Oil falls, posts nearly 5% weekly loss on growth concerns | Reuters
Oil slipped on Friday, posting a weekly loss of nearly 5%, on the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would tighten supply.
Brent crude settled down $1.68, or 1.6%, at $106.65 a barrel. U.S. West Texas Intermediate (WTI) crude declined $1.72, or 1.7%, to $102.07.
Global benchmark Brent hit $139 a barrel last month, its highest price since 2008, but both oil benchmarks declined nearly 5% this week on demand concerns.
The International Monetary Fund, which this week cut its global economic growth forecast for 2022, could further downgrade it if Western countries expand their sanctions against Russia over its war against Ukraine, and energy prices rise further, the agency's No. 2 official said. read more
Friday, 22 April 2022
Oil extends losses on growth concerns and Shanghai lockdown | Reuters
Oil extends losses on growth concerns and Shanghai lockdown | Reuters
Oil slipped on Friday, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
The International Monetary Fund this week cut its global economic growth forecast while the U.S. Federal Reserve Chair on Thursday said that a half-point increase to interest rates "will be on the table" at the next Fed policy meeting in May. read more
Brent crude was down $1.32, or 1.2%, at $107.01 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) crude declined $1.44, or 1.4%, to $102.35.
"At this stage, fears over China's growth and overtightening by the Fed, capping U.S. growth, seem to be balancing out concerns that Europe will soon widen sanctions on Russian energy imports," said Jeffrey Halley, analyst at brokerage OANDA.
Oil slipped on Friday, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
The International Monetary Fund this week cut its global economic growth forecast while the U.S. Federal Reserve Chair on Thursday said that a half-point increase to interest rates "will be on the table" at the next Fed policy meeting in May. read more
Brent crude was down $1.32, or 1.2%, at $107.01 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) crude declined $1.44, or 1.4%, to $102.35.
"At this stage, fears over China's growth and overtightening by the Fed, capping U.S. growth, seem to be balancing out concerns that Europe will soon widen sanctions on Russian energy imports," said Jeffrey Halley, analyst at brokerage OANDA.
Aramex shares boost #Dubai index, #AbuDhabi gains marginally | Reuters
Aramex shares boost Dubai index, Abu Dhabi gains marginally | Reuters
Dubai's index ended higher on Friday boosted by shares of logistics firm Aramex (ARMX.DU), while gains in Abu Dhabi were muted due to lower crude prices.
Oil slipped, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
Dubai's main share index (.DFMGI) rose 0.6% and closed the week 2% higher, its fifth consecutive weekly gain.
Aramex shares rose 4.7% after the company said its board will meet next week to vote on increasing foreign ownership to 100%.
In Abu Dhabi, the index (.FTFADGI) recouped initial losses to close 0.2% higher.
"The Abu Dhabi stock market opened negatively following the decrease in oil price. The market remains exposed to the volatility of energy markets which could weigh on its recovery," said Eman AlAyyaf, chief executive officer of EA Trading.
Oil slipped, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
Dubai's main share index (.DFMGI) rose 0.6% and closed the week 2% higher, its fifth consecutive weekly gain.
Aramex shares rose 4.7% after the company said its board will meet next week to vote on increasing foreign ownership to 100%.
In Abu Dhabi, the index (.FTFADGI) recouped initial losses to close 0.2% higher.
"The Abu Dhabi stock market opened negatively following the decrease in oil price. The market remains exposed to the volatility of energy markets which could weigh on its recovery," said Eman AlAyyaf, chief executive officer of EA Trading.
#Dubai utility DEWA expects almost $2 bln in annual profit | Reuters
Dubai utility DEWA expects almost $2 bln in annual profit | Reuters
Dubai Electricity and Water Authority (DEWA) expects 2022 profit of 7.3 billion dirhams ($1.99 billion), Chief Executive Saeed Al Tayer told CNBC Arabia on Friday, after listing as a public company this month.
