Oil settles mixed on Russia supply, demand concerns | Reuters
Oil settled nearly unchanged on Wednesday as broader concerns about economic growth and oil demand stagnation weighed against tightening supplies.
Brent crude futures rose 45 cents, or 0.4 %, to settle at $106.80 a barrel.
The front-month WTI crude futures contract, which expires on Wednesday, rose 19 cents to settle at $102.75, unchanged.
Oil prices have been supported by a tighter supply outlook after sanctions against Russia - the world's second-largest oil exporter and a key European supplier - over its invasion of Ukraine, which Moscow calls a "special operation."
"With the Ukraine war escalating, the likelihood of an extended duration of the conflict increases and the potential loss of Russian supply to the market lifts," Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Wednesday, 20 April 2022
#SaudiArabia's Wealth Fund PIF Weighs Stake in Thyssenkrupp’s Hydrogen Unit - Bloomberg
Saudi Arabia's Wealth Fund PIF Weighs Stake in Thyssenkrupp’s Hydrogen Unit - Bloomberg
Saudi Arabia’s Public Investment Fund is considering buying a stake in Thyssenkrupp AG’s hydrogen unit as the oil-rich kingdom pivots to greener forms of energy production, people familiar with the matter said.
The sovereign wealth fund is in the early stages of studying a potential investment in the engineering conglomerate’s Nucera business, the people said, asking not to be identified discussing confidential information.
Thyssenkrupp has been preparing a listing of Nucera that could value it at as much as 5 billion euros ($5.4 billion). It plans to retain a majority stake in Nucera after any IPO, Bloomberg News reported in January.
Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment, the people said. A Thyssenkrupp spokesperson reiterated the company’s plans to pursue an IPO of Nucera, while declining to comment on potential Saudi interest. A representative for PIF declined to comment.
Saudi Arabia’s Public Investment Fund is considering buying a stake in Thyssenkrupp AG’s hydrogen unit as the oil-rich kingdom pivots to greener forms of energy production, people familiar with the matter said.
The sovereign wealth fund is in the early stages of studying a potential investment in the engineering conglomerate’s Nucera business, the people said, asking not to be identified discussing confidential information.
Thyssenkrupp has been preparing a listing of Nucera that could value it at as much as 5 billion euros ($5.4 billion). It plans to retain a majority stake in Nucera after any IPO, Bloomberg News reported in January.
Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment, the people said. A Thyssenkrupp spokesperson reiterated the company’s plans to pursue an IPO of Nucera, while declining to comment on potential Saudi interest. A representative for PIF declined to comment.
#Iran Says Its Natural Gas Sector Needs $80 Billion of Investment - Bloomberg
Iran Says Its Natural Gas Sector Needs $80 Billion of Investment - Bloomberg
Iran said it needs tens of billions of dollars of investment in its natural gas sector, underscoring how it would struggle to ramp up production even if the U.S. lifts sanctions.
Iran holds the world’s biggest proven gas reserves after Russia. But it may be forced to import the fuel in the coming years, Oil Minister Javad Owji said.
“In the years ahead we must invest $80 billion,” he said in a speech on Tuesday, according to the Iranian Students’ News Agency. “In the absence of adequate investment we will be forced to import.”
Owji also said Iran needed to put more money into its oil refineries to ensure they continue meeting local demand for diesel and gasoline.
Talks Stall
Iran has been negotiating with world powers in Vienna over the past year to revive a 2015 nuclear deal, though the talks have stalled in the past month. That accord lifted sanctions in return for Tehran limiting its atomic activities.
Western oil and gas companies largely abandoned projects in Iran after former U.S. President Donald Trump quit the nuclear agreement and tightened sanctions on the country. Prior to the Trump-era, Iran had plans to build liquefied natural gas terminals, with a view to shipping cargoes to Europe. Last month, Iran revived those ambitions by inviting companies to submit proposals for the construction of mini-LNG units.
Iran said it needs tens of billions of dollars of investment in its natural gas sector, underscoring how it would struggle to ramp up production even if the U.S. lifts sanctions.
