Oil ends week mixed on geopolitical uncertainty, supply hopes | Reuters
Oil prices ended the week mixed on Friday, with U.S. crude snapping eight weeks of gains, as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures settled 57 cents, or 0.6%, higher at $93.54 a barrel, while U.S. West Texas Intermediate (WTI) crude ended down 69 cents, or 0.5%, ato $91.07 a barrel.
Both benchmarks hit their highest levels since September 2014 on Monday, but the prospect of easing oil sanctions against Iran has weighed on the market. Brent posted a small 0.9% rise in its ninth straight week of gains while WTI fell 1.7% this week.
Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders have limited losses this week. The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks.
Friday 18 February 2022
India, #UAE Seal Bilateral Economic Pact to Deepen Trade and Investment Ties - Bloomberg
India, UAE Seal Bilateral Economic Pact to Deepen Trade and Investment Ties - Bloomberg
India and the United Arab Emirates inked a comprehensive economic agreement Friday, liberalizing duties on more than 80% of goods traded between the two nations, to bolster trade and investment.
“The trade deal is a win-win for both the sides and it is the most comprehensive and balanced free trade agreement,” India’s trade minister Piyush Goyal said at a press conference announcing the deal.
According to the agreement, metals, minerals, petrochemicals and petroleum products from the UAE would see a reduction in duties to the Indian market, while Indian exporters would get an advantage in items including leather, footwear, pharmaceuticals and textiles, Goyal said. Additionally, India has agreed to give concession on the import duty on gold to the UAE, while the UAE has agreed to eliminate duty on gems and jewelery, India’s trade secretary B.V.R. Subramanyam said.
The agreement has a permanent safeguard mechanism to protect from a sudden surge in import volume, Goyal said.
India and the United Arab Emirates inked a comprehensive economic agreement Friday, liberalizing duties on more than 80% of goods traded between the two nations, to bolster trade and investment.
“The trade deal is a win-win for both the sides and it is the most comprehensive and balanced free trade agreement,” India’s trade minister Piyush Goyal said at a press conference announcing the deal.
According to the agreement, metals, minerals, petrochemicals and petroleum products from the UAE would see a reduction in duties to the Indian market, while Indian exporters would get an advantage in items including leather, footwear, pharmaceuticals and textiles, Goyal said. Additionally, India has agreed to give concession on the import duty on gold to the UAE, while the UAE has agreed to eliminate duty on gems and jewelery, India’s trade secretary B.V.R. Subramanyam said.
The agreement has a permanent safeguard mechanism to protect from a sudden surge in import volume, Goyal said.
EFG Hermes Picks Goldman to Evaluate First #AbuDhabi Bid - Bloomberg
EFG Hermes Picks Goldman to Evaluate First Abu Dhabi Bid - Bloomberg
EFG Hermes is poised to pick Goldman Sachs Group Inc. to advise on First Abu Dhabi Bank PJSC’s offer to acquire a majority stake, people familiar with the matter said.
The independent adviser, once hired, will make a recommendation to shareholders of Egypt’s largest investment bank, the people said, asking not to be identified because the information is private. Investors in the bank include Natixis SA and U.S.-based Ripplewood.
Spokespeople at EFG and Goldman declined to comment.
EFG Hermes confirmed last week that it had received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51% at 19 Egyptian pounds per share, a premium of about 21% on its share price before the offer and valuing the firm at $1.2 billion.
Goldman Sachs ranked first for deal advice in the Middle East and Africa last year, ahead of Morgan Stanley and JPMorgan, according to data compiled by Bloomberg.
EFG Hermes is poised to pick Goldman Sachs Group Inc. to advise on First Abu Dhabi Bank PJSC’s offer to acquire a majority stake, people familiar with the matter said.
The independent adviser, once hired, will make a recommendation to shareholders of Egypt’s largest investment bank, the people said, asking not to be identified because the information is private. Investors in the bank include Natixis SA and U.S.-based Ripplewood.
Spokespeople at EFG and Goldman declined to comment.
EFG Hermes confirmed last week that it had received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51% at 19 Egyptian pounds per share, a premium of about 21% on its share price before the offer and valuing the firm at $1.2 billion.
Goldman Sachs ranked first for deal advice in the Middle East and Africa last year, ahead of Morgan Stanley and JPMorgan, according to data compiled by Bloomberg.
