Oil rallies on big drawdown in U.S. crude stocks, strong demand | Reuters
Oil prices rallied on Wednesday after U.S. crude inventories dropped by nearly 5 million barrels and fuel demand rose to an all-time high, underscoring the market's ongoing tightness.
Brent crude futures settled up 77 cents, or 0.9%, to $91.55 a barrel. U.S. West Texas Intermediate crude (WTI) ended up 30 cents to $89.66 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week to 410.4 million barrels, their lowest since October 2018, while overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed.
The heavy activity and ramp-up in U.S. refinery processing augur for a tight market for coming months.
Wednesday, 9 February 2022
Oil prices steady after big drop in U.S. crude stocks | Reuters
Oil prices steady after big drop in U.S. crude stocks | Reuters
Oil prices were little changed on Wednesday, paring gains after spiking earlier on data showing U.S. inventories dropped by nearly 5 million barrels and demand rose to an all-time high.
Brent crude futures gained 49 cents, or 0.5%, to $91.27 a barrel by 1:41 p.m. EST (1841 GMT). U.S. West Texas Intermediate crude fell 1 cent to $89.35 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week, including a sharp drawdown at the key Cushing hub, as overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed on Wednesday.
The heavy activity and ramp-up in U.S. refinery processing suggest the market could be looking at tight supplies for coming months as well.
Oil prices were little changed on Wednesday, paring gains after spiking earlier on data showing U.S. inventories dropped by nearly 5 million barrels and demand rose to an all-time high.
Brent crude futures gained 49 cents, or 0.5%, to $91.27 a barrel by 1:41 p.m. EST (1841 GMT). U.S. West Texas Intermediate crude fell 1 cent to $89.35 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week, including a sharp drawdown at the key Cushing hub, as overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed on Wednesday.
The heavy activity and ramp-up in U.S. refinery processing suggest the market could be looking at tight supplies for coming months as well.
Alpha Dhabi Holding's 2021 net profit surges following an 'exceptional year'
Alpha Dhabi Holding's 2021 net profit surges following an 'exceptional year'
Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a sharp rise in its net profit for 2021 as revenue surged following an “exceptional year” for the conglomerate.
Net profit for the 12-month period grew to Dh5.16 billion ($1.4bn), up from Dh218 million in 2020, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue almost quadrupled annually to Dh18.8bn in 2021, compared to Dh3.78bn in 2020.
“2021 has been an exceptional year for the company in so many ways. The results should therefore be read bearing in mind the events which took place in the middle of the year 2021, which transformed the company into one of Abu Dhabi's premier listed investment groups,” the company said.
Alpha Dhabi Holding, a subsidiary of Abu Dhabi's International Holding Company, reported a sharp rise in its net profit for 2021 as revenue surged following an “exceptional year” for the conglomerate.
Net profit for the 12-month period grew to Dh5.16 billion ($1.4bn), up from Dh218 million in 2020, the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue almost quadrupled annually to Dh18.8bn in 2021, compared to Dh3.78bn in 2020.
“2021 has been an exceptional year for the company in so many ways. The results should therefore be read bearing in mind the events which took place in the middle of the year 2021, which transformed the company into one of Abu Dhabi's premier listed investment groups,” the company said.
#Saudi Telecom (STC) Buys Pakistan Operator to Expand Global Footprint - Bloomberg
Saudi Telecom (STC) Buys Pakistan Operator to Expand Global Footprint - Bloomberg
The Middle East’s most profitable telecoms firm, Saudi Telecom Co., signaled a fresh push to expand beyond its core mobile-network business with an investment in a Pakistani tower company.
Saudi Telecom, which is controlled by the kingdom’s sovereign wealth fund, said one of its units had bought a full stake in Pakistan-based Awal Telecom, according to a statement. A spokesman for STC declined to comment of the deal value when contacted.