Iran holds the world’s biggest proven gas reserves after Russia. But it may be forced to import the fuel in the coming years, Oil Minister Javad Owji said.
“In the years ahead we must invest $80 billion,” he said in a speech on Tuesday, according to the Iranian Students’ News Agency. “In the absence of adequate investment we will be forced to import.”
Owji also said Iran needed to put more money into its oil refineries to ensure they continue meeting local demand for diesel and gasoline.
Talks Stall
Iran has been negotiating with world powers in Vienna over the past year to revive a 2015 nuclear deal, though the talks have stalled in the past month. That accord lifted sanctions in return for Tehran limiting its atomic activities.
Western oil and gas companies largely abandoned projects in Iran after former U.S. President Donald Trump quit the nuclear agreement and tightened sanctions on the country. Prior to the Trump-era, Iran had plans to build liquefied natural gas terminals, with a view to shipping cargoes to Europe. Last month, Iran revived those ambitions by inviting companies to submit proposals for the construction of mini-LNG units.
#Qatar Explores Boosting LNG Expansion as Gas Demand Booms - Bloomberg
Qatar Explores Boosting LNG Expansion as Gas Demand Booms - Bloomberg
Qatar is sounding out buyers about a further expansion of its liquefied natural gas capacity, according to people familiar with the matter, as Europe rushes to secure supplies in the wake of Russia’s war in Ukraine.
State-run Qatar Energy is talking to gas buyers about whether to enlarge a $30 billion project started in 2021 to build six gas-liquefaction plants, the people said, asking not to be identified. The company is assessing the cost of adding at least one more unit and how much interest there is for additional gas from customers, including some in China.
The talks are at an early stage and QE may stick with its existing plan, which will boost its maximum annual output by 60% to almost 130 million tons by 2027. The first gas isn’t expected to hit the market until 2025.
The company didn’t respond to a request for comment.
Qatar’s discussions underscore how quickly the long-term outlook for LNG has changed since Russia’s invasion. Europe is desperate to reduce its reliance on Russian energy, and a standoff over President Vladimir Putin’s demand that gas be paid for in rubles rather than euros or dollars has added urgency to their efforts.
Qatar is sounding out buyers about a further expansion of its liquefied natural gas capacity, according to people familiar with the matter, as Europe rushes to secure supplies in the wake of Russia’s war in Ukraine.
State-run Qatar Energy is talking to gas buyers about whether to enlarge a $30 billion project started in 2021 to build six gas-liquefaction plants, the people said, asking not to be identified. The company is assessing the cost of adding at least one more unit and how much interest there is for additional gas from customers, including some in China.
The talks are at an early stage and QE may stick with its existing plan, which will boost its maximum annual output by 60% to almost 130 million tons by 2027. The first gas isn’t expected to hit the market until 2025.
The company didn’t respond to a request for comment.
Qatar’s discussions underscore how quickly the long-term outlook for LNG has changed since Russia’s invasion. Europe is desperate to reduce its reliance on Russian energy, and a standoff over President Vladimir Putin’s demand that gas be paid for in rubles rather than euros or dollars has added urgency to their efforts.
Oil slips nearly 1% on broader demand concerns | Reuters
Oil slips nearly 1% on broader demand concerns | Reuters
Oil slipped nearly 1% on Wednesday, extending losses for a second day, as broader concerns about economic growth and oil demand stagnation overshadowed tightening supplies.
The market brushed off a bullish government that showed a drop in U.S. crude and fuel inventories as concerns about economic stagflation loomed, according to John Kilduff, partner at Again Capital LLC in New York.
U.S. crude stockpiles fell by 8 million barrels last week due to a surge in exports to a more than a two-year high, Energy Information Administration data showed.
"We're in an uncertain demand environment with continued pandemic-related lockdowns in China, and with poor global economic data coming out regularly," Kilduff said.
Brent crude futures fell 72, or 0.7%, to $$106.53a barrel by 12:59 a.m. EDT (1759 GMT).