Oil extends losses as heads for weekly fall on Iranian oil hopes | Reuters
Oil extends losses as heads for weekly fall on Iranian oil hopes | Reuters
Oil prices extended losses on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures fell 13 cents, or 0.1%, to $92.84 a barrel by 12:26 p.m. EDT (1526 GMT), extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed 68 cents, or 0.7%, to $91.08 a barrel after sliding 2% on Thursday.
Both benchmark contracts hit their highest levels since September 2014 on Monday, but the prospect of an easing of oil sanctions against Iran has set prices on course for their first weekly fall in nine weeks.
Oil prices extended losses on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures fell 13 cents, or 0.1%, to $92.84 a barrel by 12:26 p.m. EDT (1526 GMT), extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed 68 cents, or 0.7%, to $91.08 a barrel after sliding 2% on Thursday.
Both benchmark contracts hit their highest levels since September 2014 on Monday, but the prospect of an easing of oil sanctions against Iran has set prices on course for their first weekly fall in nine weeks.
#UAE stock markets ease as oil prices extend losses | Reuters
UAE stock markets ease as oil prices extend losses | Reuters
Stock markets in the United Arab Emirates fell on Friday, tracking falling oil prices as the prospect of increased Iranian oil exports eclipsed potential supply disruption fears arising from the Russia-Ukraine crisis.
In Abu Dhabi, the main share index (.FTFADGI) fell 0.6%, though the index was up 1.7% for the week.
The country's largest lender, First Abu Dhabi Bank (FAB.AD), was down 1.1%.
The Abu Dhabi stock market retreated as it was pressured by depressed oil prices. The stock market could record some price corrections following the developments in crude markets in particular after the main index hit a new high this week, said Eman AlAyyaf, CEO of EA Trading.
Dubai's main share index (.DFMGI) eased 0.1%, dragged down by a 1.4% decline in its top lender Emirates NBD Bank (ENBD.DU) and a 1.2% fall in Dubai Financial Market (DFM.DU).
The index added a 2.2% this week, however.
The Dubai stock market was volatile, but it could see support from the improving real estate sector as well as a trade deal with India, added AlAyyaf.
The United Arab Emirates and India will sign a trade and investment agreement on Friday during a virtual summit attended by the countries two leaders, Emirati media reported on Thursday. read more
Stock markets in the United Arab Emirates fell on Friday, tracking falling oil prices as the prospect of increased Iranian oil exports eclipsed potential supply disruption fears arising from the Russia-Ukraine crisis.
In Abu Dhabi, the main share index (.FTFADGI) fell 0.6%, though the index was up 1.7% for the week.
The country's largest lender, First Abu Dhabi Bank (FAB.AD), was down 1.1%.
The Abu Dhabi stock market retreated as it was pressured by depressed oil prices. The stock market could record some price corrections following the developments in crude markets in particular after the main index hit a new high this week, said Eman AlAyyaf, CEO of EA Trading.
Dubai's main share index (.DFMGI) eased 0.1%, dragged down by a 1.4% decline in its top lender Emirates NBD Bank (ENBD.DU) and a 1.2% fall in Dubai Financial Market (DFM.DU).
The index added a 2.2% this week, however.
The Dubai stock market was volatile, but it could see support from the improving real estate sector as well as a trade deal with India, added AlAyyaf.
The United Arab Emirates and India will sign a trade and investment agreement on Friday during a virtual summit attended by the countries two leaders, Emirati media reported on Thursday. read more
How Giant #Saudi Wealth Fund PIF Is Building a Post-Oil Future: QuickTake - Bloomberg
How Giant Saudi Wealth Fund PIF Is Building a Post-Oil Future: QuickTake - Bloomberg
Saudi Arabia’s sovereign wealth fund has been transforming almost as quickly as the country itself. In 2015, the Public Investment Fund, or PIF as it’s widely known, was a sleepy holding company for government investments that hardly anyone outside the kingdom had heard of. Now it’s closing in on $1 trillion in assets as it snaps up everything from soccer clubs to electric carmakers and bankrolls new cities in the desert. The shift underscores the urgency of its mission: to prepare the world’s biggest crude-exporting nation for a post-oil future.
