UAE and Turkey aim to double bilateral trade - minister | Reuters
The United Arab Emirates (UAE) and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement (CEPA), which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday.
"By cutting tariffs, promoting free movement of goods, facilitating capital flows and reducing trade barriers, we will make it easier than ever to do business. It will also underpin a new era of cooperation," he wrote.
The UAE is seeking broad free trade agreements, known as CEPAs, with several countries and has this year signed such pacts with India and Israel.
The UAE and Turkey last year ended a long-running political dispute, during which the sides maintained economic ties.
Tuesday, 26 April 2022
Oil rebounds on China's plans to support its economy | Reuters
Oil rebounds on China's plans to support its economy | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
Brent crude futures settled up $2.67, or 2.6%, at $104.99 a barrel, while U.S. West Texas Intermediate contracts were up $3.16, or 3.2%, at $101.70.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
NYMEX ultra-low-sulfur diesel futures rose 9.2% to settle at $4.47 a gallon, a record close, after Poland said that Russia warned that gas supply would stop on Wednesday.
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against a possible coronavirus lockdown in its capital Beijing.
Brent crude futures settled up $2.67, or 2.6%, at $104.99 a barrel, while U.S. West Texas Intermediate contracts were up $3.16, or 3.2%, at $101.70.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
NYMEX ultra-low-sulfur diesel futures rose 9.2% to settle at $4.47 a gallon, a record close, after Poland said that Russia warned that gas supply would stop on Wednesday.
Guyana in Discussions to Build Deepwater Port With #AbuDhabi - Bloomberg
Guyana in Discussions to Build Deepwater Port With Abu Dhabi - Bloomberg
Guyana, home to the world’s largest oil discovery of the past decade, is in discussions with Abu Dhabi to build a deepwater port to serve the rapid economic development along South America’s Caribbean coast.
“We must have a major deepwater port to handle a Panamax” ship, President Irfaan Ali said today during an investment seminar in London. “We are in discussions with Abu Dhabi Ports.”
The port would handle agricultural produce, linking not just Guyana but also neighboring Suriname and northern Brazil with world markets, Ali said. He did not provide details on how much the port would cost or how it would be financed.
Guyana, with a population of about 800,000 people, is expected to be one of the world’s fastest-growing economies this year, boosted by oil revenues from Exxon Mobil Corp.-led developments about 135 miles (220 kilometers) offshore.
The government is keen to quickly diversify the economy to avoid the fate of other developing countries that have fallen victim to the so-called Dutch disease, whereby a natural-resources boom triggers a decline in other sectors.
Guyana’s economy will grow 47% this year, on top of 20% in 2021 and 43% in 2020, according to the International Monetary Fund.
Guyana, home to the world’s largest oil discovery of the past decade, is in discussions with Abu Dhabi to build a deepwater port to serve the rapid economic development along South America’s Caribbean coast.
“We must have a major deepwater port to handle a Panamax” ship, President Irfaan Ali said today during an investment seminar in London. “We are in discussions with Abu Dhabi Ports.”
The port would handle agricultural produce, linking not just Guyana but also neighboring Suriname and northern Brazil with world markets, Ali said. He did not provide details on how much the port would cost or how it would be financed.
Guyana, with a population of about 800,000 people, is expected to be one of the world’s fastest-growing economies this year, boosted by oil revenues from Exxon Mobil Corp.-led developments about 135 miles (220 kilometers) offshore.
The government is keen to quickly diversify the economy to avoid the fate of other developing countries that have fallen victim to the so-called Dutch disease, whereby a natural-resources boom triggers a decline in other sectors.
Guyana’s economy will grow 47% this year, on top of 20% in 2021 and 43% in 2020, according to the International Monetary Fund.