The Pakistan deal shows STC is looking to build new business lines and rebuild a footprint outside Saudi Arabia after forays into Indonesia and Turkey ended badly.
In 2020, it also proposed to acquire a majority stake in Egypt-based Vodafone Group Plc in a deal that would have been valued at $2.4 billion. However negotiations were abandoned a few months later without the reason being disclosed.
With the aim of diversifying into new areas, STC said this month it plans to spin off its data center, submarine cables and points-of-presence assets into a new firm. It spun off its internet services unit and listed it on the Saudi stock market last year.
The firm’s also building out its digital bank, STC Pay, and invested in a $500 million venture capital fund launched in 2017.
The Middle East’s most profitable telecoms firm, Saudi Telecom Co., signaled a fresh push to expand beyond its core mobile-network business with an investment in a Pakistani tower company.
Saudi Telecom, which is controlled by the kingdom’s sovereign wealth fund, said one of its units had bought a full stake in Pakistan-based Awal Telecom, according to a statement. A spokesman for STC declined to comment of the deal value when contacted.
The Pakistan deal shows STC is looking to build new business lines and rebuild a footprint outside Saudi Arabia after forays into Indonesia and Turkey ended badly.
In 2020, it also proposed to acquire a majority stake in Egypt-based Vodafone Group Plc in a deal that would have been valued at $2.4 billion. However negotiations were abandoned a few months later without the reason being disclosed.
With the aim of diversifying into new areas, STC said this month it plans to spin off its data center, submarine cables and points-of-presence assets into a new firm. It spun off its internet services unit and listed it on the Saudi stock market last year.
The firm’s also building out its digital bank, STC Pay, and invested in a $500 million venture capital fund launched in 2017.
Oil prices mixed, even after big drop in U.S. crude stocks | Reuters
Oil prices mixed, even after big drop in U.S. crude stocks | Reuters
Oil prices were trading near unchanged on Wednesday, paring gains after spiking on data showing after U.S. inventories dropped by nearly 5 million barrels and demand rose to an all-time high.
Brent crude futures gained 30 cents, or 0.3%, to $91.08 a barrel by 12:01 p.m. EST (1701 GMT). U.S. West Texas Intermediate crude fell 25 cents to $89.11 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week, including a sharp drawdown at the key Cushing hub, as overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed on Wednesday.
The heavy activity, and ramp-up in U.S. refinery processing, suggests the market could be looking at tight supplies for coming months as well.
Oil prices were trading near unchanged on Wednesday, paring gains after spiking on data showing after U.S. inventories dropped by nearly 5 million barrels and demand rose to an all-time high.
Brent crude futures gained 30 cents, or 0.3%, to $91.08 a barrel by 12:01 p.m. EST (1701 GMT). U.S. West Texas Intermediate crude fell 25 cents to $89.11 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week, including a sharp drawdown at the key Cushing hub, as overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed on Wednesday.
The heavy activity, and ramp-up in U.S. refinery processing, suggests the market could be looking at tight supplies for coming months as well.
Aldar Properties reports 21% jump in annual profit on record sales
Aldar Properties reports 21% jump in annual profit on record sales
Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 21 per cent jump in its full-year 2021 profit, as revenue climbed on the back of record property sales amid continued recovery of the UAE’s property market.
Net profit for the 12-month period to the end of December climbed to Dh2.3 billion ($644m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the financial year rose two per cent annually to about Dh8.6bn. Sales for the reporting period doubled to a record Dh7.2bn, supported by successful new project launches across different price points that broadened the company’s customer base.
“Aldar’s robust performance in 2021 represents a resilient business that is diversifying and transforming at pace, and highlights Abu Dhabi’s appeal as a premier global investment destination,” Mohamed Al Mubarak, chairman of Aldar Properties, said.
Aldar Properties, Abu Dhabi’s biggest listed developer, reported a 21 per cent jump in its full-year 2021 profit, as revenue climbed on the back of record property sales amid continued recovery of the UAE’s property market.
