Morgan Stanley managed Tuesday’s call. Adnoc Murban was this week given the third-highest rating of AA or its equivalent by Moody’s Investors Service, S&P Global Ratings and Fitch Ratings.
Adnoc Murban will have an annual cash flow of more than $21 billion based on an oil price between $50 and $70 a barrel, Moody’s said. Crude has surged around 14% this year to more than $85 a barrel.
Abu Dhabi’s state energy company plans to raise about $3 billion to $5 billion from a debut bond sale this year, according to people familiar with the matter.
Abu Dhabi National Oil Co. executives told debt investors during a call on Tuesday that they’re considering setting up a multi-year bond program of around $15 billion, said three of the people. The first deal, which will be issued from a new entity called Adnoc Murban, will be used to help refinance the company’s existing loans, they said.
Adnoc has about $20 billion of debt, including roughly $5 billion maturing this year, according to data compiled by Bloomberg. The company declined to comment to Bloomberg on its issuance plans.
Abu Dhabi is the capital of the United Arab Emirates, the third-largest producer in the Organization of Petroleum Exporting Countries. The country is trying to use money from energy exports to build new industries such as robotics and artificial intelligence.
JPMorgan Chase & Co. and Morgan Stanley managed Tuesday’s call. Adnoc Murban was this week given the third-highest rating of AA or its equivalent by Moody’s Investors Service, S&P Global Ratings and Fitch Ratings.
Adnoc Murban will have an annual cash flow of more than $21 billion based on an oil price between $50 and $70 a barrel, Moody’s said. Crude has surged around 14% this year to more than $85 a barrel.
#Oman launches first Middle East electricity spot market | Reuters
Oman launches first Middle East electricity spot market | Reuters
Oman has formally launched an electricity spot market, the first in the Middle East, to increase the efficiency of power procurement, the state news agency said on Wednesday.
The spot market will enable licensed generators for the first time to offer their surplus capacity at the most competitive rate.
Household energy costs are sensitive in a country that last year saw protests over unemployment.
Protests in May by hundreds of Omanis seeking employment subsided after Sultan Haitham bin Tariq al-Said, facing his biggest challenge yet, ordered an acceleration of government plans to create thousands of jobs and amid a security crackdown. read more
The small Gulf oil producer has also extended the timeframe of a planned redirecting of electricity subsidies to target less affluent households to 10 years from five years.
In December, the state news agency cited Omani finance minister Sultan al-Habsi as saying the government was reviewing electricity and water prices.
Wednesday's decisions also include capping power tariffs for residential consumers throughout 2022 at December 2021 levels.
Oman has formally launched an electricity spot market, the first in the Middle East, to increase the efficiency of power procurement, the state news agency said on Wednesday.
The spot market will enable licensed generators for the first time to offer their surplus capacity at the most competitive rate.
Household energy costs are sensitive in a country that last year saw protests over unemployment.
Protests in May by hundreds of Omanis seeking employment subsided after Sultan Haitham bin Tariq al-Said, facing his biggest challenge yet, ordered an acceleration of government plans to create thousands of jobs and amid a security crackdown. read more
The small Gulf oil producer has also extended the timeframe of a planned redirecting of electricity subsidies to target less affluent households to 10 years from five years.
In December, the state news agency cited Omani finance minister Sultan al-Habsi as saying the government was reviewing electricity and water prices.
Wednesday's decisions also include capping power tariffs for residential consumers throughout 2022 at December 2021 levels.
Brent Hits $90 For First Time Since 2014 on Supply Jitters - Bloomberg
Brent Hits $90 For First Time Since 2014 on Supply Jitters - Bloomberg
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Most major Gulf markets up, strong bank earnings boost #Dubai | Reuters
Most major Gulf markets up, strong bank earnings boost Dubai | Reuters
Most major gulf index ended higher on Wednesday, with the Saudi market extending gains on the back of a global rally and oil prices, while the Dubai index was up after banks reported sharply higher profits.
Saudi Arabia's benchmark index (.TASI) rose 0.6%, with Al Rajhi Bank (1120.SE) gaining 0.7% and Riyad Bank increasing 2%.
"Saudi stock market rose, recovering from its latest price corrections, thanks to stronger oil prices," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Among other stocks, Advanced Petrochemical (2330.SE) added 2.9% after it announced it was buying back 1.5 million shares.
Saudi Automotive Services (4050.SE) surged about 10% after acquiring an 80% stake in gas station operating company NAFT Services Limited Company.