The front-month WTI crude futures contract, which expires on Wednesday, fell 70 cents, or 0.7%, to $101.86.
Oil slipped nearly 1% on Wednesday, extending losses for a second day, as broader concerns about economic growth and oil demand stagnation overshadowed tightening supplies.
The market brushed off a bullish government that showed a drop in U.S. crude and fuel inventories as concerns about economic stagflation loomed, according to John Kilduff, partner at Again Capital LLC in New York.
U.S. crude stockpiles fell by 8 million barrels last week due to a surge in exports to a more than a two-year high, Energy Information Administration data showed.
"We're in an uncertain demand environment with continued pandemic-related lockdowns in China, and with poor global economic data coming out regularly," Kilduff said.
Brent crude futures fell 72, or 0.7%, to $$106.53a barrel by 12:59 a.m. EDT (1759 GMT).
The front-month WTI crude futures contract, which expires on Wednesday, fell 70 cents, or 0.7%, to $101.86.
#Saudi index up 1% as oil climbs; Egypt down 1.7% | Reuters
Saudi index up 1% as oil climbs; Egypt down 1.7% | Reuters
Major Gulf bourses closed higher on Wednesday, with a rise in oil prices driving the Saudi index up more than 1%, while geopolitical tensions weighed on sentiment in Egypt.
Oil prices rose 1.4% on a drop in U.S. oil inventories and concern over tighter supplies from Russia and Libya.
Saudi Arabia's benchmark index (.TASI) gained 1.2% with state-run oil giant Saudi Aramco (2222.SE) up 2.1%.
"The Saudi stock market opened positively while the country’s economic outlook looks brighter thanks to the higher oil prices," said Daniel Takieddine of BDSwiss.
Shares in Saudi Home Loans closed at 26 riyals on their trading debut, up from the initial public offering (IPO) at 20 riyals per share.
Communication services company Solutions by STC (7202.SE) rose 3%, a day after it posted higher quarterly profit.
Dubai's main share index (.DFMGI) pared early gains to end virtually flat.
Amlak Finance (AMLK.DU) was the top gainer, up 15% after the company's shareholders approved its continuing operations in an annual vote.
Abu Dhabi's index (.FTFADGI) rose by 0.8% while sentiment remained muted in Qatar with the index (.QSI) closing flat.
Shares in Qatar Navigation (QNNC.QA) rose nearly 3% after the maritime company posted higher quarterly profit. The stock was the top gainer on the Qatari index.
Outside the Gulf, Egypt's blue-chip index (.EGX30) shed 1.7%, hurt by tensions in the east of the country.
Shares in Telecom Egypt (ETEL.CA) dropped 6.4% and Rameda Pharmaceutical (RMDA.CA) lost 1.9% after they began trading ex-dividend.
Oil prices rose 1.4% on a drop in U.S. oil inventories and concern over tighter supplies from Russia and Libya.
Saudi Arabia's benchmark index (.TASI) gained 1.2% with state-run oil giant Saudi Aramco (2222.SE) up 2.1%.
"The Saudi stock market opened positively while the country’s economic outlook looks brighter thanks to the higher oil prices," said Daniel Takieddine of BDSwiss.
Shares in Saudi Home Loans closed at 26 riyals on their trading debut, up from the initial public offering (IPO) at 20 riyals per share.
Communication services company Solutions by STC (7202.SE) rose 3%, a day after it posted higher quarterly profit.
Dubai's main share index (.DFMGI) pared early gains to end virtually flat.
Amlak Finance (AMLK.DU) was the top gainer, up 15% after the company's shareholders approved its continuing operations in an annual vote.
Abu Dhabi's index (.FTFADGI) rose by 0.8% while sentiment remained muted in Qatar with the index (.QSI) closing flat.
Shares in Qatar Navigation (QNNC.QA) rose nearly 3% after the maritime company posted higher quarterly profit. The stock was the top gainer on the Qatari index.
Outside the Gulf, Egypt's blue-chip index (.EGX30) shed 1.7%, hurt by tensions in the east of the country.