Saudi Arabia’s sovereign wealth fund has been transforming almost as quickly as the country itself. In 2015, the Public Investment Fund, or PIF as it’s widely known, was a sleepy holding company for government investments that hardly anyone outside the kingdom had heard of. Now it’s closing in on $1 trillion in assets as it snaps up everything from soccer clubs to electric carmakers and bankrolls new cities in the desert. The shift underscores the urgency of its mission: to prepare the world’s biggest crude-exporting nation for a post-oil future.
1. What does PIF invest in?
Its biggest holdings are still in local businesses such as Saudi National Bank, Saudi Telecom Co. and national projects like Neom, a $500-billion city-state that would run entirely on renewable power and export green energy. Since 2016, when it committed $45 billion to SoftBank Group Corp.’s technology-focused Vision Fund, PIF’s foreign interests have mushroomed. A 2018 investment in electric carmaker Lucid Motors Inc. has soared in value to almost $40 billion. It also has stakes in video game makers Activision Blizzard Inc. and Electronic Arts Inc. and the digital services and retail businesses of Indian billionaire Mukesh Ambani. In February, the government transferred an $80 billion stake in Saudi state oil giant Aramco to PIF to boost its assets as the fund prepared to tap the international bond market for the first time.
Its biggest holdings are still in local businesses such as Saudi National Bank, Saudi Telecom Co. and national projects like Neom, a $500-billion city-state that would run entirely on renewable power and export green energy. Since 2016, when it committed $45 billion to SoftBank Group Corp.’s technology-focused Vision Fund, PIF’s foreign interests have mushroomed. A 2018 investment in electric carmaker Lucid Motors Inc. has soared in value to almost $40 billion. It also has stakes in video game makers Activision Blizzard Inc. and Electronic Arts Inc. and the digital services and retail businesses of Indian billionaire Mukesh Ambani. In February, the government transferred an $80 billion stake in Saudi state oil giant Aramco to PIF to boost its assets as the fund prepared to tap the international bond market for the first time.
2. What is the fund’s purpose?
To project Saudi influence and diversify the economy, a goal laid out by de facto ruler Crown Prince Mohammed Bin Salman under a plan known as Vision 2030. PIF’s job is to stimulate inward investment, develop new industries, bring the kingdom access to new technologies through its foreign investments and create jobs. It’s also helping to make Saudi Arabia more attractive to outsiders. In a country largely closed off to foreign tourists, and with entertainment a taboo until a few years ago, PIF is investing in luxury resorts, cinemas and entertainment complexes to lure more visitors (and to stop Saudis seeking fun abroad). It also does deals just to make money. When the coronavirus pandemic crashed markets in 2020, PIF invested $40 billion of currency reserves received from the central bank in a bet on a swift recovery. It sold most of those investments a few months later as stocks rebounded.
To project Saudi influence and diversify the economy, a goal laid out by de facto ruler Crown Prince Mohammed Bin Salman under a plan known as Vision 2030. PIF’s job is to stimulate inward investment, develop new industries, bring the kingdom access to new technologies through its foreign investments and create jobs. It’s also helping to make Saudi Arabia more attractive to outsiders. In a country largely closed off to foreign tourists, and with entertainment a taboo until a few years ago, PIF is investing in luxury resorts, cinemas and entertainment complexes to lure more visitors (and to stop Saudis seeking fun abroad). It also does deals just to make money. When the coronavirus pandemic crashed markets in 2020, PIF invested $40 billion of currency reserves received from the central bank in a bet on a swift recovery. It sold most of those investments a few months later as stocks rebounded.
Tadawul: #Saudi Bourse Starts Options Trading on Single Stocks, Sources Say - Bloomberg
Tadawul: Saudi Bourse Starts Options Trading on Single Stocks, Sources Say - Bloomberg
Saudi Arabia will soon introduce options trading on single stocks to further boost liquidity in the Middle East’s biggest stock market, people familiar with the matter said.
The Tadawul stock exchange plans to allow options trading in five to 10 companies initially over the next few weeks, the people said, asking not to be identified as the information is private. The bourse will start registering more stocks when they meet certain criteria, they said.
The Tadawul didn’t immediately respond to requests for comments.