#UAE IPO: Moelis Wins Role on Third #Dubai Listing With Empower Mandate - Bloomberg
UAE IPO: Moelis Wins Role on Third Dubai Listing With Empower Mandate - Bloomberg
Emirates Central Cooling Systems Corp. picked Moelis & Co. to work on its initial public offering that’s planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Moelis on preparing a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private. The next step will be to appoint book-runners for the share sale, they said.
A representative for Moelis declined to comment. A spokesperson for Empower’s 70% owner Dubai Electricity & Water Authority didn’t respond to requests for comment.
For Moelis, the Empower mandate is the third government-linked IPO win in Dubai this year. The New York-bank is already working on the IPO of toll-road operator Salik, Bloomberg previously reported, and was financial adviser to Dewa’s recently-completed $6 billion listing on the main Dubai stock exchange earlier this month.
Emirates Central Cooling Systems Corp. picked Moelis & Co. to work on its initial public offering that’s planned for later this year, according to people familiar with the matter.
Known as Empower, the company has been working with Moelis on preparing a possible listing on the domestic stock exchange, the people said, asking not be named because the information is private. The next step will be to appoint book-runners for the share sale, they said.
A representative for Moelis declined to comment. A spokesperson for Empower’s 70% owner Dubai Electricity & Water Authority didn’t respond to requests for comment.
For Moelis, the Empower mandate is the third government-linked IPO win in Dubai this year. The New York-bank is already working on the IPO of toll-road operator Salik, Bloomberg previously reported, and was financial adviser to Dewa’s recently-completed $6 billion listing on the main Dubai stock exchange earlier this month.
NBF records 44% higher unaudited profits in Q1 22
NBF records 44% higher unaudited profits in Q1 22
The unaudited net profits of National Bank of Fujairah (NBF) hiked by 43.7% year-on-year (YoY) to AED 60.35 million in the first quarter (Q1) of 2022 from AED 42 million, according to the bank's consolidated interim financials for the three-month period ended 31 March 2022.
The bank's net interest income and net income from Islamic financing and investment activities jumped to AED 238.57 million in Q1-22, compared to AED 227.56 million in the year-ago period.
The basic and diluted earnings per share (EPS) settled at AED 0.03 in Q1-22, versus AED 0.02 in the same quarter of 2021.
It is noteworthy to mention that in 2021, NBF has achieved net profits of AED 115.2 million, against net losses of AED 475.3 million in 2020.
The unaudited net profits of National Bank of Fujairah (NBF) hiked by 43.7% year-on-year (YoY) to AED 60.35 million in the first quarter (Q1) of 2022 from AED 42 million, according to the bank's consolidated interim financials for the three-month period ended 31 March 2022.
The bank's net interest income and net income from Islamic financing and investment activities jumped to AED 238.57 million in Q1-22, compared to AED 227.56 million in the year-ago period.
The basic and diluted earnings per share (EPS) settled at AED 0.03 in Q1-22, versus AED 0.02 in the same quarter of 2021.
It is noteworthy to mention that in 2021, NBF has achieved net profits of AED 115.2 million, against net losses of AED 475.3 million in 2020.
Oil rebounds on China's plans to support its economy | Reuters
Oil rebounds on China's plans to support its economy | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against lockdowns in the country's capital city.
Brent crude futures were up $2.37, or 2.3%, at $104.71 a barrel by 11:50 a.m. ET (15:51 GMT). U.S. West Texas Intermediate contracts were up $2.65, or 2.7%, at $101.21.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
China's central bank on Tuesday said it will step up prudent monetary policy support to the nation's economy and any stimulus would help boost oil demand amid worries of a slowdown in global growth.
Oil prices rebounded in volatile trading on Tuesday as the market weighed China's plans to support its economy against lockdowns in the country's capital city.
Brent crude futures were up $2.37, or 2.3%, at $104.71 a barrel by 11:50 a.m. ET (15:51 GMT). U.S. West Texas Intermediate contracts were up $2.65, or 2.7%, at $101.21.