Net profit for the 12-month period to the end of December climbed to Dh2.3 billion ($644m), Aldar said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the financial year rose two per cent annually to about Dh8.6bn. Sales for the reporting period doubled to a record Dh7.2bn, supported by successful new project launches across different price points that broadened the company’s customer base.
“Aldar’s robust performance in 2021 represents a resilient business that is diversifying and transforming at pace, and highlights Abu Dhabi’s appeal as a premier global investment destination,” Mohamed Al Mubarak, chairman of Aldar Properties, said.
#Dubai plans to attract 50 multinational companies as part of global hub push - Media office | Reuters
Dubai plans to attract 50 multinational companies as part of global hub push - Media office | Reuters
Dubai plans to attract 50 multinational companies within three years, the emirate's government media office said on Wednesday citing a statement from the Dubai International Chamber.
The plan is part of a three-year strategy adopted by the chamber to boost the emirate's status as a global trade hub, it said, adding that it will also support 100 Dubai-based companies with international expansion.
Dubai is facing increased competition from Saudi Arabia in attracting international business. The kingdom has given foreign firms until the end of 2023 to set up headquarters or risk losing out on government contracts.
Dubai plans to attract 50 multinational companies within three years, the emirate's government media office said on Wednesday citing a statement from the Dubai International Chamber.
The plan is part of a three-year strategy adopted by the chamber to boost the emirate's status as a global trade hub, it said, adding that it will also support 100 Dubai-based companies with international expansion.
Dubai is facing increased competition from Saudi Arabia in attracting international business. The kingdom has given foreign firms until the end of 2023 to set up headquarters or risk losing out on government contracts.
Commercial Bank of #Dubai posts 29% jump in 2021 net profit at $394.8mln | ZAWYA MENA Edition
Commercial Bank of Dubai posts 29% jump in 2021 net profit at $394.8mln | ZAWYA MENA Edition
Commercial Bank of Dubai (CBD), which counts state-owned fund Investment Corporation of Dubai (ICD) as one of its shareholders, saw its net profit jump by nearly 30 percent in 2021 compared to a year earlier, driven by improved operating performance and lower expected credit losses.
Total net profit for the year ended December 31, 2021 reached 1.451 billion dirhams ($394.8 million) up by 29.5 percent from the previous year, the Dubai-listed lender said in a disclosure on Wednesday.
“The improved operating performance, coupled with lower expected credit losses, have contributed to the increase in net profit,” the bank said in a statement.
Commercial Bank of Dubai (CBD), which counts state-owned fund Investment Corporation of Dubai (ICD) as one of its shareholders, saw its net profit jump by nearly 30 percent in 2021 compared to a year earlier, driven by improved operating performance and lower expected credit losses.
Total net profit for the year ended December 31, 2021 reached 1.451 billion dirhams ($394.8 million) up by 29.5 percent from the previous year, the Dubai-listed lender said in a disclosure on Wednesday.
“The improved operating performance, coupled with lower expected credit losses, have contributed to the increase in net profit,” the bank said in a statement.
Major Gulf bourses close higher; Egypt rises 0.6% | Reuters
Major Gulf bourses close higher; Egypt rises 0.6% | Reuters
Markets in the Middle East rose on Wednesday, tracking a rally in global peers as oil prices stabilized at $90, with Egypt's blue-chip index gaining after UAE's FAB sought to buy EFG Hermes.
Outside the Gulf, Egypt's index (.EGX30) closed the session up 0.6% in its best day in a week, boosted by Egypt's biggest investment bank EFG Hermes (HRHO.CA) which rose 9.3%.
First Abu Dhabi Bank (FAB.AD) made an offer to buy a controlling stake in EFG Hermes that values the North African lender at 18.5 billion Egyptian pounds ($1.18 billion), the two banks said on Wednesday. read more
Shares of First Abu Dhabi Bank rose 1.5%.