The step would mark the latest move toward liberalizing Riyadh’s stock exchange and encouraging participation from foreign investors. The kingdom opened up one of the world’s most closed stock markets to increased international participation just over five years ago, and later started allowing foreign investors to buy into initial public offerings.
In September 2020, Tadawul Group Holding Co. Chief Executive Officer Khalid Al-Hussan said the bourse planned to introduce futures contracts in single stocks. Index futures started trading in Riyadh in August that year.
Exchanges in the Gulf region are increasingly introducing derivatives trading, with Dubai Financial Market and the Abu Dhabi Exchange setting up markets for equity futures contracts.
The Saudi benchmark index has jumped about 11% this year, building on a 30% gain in 2021. Riyadh has led the region in initial public offerings, and the pipeline for listings is “deeper than ever,” Al-Hussan said after Tadawul surged on its own trading debut in December.
Saudi Arabia will soon introduce options trading on single stocks to further boost liquidity in the Middle East’s biggest stock market, people familiar with the matter said.
The Tadawul stock exchange plans to allow options trading in five to 10 companies initially over the next few weeks, the people said, asking not to be identified as the information is private. The bourse will start registering more stocks when they meet certain criteria, they said.
The Tadawul didn’t immediately respond to requests for comments.
The step would mark the latest move toward liberalizing Riyadh’s stock exchange and encouraging participation from foreign investors. The kingdom opened up one of the world’s most closed stock markets to increased international participation just over five years ago, and later started allowing foreign investors to buy into initial public offerings.
In September 2020, Tadawul Group Holding Co. Chief Executive Officer Khalid Al-Hussan said the bourse planned to introduce futures contracts in single stocks. Index futures started trading in Riyadh in August that year.
Exchanges in the Gulf region are increasingly introducing derivatives trading, with Dubai Financial Market and the Abu Dhabi Exchange setting up markets for equity futures contracts.
The Saudi benchmark index has jumped about 11% this year, building on a 30% gain in 2021. Riyadh has led the region in initial public offerings, and the pipeline for listings is “deeper than ever,” Al-Hussan said after Tadawul surged on its own trading debut in December.
Oil heads for weekly fall on Iranian oil hopes | Reuters
Oil heads for weekly fall on Iranian oil hopes | Reuters
Oil prices extended losses on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures fell $2.44, or 2,6%, to $90.53 a barrel BY 1032 GMT, extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed $2.39, or 2.6%, to $89.37 a barrel after sliding 2% on Thursday.
Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders have capped losses this week.
"For all the talk of war and conflict, market players remain unconvinced. This is perhaps why the geopolitical risk premium is starting to wane," said Stephen Brennock at brokerage PVM Oil.
Oil prices extended losses on Friday and were heading for a weekly fall as the prospect of increased Iranian oil exports eclipsed fears of potential supply disruption resulting from the Russia-Ukraine crisis.
Brent crude futures fell $2.44, or 2,6%, to $90.53 a barrel BY 1032 GMT, extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed $2.39, or 2.6%, to $89.37 a barrel after sliding 2% on Thursday.
Fears over possible supply disruptions resulting from the Russian military presence at Ukraine's borders have capped losses this week.
"For all the talk of war and conflict, market players remain unconvinced. This is perhaps why the geopolitical risk premium is starting to wane," said Stephen Brennock at brokerage PVM Oil.
#Qatar LNG exports down on mega train unplanned outage | Reuters
Qatar LNG exports down on mega train unplanned outage | Reuters
Exports of liquefied natural gas (LNG) from Qatar's Laffan liquefaction plant have been lower over the past few days as one of the facility's trains have been down, three industry sources said.
LNG exports daily flows moving average data from Refinitiv shows loadings were down for the past week, according to Olumide Ajayi, senior LNG analyst.
Two of the sources said that train 6 at the facility was down for unplanned maintenance, without adding details on the reason for the outage.
The outage is expected to last until early March, another source said.
Qatar Energy did not immediately respond to a request for comment when contacted by Reuters after official working hours and ahead of the weekend in the Gulf.
Exports of liquefied natural gas (LNG) from Qatar's Laffan liquefaction plant have been lower over the past few days as one of the facility's trains have been down, three industry sources said.
LNG exports daily flows moving average data from Refinitiv shows loadings were down for the past week, according to Olumide Ajayi, senior LNG analyst.