Shares in Telecom Egypt (ETEL.CA) dropped 6.4% and Rameda Pharmaceutical (RMDA.CA) lost 1.9% after they began trading ex-dividend.
Foodics: Sequoia, Prosus Back #Saudi Food Startup Raising $170 Million - Bloomberg
Foodics: Sequoia, Prosus Back Saudi Food Startup Raising $170 Million - Bloomberg
Sequoia Capital India and Prosus NV have backed a $170 million funding round for Saudi Arabian food and beverage technology startup Foodics, as global investors increasingly seek to back fast-growing firms in the Middle East.
Riyadh-based Foodics will use the proceeds to boost its services and expand into new countries, Chief Executive Officer Ahmad Al Zaini said in an interview. The company is also looking at potentially acquiring rivals to help it grow and will expand into fintech after receiving a license from the Saudi central bank, he said.
The funds will also help Foodics explore “merger and acquisition opportunities around the region,” Al Zaini said, declining to comment on the company’s valuation.
Sequoia made its first investment in Saudi Arabia in January, leading a funding round for Lean Technologies. It has been deepening its presence in the Middle East after recently backing companies from Turkey to Egypt. The venture capital firm is among the global investors eager to seize on the spread of financial technology and e-commerce in the region as local economies emerge from the pandemic.
Sanabil, a unit of Saudi Arabia’s sovereign wealth fund, and STV, a $500 million Saudi venture fund, also participated in the fundraising.
Foodics, which offers restaurant management software, digital payments and micro-loans, last raised $20 million from investors in early 2021. The firm probably has enough funding to keep it going for the next two to three years, and would consider an initial public offering after that time, Al Zaini said.
Sequoia Capital India and Prosus NV have backed a $170 million funding round for Saudi Arabian food and beverage technology startup Foodics, as global investors increasingly seek to back fast-growing firms in the Middle East.
Riyadh-based Foodics will use the proceeds to boost its services and expand into new countries, Chief Executive Officer Ahmad Al Zaini said in an interview. The company is also looking at potentially acquiring rivals to help it grow and will expand into fintech after receiving a license from the Saudi central bank, he said.
The funds will also help Foodics explore “merger and acquisition opportunities around the region,” Al Zaini said, declining to comment on the company’s valuation.
Sequoia made its first investment in Saudi Arabia in January, leading a funding round for Lean Technologies. It has been deepening its presence in the Middle East after recently backing companies from Turkey to Egypt. The venture capital firm is among the global investors eager to seize on the spread of financial technology and e-commerce in the region as local economies emerge from the pandemic.
Sanabil, a unit of Saudi Arabia’s sovereign wealth fund, and STV, a $500 million Saudi venture fund, also participated in the fundraising.
Foodics, which offers restaurant management software, digital payments and micro-loans, last raised $20 million from investors in early 2021. The firm probably has enough funding to keep it going for the next two to three years, and would consider an initial public offering after that time, Al Zaini said.
Oil rebounds as supply concerns dominate | Reuters
Oil rebounds as supply concerns dominate | Reuters
Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session's sharp losses.
Brent crude futures rose $1.46, or 1.4%, to $108.71 a barrel by 1139 GMT.
The front-month WTI crude futures contract, which expires on Wednesday, rose $1.50, or 1.5%, to $104.06 while the second-month contract gained $1.52 to $103.57.
The two main benchmarks had fallen by 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) cut its forecast global growth forecast by nearly a full percentage point, citing the economic impact of Russia's war in Ukraine and warning that inflation had become a "clear and present danger" for many countries. read more
Oil prices rebounded on Wednesday as a drop in U.S. oil inventories and concerns over tighter supplies from Russia and Libya drove a recovery from the previous session's sharp losses.
Brent crude futures rose $1.46, or 1.4%, to $108.71 a barrel by 1139 GMT.
The front-month WTI crude futures contract, which expires on Wednesday, rose $1.50, or 1.5%, to $104.06 while the second-month contract gained $1.52 to $103.57.