The Qatari index (.QSI) ended up 1.1%, clocking its best session since Jan. 13.
Shares of Industries Qatar QPSC (IQCD.QA) closed 8.1% higher after the petrochemical firm reported a sharp rise in annual profit on Tuesday.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, as gains in communication services were offset by losses in financial stocks.
Dubai's main share index (.DFMGI) climbed 1%, as it recorded its best daily percentage gain in nearly three weeks.
DIB (DISB.DU), the United Arab Emirates' largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. Shares gained 2%. read more
In Abu Dhabi, the index (.FTFADGI) rose 0.7%.
Investors return to the market while geopolitical tensions subside and the initial public offering of Abu Dhabi Ports (ADPORTS.AD) attracts new capital, said Daniel Takieddine, CEO MENA at BDSwiss.
"The market could see renewed activity as investors are eager to buy into new companies."
Markets in the Middle East rose on Wednesday, tracking a rally in global peers as oil prices stabilized at $90, with Egypt's blue-chip index gaining after UAE's FAB sought to buy EFG Hermes.
Outside the Gulf, Egypt's index (.EGX30) closed the session up 0.6% in its best day in a week, boosted by Egypt's biggest investment bank EFG Hermes (HRHO.CA) which rose 9.3%.
First Abu Dhabi Bank (FAB.AD) made an offer to buy a controlling stake in EFG Hermes that values the North African lender at 18.5 billion Egyptian pounds ($1.18 billion), the two banks said on Wednesday. read more
Shares of First Abu Dhabi Bank rose 1.5%.
The Qatari index (.QSI) ended up 1.1%, clocking its best session since Jan. 13.
Shares of Industries Qatar QPSC (IQCD.QA) closed 8.1% higher after the petrochemical firm reported a sharp rise in annual profit on Tuesday.
Saudi Arabia's benchmark index (.TASI) dropped 0.2%, as gains in communication services were offset by losses in financial stocks.
Dubai's main share index (.DFMGI) climbed 1%, as it recorded its best daily percentage gain in nearly three weeks.
DIB (DISB.DU), the United Arab Emirates' largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. Shares gained 2%. read more
In Abu Dhabi, the index (.FTFADGI) rose 0.7%.
Investors return to the market while geopolitical tensions subside and the initial public offering of Abu Dhabi Ports (ADPORTS.AD) attracts new capital, said Daniel Takieddine, CEO MENA at BDSwiss.
"The market could see renewed activity as investors are eager to buy into new companies."
#AbuDhabi crypto firm Hayvn in talks for series B funding, eyes IPO | Reuters
Abu Dhabi crypto firm Hayvn in talks for series B funding, eyes IPO | Reuters
Abu Dhabi-based crypto trading firm Hayvn is in talks with institutional investors to anchor a series B funding round that would value it at $400 million as it eyes an eventual initial public offering (IPO), its chief executive officer said.
Hayvn, which raised $5 million in series A funding in 2021, hopes to raise $30 million in the series B round which it expects to close in about three months, CEO Christopher Flinos told Reuters.
Crypto's move into the mainstream has gained pace, with large banks and companies starting to embrace it. Industry backers hope this will reduce digital coin price volatility.
Series A funding usually secures cash for early development plans, followed by a Series B round to fund further expansion.
Hayvn, which offers trading, custody, asset management and payments services, has about $75 million in assets under management and expects that to grow to $500 million by mid-year, Flinos said.
Abu Dhabi-based crypto trading firm Hayvn is in talks with institutional investors to anchor a series B funding round that would value it at $400 million as it eyes an eventual initial public offering (IPO), its chief executive officer said.
Hayvn, which raised $5 million in series A funding in 2021, hopes to raise $30 million in the series B round which it expects to close in about three months, CEO Christopher Flinos told Reuters.