Two of the sources said that train 6 at the facility was down for unplanned maintenance, without adding details on the reason for the outage.
The outage is expected to last until early March, another source said.
Qatar Energy did not immediately respond to a request for comment when contacted by Reuters after official working hours and ahead of the weekend in the Gulf.
UK's John Menzies soars after Kuwaiti suitor NAS becomes top shareholder | Reuters
UK's John Menzies soars after Kuwaiti suitor NAS becomes top shareholder | Reuters
Kuwait-based National Aviation Services (NAS) has bought a 13.2% stake in John Menzies (MNZS.L) for 73.4 million pounds ($100 million), bolstering shares of the British airport services group as investors bet on a sweetened takeover offer.
Menzies last week rejected a roughly 469 million pound takeover proposal from NAS, which it said undervalued the company. But NAS called its offer "full and fair" and sought talks with the British firm's shareholders. read more [nL4N2UP1Q1]
Menzies, whose stock has jumped about 80% since NAS' first offer was disclosed last week, said on Thursday it had not received another bid from NAS. Its shares closed the day nearly 25% higher at 584 pence, and were largely unchanged on Friday.
NAS said on Thursday its affiliate Agility Strategies bought about 12.1 million shares in Menzies, making it the company's biggest shareholder. It paid 605 pence each - compared with its previous bid of 510 pence apiece.
Kuwait-based National Aviation Services (NAS) has bought a 13.2% stake in John Menzies (MNZS.L) for 73.4 million pounds ($100 million), bolstering shares of the British airport services group as investors bet on a sweetened takeover offer.
Menzies last week rejected a roughly 469 million pound takeover proposal from NAS, which it said undervalued the company. But NAS called its offer "full and fair" and sought talks with the British firm's shareholders. read more [nL4N2UP1Q1]
Menzies, whose stock has jumped about 80% since NAS' first offer was disclosed last week, said on Thursday it had not received another bid from NAS. Its shares closed the day nearly 25% higher at 584 pence, and were largely unchanged on Friday.
NAS said on Thursday its affiliate Agility Strategies bought about 12.1 million shares in Menzies, making it the company's biggest shareholder. It paid 605 pence each - compared with its previous bid of 510 pence apiece.
#UAE’s Alpha Dhabi Holding Eyes Opportunities in #SaudiArabia, Egypt - Bloomberg
UAE’s Alpha Dhabi Holding Eyes Opportunities in Saudi Arabia, Egypt - Bloomberg
Alpha Dhabi Holding PJSC, the third-largest public firm in the United Arab Emirates, is looking at opportunities in Saudi Arabia and Egypt, according to its chief executive officer.
Both markets are “promising,” Hamad Al-Ameri said. Egypt is a huge market which can absorb more deals while Saudi Arabia has “strong growth,” he said in an interview.
Egypt, the Arab world’s most populous nation, and Saudi Arabia, the region’s biggest economy, have emerged as key markets for UAE-based firms seeking growth.
First Abu Dhabi Bank PJSC, UAE’s largest lender, last week offered to buy a majority stake in EFG Hermes. And the country’s biggest Islamic bank is scouting for deals in countries including Saudi Arabia, its chief executive said this month.
Alpha Dhabi Holding PJSC, the third-largest public firm in the United Arab Emirates, is looking at opportunities in Saudi Arabia and Egypt, according to its chief executive officer.
Both markets are “promising,” Hamad Al-Ameri said. Egypt is a huge market which can absorb more deals while Saudi Arabia has “strong growth,” he said in an interview.
Egypt, the Arab world’s most populous nation, and Saudi Arabia, the region’s biggest economy, have emerged as key markets for UAE-based firms seeking growth.
First Abu Dhabi Bank PJSC, UAE’s largest lender, last week offered to buy a majority stake in EFG Hermes. And the country’s biggest Islamic bank is scouting for deals in countries including Saudi Arabia, its chief executive said this month.
#Saudi chemist chain Al-Dawaa targets 1,065 stores after $500mln IPO | ZAWYA MENA Edition
Saudi chemist chain Al-Dawaa targets 1,065 stores after $500mln IPO | ZAWYA MENA Edition
Saudi Arabia’s Al Dawaa chain of chemists aims to grow its store network, improve its brand image, and grow its e-commerce business, after its imminent $500 million initial public offering, the company’s commercial director has said.