Brent and WTI had settled down about 4% on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
China's central bank on Tuesday said it will step up prudent monetary policy support to the nation's economy and any stimulus would help boost oil demand amid worries of a slowdown in global growth.
QIA: #Qatar Pursues Plan to Bolster $450 Billion Wealth Fund - Bloomberg
QIA: Qatar Pursues Plan to Bolster $450 Billion Wealth Fund - Bloomberg
Qatar, the world’s richest country per capita, is considering a plan that would make its $450 billion sovereign wealth fund even bigger, according to people familiar with the matter.
Officials are discussing a plan to make Qatar Investment Authority the money manager for major state-run companies, consolidating the nation’s assets under one entity, said the people, who requested anonymity as the information isn’t public. Maximilian Mahringer, a QIA executive and former McKinsey & Co. consultant, is helping spearhead the project, they said.
No final decisions have been made and it wasn’t immediately clear which state firms would be included. A representative for the QIA wasn’t available for comment.
The strategy could help Doha cut costs while significantly boosting the total assets under QIA, which currently ranks as the world’s ninth-largest sovereign wealth fund, according to SWF Institute data. As part of Qatar’s economic diversification push, the fund has vowed to plow more money into Asia and the U.S. following years of substantial investment in Europe.
In the past year, QIA has climbed up the wealth fund rankings, bolstered by surging prices for gas -- the nation’s main export -- as well as improving relations with neighboring Saudi Arabia. The government also expects a $20 billion economic boost from the World Cup that it will host later this year.
Qatar, the world’s richest country per capita, is considering a plan that would make its $450 billion sovereign wealth fund even bigger, according to people familiar with the matter.
Officials are discussing a plan to make Qatar Investment Authority the money manager for major state-run companies, consolidating the nation’s assets under one entity, said the people, who requested anonymity as the information isn’t public. Maximilian Mahringer, a QIA executive and former McKinsey & Co. consultant, is helping spearhead the project, they said.
No final decisions have been made and it wasn’t immediately clear which state firms would be included. A representative for the QIA wasn’t available for comment.
The strategy could help Doha cut costs while significantly boosting the total assets under QIA, which currently ranks as the world’s ninth-largest sovereign wealth fund, according to SWF Institute data. As part of Qatar’s economic diversification push, the fund has vowed to plow more money into Asia and the U.S. following years of substantial investment in Europe.
In the past year, QIA has climbed up the wealth fund rankings, bolstered by surging prices for gas -- the nation’s main export -- as well as improving relations with neighboring Saudi Arabia. The government also expects a $20 billion economic boost from the World Cup that it will host later this year.
Major Gulf bourses end mixed; Egypt gains | Reuters
Major Gulf bourses end mixed; Egypt gains | Reuters
Saudi Arabia's stock market ended lower on Tuesday as the bourse saw further price correction after hitting a record peak last week, while the Dubai index finished higher.
The Saudi benchmark index (.TASI) lost 0.3%, hit by a 1.4% fall in Islamic lender Al Rajhi Bank (1120.SE) and a 1.8% decline in the country's largest lender Saudi National Bank (1180.SE).
On the other hand, oil behemoth Saudi Aramco (2222.SE) climbed 1.1%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
The Qatari index (.QSI) and Abu Dhabi index (.FTFADGI) gave up early gains to close flat.
Uncertainties continue to impact confidence as tensions in Ukraine were exacerbated with Russia invoking the nuclear threat again, while China has pledged to support its economy after sanitary lockdowns hit it hard, according to Farah Mourad, senior market analyst of XTB MENA.
Dubai's main share index (.DFMGI) gained 0.3%, helped by a 1.1% rise in Emirates Integrated Telecommunications (DU.DU).
Egypt's blue-chip index (.EGX30), which traded after a two-session break, finished 1.3% higher, buoyed by a 2.4% rise in top lender Commercial International Bank Egypt (COMI.CA).
"The Egyptian stock market was volatile as investors tried to buy the dip while it continued to be exposed to the tensions in Eastern Europe and the uncertain sentiment among investors," said Mourad.