The two main benchmarks had fallen by 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) cut its forecast global growth forecast by nearly a full percentage point, citing the economic impact of Russia's war in Ukraine and warning that inflation had become a "clear and present danger" for many countries. read more
#UAE to Start Dirham Debt Sales Next Month to Build Local Market - Bloomberg
UAE to Start Dirham Debt Sales Next Month to Build Local Market - Bloomberg
The United Arab Emirates expects to start sales of dirham-denominated Treasury bonds in May in a bid to build its local financial and banking sectors.
In the UAE the sheikhdoms set separate budget policies and tend to issue their own debt, but the federation issued its first-ever dollar bond last year. The country also received its initial credit rating from Fitch Ratings in 2020, which placed it in the fourth-highest investment grade.
The bond program “will enable market participants in the UAE to maintain a transparent, single, diversified and sustainable pool of dirham liquidity,” Khaled Mohamed Balama, governor of the Gulf nation’s central bank, said in a statement Wednesday. The issuance is “the next step forward in the development of the local capital market.”
The dirham securities worth 1.5 billion dirhams ($408 million) will be issued initially in two, three and five-year tenures, followed by a 10-year bond at a later date. A date for the first auction will be announced soon, the bank said.
The Finance Ministry has assembled six local and international banks to participate in the primary market auction, including Abu Dhabi Commercial Bank PJSC, Emirates NBD PJSC, First Abu Dhabi Bank PJSC and Standard Chartered Plc.
The United Arab Emirates expects to start sales of dirham-denominated Treasury bonds in May in a bid to build its local financial and banking sectors.
In the UAE the sheikhdoms set separate budget policies and tend to issue their own debt, but the federation issued its first-ever dollar bond last year. The country also received its initial credit rating from Fitch Ratings in 2020, which placed it in the fourth-highest investment grade.
The bond program “will enable market participants in the UAE to maintain a transparent, single, diversified and sustainable pool of dirham liquidity,” Khaled Mohamed Balama, governor of the Gulf nation’s central bank, said in a statement Wednesday. The issuance is “the next step forward in the development of the local capital market.”
The dirham securities worth 1.5 billion dirhams ($408 million) will be issued initially in two, three and five-year tenures, followed by a 10-year bond at a later date. A date for the first auction will be announced soon, the bank said.
The Finance Ministry has assembled six local and international banks to participate in the primary market auction, including Abu Dhabi Commercial Bank PJSC, Emirates NBD PJSC, First Abu Dhabi Bank PJSC and Standard Chartered Plc.
Bahrain to Resume Payments to Reserve Fund at Oil Prices Over $80 - Bloomberg
Bahrain to Resume Payments to Reserve Fund at Oil Prices Over $80 - Bloomberg
Bahrain will resume making payments into its rainy day fund, doubling the amount it contributes at oil prices over $80 a barrel, as it looks to rebuild savings tapped to handle the economic impact of the pandemic.
The country, one of the most heavily indebted among the oil producers of the Middle East, will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80, according to a statement. It will set aside $1 when oil is over $40 and pay $3 if it exceeds $120.
Global benchmark Brent has mostly traded above $100 following Russia’s invasion of Ukraine in late February.
In a stark turnaround from two years ago, soaring crude prices are transforming the fortunes of the petrostates in the Gulf, generating a windfall that’s now allowing the region’s most vulnerable economies to rebuild finances, pay down debt and raise spending.
Bahrain will resume making payments into its rainy day fund, doubling the amount it contributes at oil prices over $80 a barrel, as it looks to rebuild savings tapped to handle the economic impact of the pandemic.
The country, one of the most heavily indebted among the oil producers of the Middle East, will put $2 into the Future Generations Reserve Fund for each barrel of crude sold at over $80, according to a statement. It will set aside $1 when oil is over $40 and pay $3 if it exceeds $120.
Global benchmark Brent has mostly traded above $100 following Russia’s invasion of Ukraine in late February.
In a stark turnaround from two years ago, soaring crude prices are transforming the fortunes of the petrostates in the Gulf, generating a windfall that’s now allowing the region’s most vulnerable economies to rebuild finances, pay down debt and raise spending.