Al-Dawaa ends its book-building process today, with individual subscriptions invited between Feb 27 and March 1
Al-Dawaa currently operates more than 900 pharmacies across 130 cities in the Kingdom, having opened 87 new branches in 2021.
It aims to increase this to at least 1,065 stores by 2025.
The company earlier set the offering price range at SR65 ($17.3) to SR73 per share, aiming to float 30 percent of its SR850 million capital.
Listing represents a chance to “strengthen Al-Dawaa’s brand presence and future growth potential as well as reinforce our commitment to the highest standards of corporate governance,” Fahad Al-Farraj told Arab News.
Al-Dawaa ends its book-building process today, with individual subscriptions invited between Feb 27 and March 1
Al-Dawaa currently operates more than 900 pharmacies across 130 cities in the Kingdom, having opened 87 new branches in 2021.
It aims to increase this to at least 1,065 stores by 2025.
The company earlier set the offering price range at SR65 ($17.3) to SR73 per share, aiming to float 30 percent of its SR850 million capital.
Listing represents a chance to “strengthen Al-Dawaa’s brand presence and future growth potential as well as reinforce our commitment to the highest standards of corporate governance,” Fahad Al-Farraj told Arab News.
#UAE and India to sign trade, investment deal on Friday | Reuters
UAE and India to sign trade, investment deal on Friday | Reuters
The United Arab Emirates and India will sign a trade and investment agreement on Friday during a virtual summit attended by the countries' two leaders, the UAE and Indian local media said.
UAE de facto ruler Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi will witness the signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), UAE state news agency WAM and several Indian newspapers reported.
India's foreign ministry spokesperson Arindam Bagchi told a news conference on Thursday he did not want to prejudge the outcome of the meeting between the two leaders, adding the ministry would make more information available on Friday.
"Relations with the United Arab Emirates have really seen a deepening and a transformation over the last few years," he said.
The agreement will "usher in a new era of economic cooperation and unlock greater avenues for trade and investment," WAM said late on Wednesday.
The United Arab Emirates and India will sign a trade and investment agreement on Friday during a virtual summit attended by the countries' two leaders, the UAE and Indian local media said.
UAE de facto ruler Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi will witness the signing of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), UAE state news agency WAM and several Indian newspapers reported.
India's foreign ministry spokesperson Arindam Bagchi told a news conference on Thursday he did not want to prejudge the outcome of the meeting between the two leaders, adding the ministry would make more information available on Friday.
"Relations with the United Arab Emirates have really seen a deepening and a transformation over the last few years," he said.
The agreement will "usher in a new era of economic cooperation and unlock greater avenues for trade and investment," WAM said late on Wednesday.
Oil headed for weekly fall, prospect of Iran deal stokes fears of extra supply | Reuters
Oil headed for weekly fall, prospect of Iran deal stokes fears of extra supply | Reuters
Oil prices extended losses on Friday, and were headed for a weekly fall, as the prospect of extra supply from Iran returning to the market eclipsed fears of a possible supply disruption arising from a Russian invasion of Ukraine.
Brent crude futures fell 65 cents, or 0.7%, to $92.32 a barrel at 0725 GMT, extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed 71 cents, or 0.7%, to $91.05 a barrel, after sliding 2% in the previous session.
Both benchmark contracts hit their highest levels since September 2014 on Monday, but were headed for their first weekly fall in nine weeks amid reports of a deal taking shape to revive Iran's 2015 nuclear agreement with world powers.
Oil prices extended losses on Friday, and were headed for a weekly fall, as the prospect of extra supply from Iran returning to the market eclipsed fears of a possible supply disruption arising from a Russian invasion of Ukraine.
Brent crude futures fell 65 cents, or 0.7%, to $92.32 a barrel at 0725 GMT, extending a 1.9% drop from the previous session.
U.S. West Texas Intermediate (WTI) crude futures shed 71 cents, or 0.7%, to $91.05 a barrel, after sliding 2% in the previous session.
Both benchmark contracts hit their highest levels since September 2014 on Monday, but were headed for their first weekly fall in nine weeks amid reports of a deal taking shape to revive Iran's 2015 nuclear agreement with world powers.
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