Dubai's index (.DFMGI) added 0.5%, buoyed by a 1.5% hike in its blue-chip developer Emaar Properties (EMAR.DU) and a 0.6% rise in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) after it reported a 39.6% rise in profits in 2021.
Dubai's biggest lender Emirates NBD (ENBD.DU), however, ended flat after rising as much as 1.1%, as its annual profit jumped 34%, while impairments fell sharply from the height of the pandemic. read more
Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the pandemic ease amid government support, higher oil prices and strong tourism due to the world fair Expo in Dubai.
Analysts expect 2022 will be even better for banks as domestic interest rates should rise, tracking higher U.S. rates, and loan growth should also improve.
In Abu Dhabi, the index (.FTFADGI) edged up 0.1%, as market heavyweight First Abu Dhabi Bank (FAB.AD) was up 0.5%.
In Qatar, the index (.QSI) eased 0.5%, pressured by its banks, with Qatar Islamic Bank (QISB.QA) dropping 1.3% and Masraf Al Rayan losing 0.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.4% lower, extending losses for the fourth session in a row, dragged by a 3.1% slump in Fawry For Banking Technology And Electronic Payment (FWRY.CA) and 0.3% fall in the country's largest lender, Commercial International Bank (COMI.CA).
Egyptian stocks were volatile and could start recovering as investors might be attracted to the market after the last price corrections, Makarem added.
Most major gulf index ended higher on Wednesday, with the Saudi market extending gains on the back of a global rally and oil prices, while the Dubai index was up after banks reported sharply higher profits.
Saudi Arabia's benchmark index (.TASI) rose 0.6%, with Al Rajhi Bank (1120.SE) gaining 0.7% and Riyad Bank increasing 2%.
"Saudi stock market rose, recovering from its latest price corrections, thanks to stronger oil prices," said Wael Makarem, Senior Market Strategist – MENA at Exness.
Among other stocks, Advanced Petrochemical (2330.SE) added 2.9% after it announced it was buying back 1.5 million shares.
Saudi Automotive Services (4050.SE) surged about 10% after acquiring an 80% stake in gas station operating company NAFT Services Limited Company.
Dubai's index (.DFMGI) added 0.5%, buoyed by a 1.5% hike in its blue-chip developer Emaar Properties (EMAR.DU) and a 0.6% rise in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) after it reported a 39.6% rise in profits in 2021.
Dubai's biggest lender Emirates NBD (ENBD.DU), however, ended flat after rising as much as 1.1%, as its annual profit jumped 34%, while impairments fell sharply from the height of the pandemic. read more
Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the pandemic ease amid government support, higher oil prices and strong tourism due to the world fair Expo in Dubai.
Analysts expect 2022 will be even better for banks as domestic interest rates should rise, tracking higher U.S. rates, and loan growth should also improve.
In Abu Dhabi, the index (.FTFADGI) edged up 0.1%, as market heavyweight First Abu Dhabi Bank (FAB.AD) was up 0.5%.
In Qatar, the index (.QSI) eased 0.5%, pressured by its banks, with Qatar Islamic Bank (QISB.QA) dropping 1.3% and Masraf Al Rayan losing 0.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended 0.4% lower, extending losses for the fourth session in a row, dragged by a 3.1% slump in Fawry For Banking Technology And Electronic Payment (FWRY.CA) and 0.3% fall in the country's largest lender, Commercial International Bank (COMI.CA).
Egyptian stocks were volatile and could start recovering as investors might be attracted to the market after the last price corrections, Makarem added.
Gulf stocks mixed in early trade; Banks lift #Dubai | Reuters
Gulf stocks mixed in early trade; Banks lift Dubai | Reuters
Major Gulf stocks were mixed in early trade on Wednesday, with the Saudi market extending gains following news of an acquisition and a buyback while the Dubai index rose after banks NBD and DIB reported sharply higher profits.
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, extending gains from the previous session, led by a 4.2% surge in Advanced Petrochemical (2330.SE) after it announced it was buying back 1.5 million shares.
Saudi Automotive Services (4050.SE) was the index's top gainer, surging over 10% after acquiring a 80% stake in gas station operating company NAFT Services Limited Company.
Dubai's main share index (.DFMGI) rose 0.5%, driven by a 0.7% gain in its largest bank, Emirates NBD (ENBD.DU), after it reported a 34% rise in profits in 2021. Sharia-compliant Dubai Islamic Bank (DISB.DU) was up 0.4% after its profits rose 39.6%. read more ,
Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the COVID-19 pandemic ease amid government support, higher oil prices and a a surge in tourism due to the world fair Expo taking place in Dubai. read more
Emaar Development (EMAARDEV.DU) rose 1.2%.