India's HDFC to sell 10% stake in HDFC Capital to ADIA | Reuters
India's HDFC to sell 10% stake in HDFC Capital to ADIA | Reuters
India's top housing finance firm HDFC Ltd (HDFC.NS) said on Wednesday it plans to sell a 10% stake in unit HDFC Capital to an arm of Abu Dhabi Investment Authority (ADIA) for 1.84 billion rupees ($24.09 million).
The deal comes two weeks after HDFC and HDFC Bank (HDBK.NS), the country's largest private-sector lender, floated merger plans to create a financial services behemoth to tap rising demand for credit. read more
Set up in 2016, HDFC Capital manages private-equity funds focused on the real estate sector in India, besides managing a nearly $3 billion funding platform.
"Investment by ADIA will enable HDFC Capital to leverage ADIA's global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors," HDFC Chairman Deepak Parekh said in a statement.
India's top housing finance firm HDFC Ltd (HDFC.NS) said on Wednesday it plans to sell a 10% stake in unit HDFC Capital to an arm of Abu Dhabi Investment Authority (ADIA) for 1.84 billion rupees ($24.09 million).
The deal comes two weeks after HDFC and HDFC Bank (HDBK.NS), the country's largest private-sector lender, floated merger plans to create a financial services behemoth to tap rising demand for credit. read more
Set up in 2016, HDFC Capital manages private-equity funds focused on the real estate sector in India, besides managing a nearly $3 billion funding platform.
"Investment by ADIA will enable HDFC Capital to leverage ADIA's global expertise and experience to further propel HDFC Capital towards becoming a leading investment platform for global and local investors," HDFC Chairman Deepak Parekh said in a statement.
Majid Al Futtaim Death Leaves #Dubai to Untangle Inheritance Plan - Bloomberg
Majid Al Futtaim Death Leaves Dubai to Untangle Inheritance Plan - Bloomberg
In a particularly exclusive corner of Dubai, a modern-day palace with moorish arches and an imposing gateway is rising from the desert, despite uncertainty over who will live there.
As dozens of workers bustle on the sprawling lot adjacent to the fine sand of Al Mamzar beach, local authorities are agonizing over the villa and the rest of the estate of Majid Al Futtaim, the deceased patriarch of a shopping and entertainment empire that’s an anchor of Dubai’s economy.
Family-owned companies have been crucial to the emirate’s development, and a messy succession plan risks distraction and disruption just as the region looks to broaden its economy away from a reliance on oil.
“With so many other major family-owned conglomerates in Dubai, the stakes are too high to let such succession disputes bubble over,” said Christopher Davidson, associate fellow at the Henry Jackson Society.
Al Futtaim’s inheritance was left unresolved when the octogenarian died in December. While the villa was intended as a residence for him and his third wife, the centerpiece of the estate is Majid Al Futtaim Holding.
In a particularly exclusive corner of Dubai, a modern-day palace with moorish arches and an imposing gateway is rising from the desert, despite uncertainty over who will live there.
As dozens of workers bustle on the sprawling lot adjacent to the fine sand of Al Mamzar beach, local authorities are agonizing over the villa and the rest of the estate of Majid Al Futtaim, the deceased patriarch of a shopping and entertainment empire that’s an anchor of Dubai’s economy.
Family-owned companies have been crucial to the emirate’s development, and a messy succession plan risks distraction and disruption just as the region looks to broaden its economy away from a reliance on oil.
“With so many other major family-owned conglomerates in Dubai, the stakes are too high to let such succession disputes bubble over,” said Christopher Davidson, associate fellow at the Henry Jackson Society.
Al Futtaim’s inheritance was left unresolved when the octogenarian died in December. While the villa was intended as a residence for him and his third wife, the centerpiece of the estate is Majid Al Futtaim Holding.
Indexes gain, #Saudi Home Loans rises on debut | Reuters
Indexes gain, Saudi Home Loans rises on debut | Reuters
Major Gulf indexes rose on Wednesday, in tandem with global markets and crude prices, where concerns about tighter oil supplies from Russia and Libya dominated.