Crypto's move into the mainstream has gained pace, with large banks and companies starting to embrace it. Industry backers hope this will reduce digital coin price volatility.
Series A funding usually secures cash for early development plans, followed by a Series B round to fund further expansion.
Hayvn, which offers trading, custody, asset management and payments services, has about $75 million in assets under management and expects that to grow to $500 million by mid-year, Flinos said.
Oil Swings Near $91 Caught Between Tight Market and Iran Talks - Bloomberg
Oil Swings Near $91 Caught Between Tight Market and Iran Talks - Bloomberg
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#Dubai's non-oil private sector growth slowed in January amid Omicron rise - PMI | ZAWYA MENA Edition
Dubai's non-oil private sector growth slowed in January amid Omicron rise - PMI | ZAWYA MENA Edition
A rise in COVID-19 cases driven by the Omicron variant has affected growth in Dubai's non-oil private sector economy in January, according to the results of a business survey released on Wednesday.
The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) fell for the first time in four months, from 55.3 in December to 52.6 in January, indicating a solid upturn in business conditions across the non-oil private sector.
The latest PMI data indicated a much weaker increase in new business following December's 29-month high.
The survey, which covers the Dubai non-oil private sector economy, with additional sector data published for travel & tourism, wholesale & retail and construction, showed that supply chain challenges and price pressures also persisted, “although firms continued to see a strong recovery in activity following looser stringency measures.”
A rise in COVID-19 cases driven by the Omicron variant has affected growth in Dubai's non-oil private sector economy in January, according to the results of a business survey released on Wednesday.
The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) fell for the first time in four months, from 55.3 in December to 52.6 in January, indicating a solid upturn in business conditions across the non-oil private sector.
The latest PMI data indicated a much weaker increase in new business following December's 29-month high.
The survey, which covers the Dubai non-oil private sector economy, with additional sector data published for travel & tourism, wholesale & retail and construction, showed that supply chain challenges and price pressures also persisted, “although firms continued to see a strong recovery in activity following looser stringency measures.”
UK's John Menzies rejects takeover approach from #Kuwait firm | Reuters
UK's John Menzies rejects takeover approach from Kuwait firm | Reuters
British airport services group John Menzies (MNZS.L)on Wednesday turned down a roughly 469 million pound ($636 million) takeover proposal from a unit of Kuwait-based Agility Public Warehousing Co (AGLT.KW), saying it undervalued the company.
Shares in the London-listed firm climbed 41% to levels not seen since January 2020. They were trading at 466 pence by 0850 GMT, below the rebuffed 510 pence per-share proposal from National Aviation Services (NAS), which offers airport services in emerging markets.
The proposal represents a hefty premium of about 52% to John Menzies' closing price on Tuesday.
John Menzies, among the biggest providers of fuelling, ground handling and maintenance services operating in around 37 countries globally, had suffered heavy losses in 2020 but has since recovered ground on cost controls and restructurings.
British airport services group John Menzies (MNZS.L)on Wednesday turned down a roughly 469 million pound ($636 million) takeover proposal from a unit of Kuwait-based Agility Public Warehousing Co (AGLT.KW), saying it undervalued the company.
Shares in the London-listed firm climbed 41% to levels not seen since January 2020. They were trading at 466 pence by 0850 GMT, below the rebuffed 510 pence per-share proposal from National Aviation Services (NAS), which offers airport services in emerging markets.
The proposal represents a hefty premium of about 52% to John Menzies' closing price on Tuesday.
John Menzies, among the biggest providers of fuelling, ground handling and maintenance services operating in around 37 countries globally, had suffered heavy losses in 2020 but has since recovered ground on cost controls and restructurings.
#AbuDhabi's Aldar plans to spend $1.36 bln on deals this year | Reuters
Abu Dhabi's Aldar plans to spend $1.36 bln on deals this year | Reuters
Abu Dhabi's Aldar Properties (ALDAR.AD) plans to spend at least 5 billion dirhams ($1.36 billion) this year acquiring assets in the retail and education that generate recurring revenues, its chief financial officer said on Wednesday.