The Abu Dhabi index (.FTFADGI) eased 0.3% as market heavyweight First Abu Dhabi Bank (FAB.AD) lost 0.5% and Aldar Properties (ALDAR.AD) was down 0.2%.
The Qatari index (.QSI) was flat as Qatar International Islamic Bank lost 0.9% while Qatar Gas Transport Nakilat (QGTS.QA) rose 0.8%.
Major Gulf stocks were mixed in early trade on Wednesday, with the Saudi market extending gains following news of an acquisition and a buyback while the Dubai index rose after banks NBD and DIB reported sharply higher profits.
Saudi Arabia's benchmark index (.TASI) edged up 0.2%, extending gains from the previous session, led by a 4.2% surge in Advanced Petrochemical (2330.SE) after it announced it was buying back 1.5 million shares.
Saudi Automotive Services (4050.SE) was the index's top gainer, surging over 10% after acquiring a 80% stake in gas station operating company NAFT Services Limited Company.
Dubai's main share index (.DFMGI) rose 0.5%, driven by a 0.7% gain in its largest bank, Emirates NBD (ENBD.DU), after it reported a 34% rise in profits in 2021. Sharia-compliant Dubai Islamic Bank (DISB.DU) was up 0.4% after its profits rose 39.6%. read more ,
Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the COVID-19 pandemic ease amid government support, higher oil prices and a a surge in tourism due to the world fair Expo taking place in Dubai. read more
Emaar Development (EMAARDEV.DU) rose 1.2%.
The Abu Dhabi index (.FTFADGI) eased 0.3% as market heavyweight First Abu Dhabi Bank (FAB.AD) lost 0.5% and Aldar Properties (ALDAR.AD) was down 0.2%.
The Qatari index (.QSI) was flat as Qatar International Islamic Bank lost 0.9% while Qatar Gas Transport Nakilat (QGTS.QA) rose 0.8%.
#Saudi's NDMC clears 43% of debts due for payment in 2022 | ZAWYA MENA Edition
Saudi's NDMC clears 43% of debts due for payment in 2022 | ZAWYA MENA Edition
The National Debt Management Center (NDMC) was able to repay about SR33 billion, or 43.42 percent, of a total of SR76 billion due for repayment during the year 2022. The center revealed in a recent report that it repaid the debt through the issuance of local bonds.
According to the report, NDMC will issue securities in an optimal way to maintain the average maturity of the Kingdom’s public debt and reduce the risk of refinancing. The center would continue to follow up on liability management, as well as to reduce the risks of refinancing, especially since the average life of the debt portfolio has increased to about 9.5 years at the end of 2021 compared to 9.4 years in 2020.
NDMC expects that the size of the public debt would be stable at SR938 billion by the end of the current year, and the financing needs would amount to about SR43 billion to pay the dues of the principal debt, in addition to the possibility of considering proactive financing operations according to market conditions.
Regarding the principles of securing financing needs in the short, medium and long terms, the center stressed in its report that it was working to sustain the Kingdom’s access to various debt markets to issue sovereign debt instruments at a fair price within well-studied frameworks and foundations for risk management.
The National Debt Management Center (NDMC) was able to repay about SR33 billion, or 43.42 percent, of a total of SR76 billion due for repayment during the year 2022. The center revealed in a recent report that it repaid the debt through the issuance of local bonds.
According to the report, NDMC will issue securities in an optimal way to maintain the average maturity of the Kingdom’s public debt and reduce the risk of refinancing. The center would continue to follow up on liability management, as well as to reduce the risks of refinancing, especially since the average life of the debt portfolio has increased to about 9.5 years at the end of 2021 compared to 9.4 years in 2020.
NDMC expects that the size of the public debt would be stable at SR938 billion by the end of the current year, and the financing needs would amount to about SR43 billion to pay the dues of the principal debt, in addition to the possibility of considering proactive financing operations according to market conditions.
Regarding the principles of securing financing needs in the short, medium and long terms, the center stressed in its report that it was working to sustain the Kingdom’s access to various debt markets to issue sovereign debt instruments at a fair price within well-studied frameworks and foundations for risk management.
#Dubai Islamic Bank's FY net profit climbs 39% despite income drop | ZAWYA MENA Edition
Dubai Islamic Bank's FY net profit climbs 39% despite income drop | ZAWYA MENA Edition
Dubai Islamic Bank achieved a full-year 2021 net profit of 4.4 billion dirhams ($1.2 billion), up by 39 percent year-on-year, despite a 10 percent decline in total income.