He added that state utility DEWA has strong cash flows and will not need to take on debt.
DEWA this month raised $6.1 billion in the region's biggest initial public offering (IPO) since Saudi Aramco.
Dubai Electricity and Water Authority (DEWA) expects 2022 profit of 7.3 billion dirhams ($1.99 billion), Chief Executive Saeed Al Tayer told CNBC Arabia on Friday, after listing as a public company this month.
He added that state utility DEWA has strong cash flows and will not need to take on debt.
DEWA this month raised $6.1 billion in the region's biggest initial public offering (IPO) since Saudi Aramco.
Adnoc, Borealis Seek $2 Billion From IPO of Plastics JV - Bloomberg
Adnoc, Borealis Seek $2 Billion From IPO of Plastics JV - Bloomberg
Abu Dhabi National Oil Co. and Borealis AG are seeking to raise about $2 billion from an initial public offering of their plastics joint venture, according to people familiar with the matter.
The state-owned energy company and Austrian chemicals producer plan to sell a 10% stake in their Borouge plastics unit by the end of the quarter, the people said, declining to be identified as the information is private. The sale would value Borouge at about $20 billion and could be announced as early as next month, they said.
Discussions are ongoing and no final decisions on the timeframe have been taken, the people said. A representative for Adnoc declined to comment, while a spokesperson for Borealis said the firms are considering options for Borouge, including an IPO, and will update the market when appropriate.
While markets around the world have been roiled by Russia’s invasion of Ukraine, the Middle East has sidestepped the worst of the volatility. Earlier this month, Dubai’s main utility raised $6.1 billion in the world’s second-biggest initial public offering this year.
Abu Dhabi National Oil Co. and Borealis AG are seeking to raise about $2 billion from an initial public offering of their plastics joint venture, according to people familiar with the matter.
The state-owned energy company and Austrian chemicals producer plan to sell a 10% stake in their Borouge plastics unit by the end of the quarter, the people said, declining to be identified as the information is private. The sale would value Borouge at about $20 billion and could be announced as early as next month, they said.
Discussions are ongoing and no final decisions on the timeframe have been taken, the people said. A representative for Adnoc declined to comment, while a spokesperson for Borealis said the firms are considering options for Borouge, including an IPO, and will update the market when appropriate.
While markets around the world have been roiled by Russia’s invasion of Ukraine, the Middle East has sidestepped the worst of the volatility. Earlier this month, Dubai’s main utility raised $6.1 billion in the world’s second-biggest initial public offering this year.
Oil extends losses on growth concerns and Shanghai lockdown | Reuters
Oil extends losses on growth concerns and Shanghai lockdown | Reuters
Oil slipped on Friday, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
The International Monetary Fund this week cut its global economic growth forecast while the U.S. Federal Reserve Chair on Thursday said that a half-point increase to interest rates "will be on the table" at the next Fed policy meeting in May. read more
Brent crude was down $1.73, or 1.6%, at $106.60 a barrel by 1045 GMT. U.S. West Texas Intermediate (WTI) crude declined $1.89, or 1.8%, to $101.09.
"At this stage, fears over China's growth and overtightening by the Fed, capping U.S. growth, seem to be balancing out concerns that Europe will soon widen sanctions on Russian energy imports," said Jeffrey Halley, analyst at brokerage OANDA.
Oil slipped on Friday, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
The International Monetary Fund this week cut its global economic growth forecast while the U.S. Federal Reserve Chair on Thursday said that a half-point increase to interest rates "will be on the table" at the next Fed policy meeting in May. read more
Brent crude was down $1.73, or 1.6%, at $106.60 a barrel by 1045 GMT. U.S. West Texas Intermediate (WTI) crude declined $1.89, or 1.8%, to $101.09.
"At this stage, fears over China's growth and overtightening by the Fed, capping U.S. growth, seem to be balancing out concerns that Europe will soon widen sanctions on Russian energy imports," said Jeffrey Halley, analyst at brokerage OANDA.