Asian share markets advanced in choppy trading as investors grappled with high U.S. yields and China's cautious economic policy response to pandemic lockdowns.
Dubai's main share index (.DFMGI) was up 0.6%, having ended the previous session 1.6% higher.
Real estate stocks continued to boost sentiment, with blue chip developer Emaar Properties (EMAR.DU) up 1.7%.
Amlak Finance was the top percentage gainer, up 11.3% after the company's shareholders approved continuing its operations.
Saudi Arabia's benchmark index (.TASI) climbed 0.3%, rebounding from a 1.7% fall in the previous session.
Shares of Saudi Home Loans opened at 22 riyals on their trading debut, higher than the IPO price of 20 riyals.
Solutions by STC (7202.SE) rose 2.6%, a day after the communication services company posted higher quarterly profit.
Sentiment was muted in Abu Dhabi (.FTFADGI) and Qatar (.QSI), with both indexes up 0.1%.
Shares of Qatar Navigation (QNNC.QA) were up 2.5% after the maritime firm posted higher quarterly profit. The stock was the top percentage gainer on the Qatari index.
Major Gulf indexes rose on Wednesday, in tandem with global markets and crude prices, where concerns about tighter oil supplies from Russia and Libya dominated.
Asian share markets advanced in choppy trading as investors grappled with high U.S. yields and China's cautious economic policy response to pandemic lockdowns.
Dubai's main share index (.DFMGI) was up 0.6%, having ended the previous session 1.6% higher.
Real estate stocks continued to boost sentiment, with blue chip developer Emaar Properties (EMAR.DU) up 1.7%.
Amlak Finance was the top percentage gainer, up 11.3% after the company's shareholders approved continuing its operations.
Saudi Arabia's benchmark index (.TASI) climbed 0.3%, rebounding from a 1.7% fall in the previous session.
Shares of Saudi Home Loans opened at 22 riyals on their trading debut, higher than the IPO price of 20 riyals.
Solutions by STC (7202.SE) rose 2.6%, a day after the communication services company posted higher quarterly profit.
Sentiment was muted in Abu Dhabi (.FTFADGI) and Qatar (.QSI), with both indexes up 0.1%.
Shares of Qatar Navigation (QNNC.QA) were up 2.5% after the maritime firm posted higher quarterly profit. The stock was the top percentage gainer on the Qatari index.
Oil prices rebound after sharp losses as supply concerns dominate | Reuters
Oil prices rebound after sharp losses as supply concerns dominate | Reuters
Oil prices rebounded on Wednesday from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in U.S. crude inventories last week.
Brent crude futures rose 66 cents, or 0.6%, to $107.91 a barrel by 0623 GMT while the front-month WTI crude futures contract, which expires on Wednesday, rose 46 cents, or 0.5%, to $103.02 a barrel. The second-month contract gained 64 cents to $102.69 a barrel.
Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) on Tuesday slashed its forecast for global growth by nearly a full percentage point, citing the economic impacts of Russia's war in Ukraine, and warning that inflation was now a "clear and present danger" for many countries. read more
"The sell-off yesterday on the back of the IMF revisions was probably overdone," said Warren Patterson, ING's head of commodities strategy based in Singapore.
Oil prices rebounded on Wednesday from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in U.S. crude inventories last week.
Brent crude futures rose 66 cents, or 0.6%, to $107.91 a barrel by 0623 GMT while the front-month WTI crude futures contract, which expires on Wednesday, rose 46 cents, or 0.5%, to $103.02 a barrel. The second-month contract gained 64 cents to $102.69 a barrel.
Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) on Tuesday slashed its forecast for global growth by nearly a full percentage point, citing the economic impacts of Russia's war in Ukraine, and warning that inflation was now a "clear and present danger" for many countries. read more
"The sell-off yesterday on the back of the IMF revisions was probably overdone," said Warren Patterson, ING's head of commodities strategy based in Singapore.
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