The increase was primarily due to the ongoing lower rate environment and large corporate repayments during the year, the bank said in a filing to the Dubai Financial Market (DFM).
Customer deposits remained stable at 205.8 billion dirhams, with the current account savings account (CASA) growing by 4.4 percent to over 90 billion dirhams, now forming 44 percent of the customer deposit base.
Impairment charges fell by 46 percent to 2.44 million dirhams on "prudent underwriting and improving general market conditions," it said.
The bank has proposed a dividend of 25 percent, subject to shareholders’ approval.
Dubai Islamic Bank achieved a full-year 2021 net profit of 4.4 billion dirhams ($1.2 billion), up by 39 percent year-on-year, despite a 10 percent decline in total income.
The increase was primarily due to the ongoing lower rate environment and large corporate repayments during the year, the bank said in a filing to the Dubai Financial Market (DFM).
Customer deposits remained stable at 205.8 billion dirhams, with the current account savings account (CASA) growing by 4.4 percent to over 90 billion dirhams, now forming 44 percent of the customer deposit base.
Impairment charges fell by 46 percent to 2.44 million dirhams on "prudent underwriting and improving general market conditions," it said.
The bank has proposed a dividend of 25 percent, subject to shareholders’ approval.
#Qatar Eyes Debut Green Bond in Latest Gulf Move to Tap ESG Funds - Bloomberg
Qatar Eyes Debut Green Bond in Latest Gulf Move to Tap ESG Funds - Bloomberg
Qatar’s government is planning to issue its first green bond as one of the world’s largest liquefied natural gas exporters seeks to tap into a booming global market for sustainable debt, people with knowledge of the matter said.
Officials at the Ministry of Finance are in early talks with international banks to potentially raise billions through green bonds, the people said, asking not to be named because they’re not authorized to speak publicly.
The sale is likely to be controversial with investors in environmental, social and governance assets, given Qatar’s gas exports mean it’s among the world’s top carbon emitters on a per capita basis. Borrowers can often cut costs through green bonds, used to fund projects to reduce emissions, though natural gas is frowned upon.
It’s not clear what the money would be spent on. Qatar is yet to hire banks for the plans and a deal could potentially be done via state-owned gas firm Qatar Energy, the people said. Representatives at the Ministry of Finance did not respond to requests for comment.
Qatar’s government is planning to issue its first green bond as one of the world’s largest liquefied natural gas exporters seeks to tap into a booming global market for sustainable debt, people with knowledge of the matter said.
Officials at the Ministry of Finance are in early talks with international banks to potentially raise billions through green bonds, the people said, asking not to be named because they’re not authorized to speak publicly.
The sale is likely to be controversial with investors in environmental, social and governance assets, given Qatar’s gas exports mean it’s among the world’s top carbon emitters on a per capita basis. Borrowers can often cut costs through green bonds, used to fund projects to reduce emissions, though natural gas is frowned upon.
It’s not clear what the money would be spent on. Qatar is yet to hire banks for the plans and a deal could potentially be done via state-owned gas firm Qatar Energy, the people said. Representatives at the Ministry of Finance did not respond to requests for comment.
Emirates NBD's 2021 profit up 34%, says in better shape for higher rates | Reuters
Emirates NBD's 2021 profit up 34%, says in better shape for higher rates | Reuters
Emirates NBD's (ENBD.DU) annual profit rose 34% as improved economic activity boosted investment banking income, Dubai's biggest lender said on Wednesday, while impairment fell sharply from the height of the pandemic.
The lender also boosted its dividend by 25% to 0.50 dirhams per share and said it was in a good shape to navigate rising interest rates amid a better funding mix.
"The funding mix improved as we added a further 38 billion dirhams ($10.35 billion) of current accounts and saving account balances during 2021 and we are well positioned to benefit from a potential rise in interest rates," Group CEO Shayne Nelson said in a statement.
Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the pandemic are easing amid government support, higher oil prices and strong tourism due to the world fair Expo in Dubai.
Emirates NBD's (ENBD.DU) annual profit rose 34% as improved economic activity boosted investment banking income, Dubai's biggest lender said on Wednesday, while impairment fell sharply from the height of the pandemic.
The lender also boosted its dividend by 25% to 0.50 dirhams per share and said it was in a good shape to navigate rising interest rates amid a better funding mix.
"The funding mix improved as we added a further 38 billion dirhams ($10.35 billion) of current accounts and saving account balances during 2021 and we are well positioned to benefit from a potential rise in interest rates," Group CEO Shayne Nelson said in a statement.
Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the pandemic are easing amid government support, higher oil prices and strong tourism due to the world fair Expo in Dubai.
Oil slips as investors lock in profits ahead of Fed update | Reuters
Oil slips as investors lock in profits ahead of Fed update | Reuters
Oil prices slipped on Wednesday as investors locked in profits ahead of an update from the U.S. Federal Reserve and the U.S. Energy Information Administration's inventory data, but concerns over tighter supply amid geopolitical tensions capped losses.
Oil prices hit seven-year highs last week on worries that supplies could tighten due to Ukraine-Russia tensions. U.S. President Joe Biden said on Tuesday he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine, while Western leaders stepped up military preparations and made plans to shield Europe from a potential energy supply shock. read more
Concerns about the Middle East also rose on Monday, when Yemen's Iran-aligned Houthi movement launched a missile attack on a United Arab Emirates base hosting the U.S. military. The attack was thwarted by U.S.-built Patriot interceptors, U.S. and Emirati officials said. read more
"The market downside is limited due to heightened tensions between Russia and Ukraine and the threat to infrastructure in the UAE," Hiroyuki Kikukawa, general manager of research at Nissan Securities said, adding that oil was likely to continue its upward run after the Federal Reserve policy meeting.
Brent crude futures were down 32 cents, or 0.4%, at $87.88 a barrel at 0513 GMT, having jumped 2.2% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures slipped 45 cents, or 0.5%, to $85.15 a barrel, having climbed 2.8% on Tuesday.
Oil prices slipped on Wednesday as investors locked in profits ahead of an update from the U.S. Federal Reserve and the U.S. Energy Information Administration's inventory data, but concerns over tighter supply amid geopolitical tensions capped losses.
Oil prices hit seven-year highs last week on worries that supplies could tighten due to Ukraine-Russia tensions. U.S. President Joe Biden said on Tuesday he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine, while Western leaders stepped up military preparations and made plans to shield Europe from a potential energy supply shock. read more
Concerns about the Middle East also rose on Monday, when Yemen's Iran-aligned Houthi movement launched a missile attack on a United Arab Emirates base hosting the U.S. military. The attack was thwarted by U.S.-built Patriot interceptors, U.S. and Emirati officials said. read more
"The market downside is limited due to heightened tensions between Russia and Ukraine and the threat to infrastructure in the UAE," Hiroyuki Kikukawa, general manager of research at Nissan Securities said, adding that oil was likely to continue its upward run after the Federal Reserve policy meeting.
Brent crude futures were down 32 cents, or 0.4%, at $87.88 a barrel at 0513 GMT, having jumped 2.2% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures slipped 45 cents, or 0.5%, to $85.15 a barrel, having climbed 2.8% on Tuesday.
U.S., #Qatar to discuss energy security during emir's Washington visit | Reuters
U.S., Qatar to discuss energy security during emir's Washington visit | Reuters
Qatar's ruling emir will hold talks with U.S. President Joe Biden at the White House on Jan. 31 on a range of issues that will include global energy security, the White House said on Tuesday, amid concerns about gas supplies to Europe.
Sheikh Tamim bin Hamad al-Thani's visit, the first since Biden took office last year, comes as Washington discusses with energy-producing states and firms a potential diversion of supplies to Europe if Russia invades Ukraine.
U.S. Secretary of State Antony Blinken discussed the matter with the foreign minister of Qatar, a top liquefied natural gas producer, in a phone call on Monday, according to a source familiar with the matter who requested anonymity.
Tamim's meeting with Biden at the White House will provide the leaders with an opportunity to discuss "ensuring the stability of global energy supplies," White House press secretary Jen Psaki said in a statement.
Qatar's ruling emir will hold talks with U.S. President Joe Biden at the White House on Jan. 31 on a range of issues that will include global energy security, the White House said on Tuesday, amid concerns about gas supplies to Europe.
Sheikh Tamim bin Hamad al-Thani's visit, the first since Biden took office last year, comes as Washington discusses with energy-producing states and firms a potential diversion of supplies to Europe if Russia invades Ukraine.
U.S. Secretary of State Antony Blinken discussed the matter with the foreign minister of Qatar, a top liquefied natural gas producer, in a phone call on Monday, according to a source familiar with the matter who requested anonymity.
Tamim's meeting with Biden at the White House will provide the leaders with an opportunity to discuss "ensuring the stability of global energy supplies," White House press secretary Jen Psaki said in a statement.
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