Aldar, who counts Abu Dhabi state fund Mubadala (MUDEV.UL) as a key investor, this month said it bought a shopping centre in the United Arab Emirates' Ras Al Khaimah for 410 million dirhams.
"We would look to modestly leverage anything we went into but we want to deploy our 5 billion (dirhams) surplus capital ... as quickly we can," Chief Financial and Sustainability Officer Greg Fewer said on a call with reporters.
"We see the richest pipeline in recurring revenue assets," he said, and that developer of Abu Dhabi's Formula One race track was also keen on residential and commercial property.
Abu Dhabi's Aldar Properties (ALDAR.AD) plans to spend at least 5 billion dirhams ($1.36 billion) this year acquiring assets in the retail and education that generate recurring revenues, its chief financial officer said on Wednesday.
Aldar, who counts Abu Dhabi state fund Mubadala (MUDEV.UL) as a key investor, this month said it bought a shopping centre in the United Arab Emirates' Ras Al Khaimah for 410 million dirhams.
"We would look to modestly leverage anything we went into but we want to deploy our 5 billion (dirhams) surplus capital ... as quickly we can," Chief Financial and Sustainability Officer Greg Fewer said on a call with reporters.
"We see the richest pipeline in recurring revenue assets," he said, and that developer of Abu Dhabi's Formula One race track was also keen on residential and commercial property.
Top #UAE Lender First #AbuDhabi Bank Offers to Buy EFG Hermes - Bloomberg
Top UAE Lender First Abu Dhabi Bank Offers to Buy EFG Hermes - Bloomberg
First Abu Dhabi Bank PJSC made an offer to buy a majority stake in EFG Hermes, in what’s likely to be the biggest acquisition yet in Egypt by the UAE’s largest lender.
EFG Hermes, Egypt’s biggest investment bank, said it received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51%, according to a statement, confirming an earlier Bloomberg News report. FAB, as the UAE bank is known, offered 19 Egyptian pounds ($1.21) per share, a premium of about 21% to where EFG was trading before it was suspended on Wednesday.
The deal’s completion and final purchase price are conditional upon due diligence and regulatory approvals, EFG said. Under Egyptian market rules, a tender offer for 100% of shares is mandatory if the prospective buyer is seeking a stake of over one-third of the target company.
EFG’s stock has rebounded almost 40% since last year’s low in August, giving the bank a market value of $924 million, according to data compiled by Bloomberg.
First Abu Dhabi Bank PJSC made an offer to buy a majority stake in EFG Hermes, in what’s likely to be the biggest acquisition yet in Egypt by the UAE’s largest lender.
EFG Hermes, Egypt’s biggest investment bank, said it received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51%, according to a statement, confirming an earlier Bloomberg News report. FAB, as the UAE bank is known, offered 19 Egyptian pounds ($1.21) per share, a premium of about 21% to where EFG was trading before it was suspended on Wednesday.
The deal’s completion and final purchase price are conditional upon due diligence and regulatory approvals, EFG said. Under Egyptian market rules, a tender offer for 100% of shares is mandatory if the prospective buyer is seeking a stake of over one-third of the target company.
EFG’s stock has rebounded almost 40% since last year’s low in August, giving the bank a market value of $924 million, according to data compiled by Bloomberg.
Oil prices fall on profit-taking, despite API data surprise | Reuters
Oil prices fall on profit-taking, despite API data surprise | Reuters
Oil prices slipped for a third session on Wednesday on profit taking due to concerns of a possible rise in supplies from Iran despite industry data showing a surprised drop in U.S. oil inventories.
Brent crude futures edged down 8 cents, or 0.1%, to $90.70 a barrel by 0825 GMT, while U.S. West Texas Intermediate crude was at $89.18 a barrel, down 18 cents, or 0.2%.
The contracts slid about 2% on Tuesday as Washington resumed indirect talks with Iran to revive a nuclear deal. Such a deal could lift U.S. sanctions on Iranian oil and quickly add supplies to the market, although a number of vital issues still need to be ironed out. read more
"With the negotiations ongoing, the oil price is likely to lose steam in the next week, despite the bump higher we've seen today," said CMC Markets' analyst Tina Teng, adding that there has also been some profit taking among investors who have turned cautious after prices hit more than seven-year highs.
Oil prices slipped for a third session on Wednesday on profit taking due to concerns of a possible rise in supplies from Iran despite industry data showing a surprised drop in U.S. oil inventories.
Brent crude futures edged down 8 cents, or 0.1%, to $90.70 a barrel by 0825 GMT, while U.S. West Texas Intermediate crude was at $89.18 a barrel, down 18 cents, or 0.2%.
The contracts slid about 2% on Tuesday as Washington resumed indirect talks with Iran to revive a nuclear deal. Such a deal could lift U.S. sanctions on Iranian oil and quickly add supplies to the market, although a number of vital issues still need to be ironed out. read more
"With the negotiations ongoing, the oil price is likely to lose steam in the next week, despite the bump higher we've seen today," said CMC Markets' analyst Tina Teng, adding that there has also been some profit taking among investors who have turned cautious after prices hit more than seven-year highs.
Higher oil prices boost Middle East markets | Reuters
Higher oil prices boost Middle East markets | Reuters
Major Gulf bourses rose on Wednesday, tracking a rally in global peers amid higher oil prices, with the Qatari index rising more than 1% as investors found comfort in a strong earnings season.
Asian shares and European stock futures advanced after a strong session on Wall Street, while U.S. treasury yields held near multi-year highs ahead of a closely watched inflation data this week.
Oil prices climbed as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.
The Qatari index (.QSI) rose as much as 1.3%.
Shares of Industries Qatar QPSC (IQCD.QA) jumped as much as 8.7% after the petrochemical firm reported a sharp rise in annual profit on Tuesday.
Saudi Arabia's benchmark index (.TASI) was trading 0.1% higher, as shares of financials and communication services companies gained.
Dubai's main share index (.DFMGI) edged 0.1% higher, driven by gains in heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DIB) (DISB.DU).
DIB, the United Arab Emirates' largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. read more
Among other gainers, logistics firm Aramex (ARMX.DU) advanced 1% ahead of its earnings announcement later in the day.
In Abu Dhabi, the index (.FTFADGI) was flat.
Major Gulf bourses rose on Wednesday, tracking a rally in global peers amid higher oil prices, with the Qatari index rising more than 1% as investors found comfort in a strong earnings season.
Asian shares and European stock futures advanced after a strong session on Wall Street, while U.S. treasury yields held near multi-year highs ahead of a closely watched inflation data this week.
Oil prices climbed as industry data showed an unexpected drop in U.S. crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran.
The Qatari index (.QSI) rose as much as 1.3%.
Shares of Industries Qatar QPSC (IQCD.QA) jumped as much as 8.7% after the petrochemical firm reported a sharp rise in annual profit on Tuesday.
Saudi Arabia's benchmark index (.TASI) was trading 0.1% higher, as shares of financials and communication services companies gained.
Dubai's main share index (.DFMGI) edged 0.1% higher, driven by gains in heavyweight Emaar Properties (EMAR.DU) and Dubai Islamic Bank (DIB) (DISB.DU).
DIB, the United Arab Emirates' largest Islamic lender, sold $750 million in five-year senior unsecured sukuk on Tuesday after the debt sale drew more than $1.6 billion in orders, a bank document showed. read more
Among other gainers, logistics firm Aramex (ARMX.DU) advanced 1% ahead of its earnings announcement later in the day.
In Abu Dhabi, the index (.FTFADGI) was flat.
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