Saudi Arabia's stock market ended lower on Tuesday as the bourse saw further price correction after hitting a record peak last week, while the Dubai index finished higher.
The Saudi benchmark index (.TASI) lost 0.3%, hit by a 1.4% fall in Islamic lender Al Rajhi Bank (1120.SE) and a 1.8% decline in the country's largest lender Saudi National Bank (1180.SE).
On the other hand, oil behemoth Saudi Aramco (2222.SE) climbed 1.1%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
The Qatari index (.QSI) and Abu Dhabi index (.FTFADGI) gave up early gains to close flat.
Uncertainties continue to impact confidence as tensions in Ukraine were exacerbated with Russia invoking the nuclear threat again, while China has pledged to support its economy after sanitary lockdowns hit it hard, according to Farah Mourad, senior market analyst of XTB MENA.
Dubai's main share index (.DFMGI) gained 0.3%, helped by a 1.1% rise in Emirates Integrated Telecommunications (DU.DU).
Egypt's blue-chip index (.EGX30), which traded after a two-session break, finished 1.3% higher, buoyed by a 2.4% rise in top lender Commercial International Bank Egypt (COMI.CA).
"The Egyptian stock market was volatile as investors tried to buy the dip while it continued to be exposed to the tensions in Eastern Europe and the uncertain sentiment among investors," said Mourad.
Oil rebounds from drop on China demand concerns | Reuters
Oil rebounds from drop on China demand concerns | Reuters
Oil prices rebounded in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand.
Brent crude futures were up $1.26 cents, or 1.2%, at $103.58 a barrel by 1355 GMT. U.S. West Texas Intermediate contracts were up $1.14 cents, or 1.2%, at $99.68.
Brent and WTI had settled about 4% down on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
Chinese capital Beijing has expanded its COVID-19 mass testing to much of the city of nearly 22 million as the population braces for a lockdown similar to Shanghai's stringent curbs. read more
Oil prices rebounded in volatile trading on Tuesday as the market weighed concerns over Russian supply and Chinese demand.
Brent crude futures were up $1.26 cents, or 1.2%, at $103.58 a barrel by 1355 GMT. U.S. West Texas Intermediate contracts were up $1.14 cents, or 1.2%, at $99.68.
Brent and WTI had settled about 4% down on Monday and touched respective lows on Tuesday of $101.08 and $97.06 a barrel, pressured by concerns over demand in China, the world's largest crude oil importer.
Chinese capital Beijing has expanded its COVID-19 mass testing to much of the city of nearly 22 million as the population braces for a lockdown similar to Shanghai's stringent curbs. read more
Emirates widens fleet refurbish plan amid delays to new deliveries | Reuters
Emirates widens fleet refurbish plan amid delays to new deliveries | Reuters
Emirates (EMIRA.UL) will refurbish more of its existing fleet than previously planned, its chief commercial officer said on Tuesday, as the airline faces delays to deliveries of new Boeing (BA.N) jets and seeks assurances over concerns with the Airbus A350s it ordered.
The Gulf carrier is spending over a $1 billion to refurbish the fleet which includes installing a new premium economy cabin.
Adnan Kazim told reporters in Dubai that Emirates would now refurbish 120 aircraft from its existing fleet of A380 and 777s, up from the 105 that the airline had previously announced.
Of those, 67 A380s would be retrofitted, up from 52 initially announced, while the 53 refurbished 777s is unchanged.
Emirates (EMIRA.UL) will refurbish more of its existing fleet than previously planned, its chief commercial officer said on Tuesday, as the airline faces delays to deliveries of new Boeing (BA.N) jets and seeks assurances over concerns with the Airbus A350s it ordered.
The Gulf carrier is spending over a $1 billion to refurbish the fleet which includes installing a new premium economy cabin.
Adnan Kazim told reporters in Dubai that Emirates would now refurbish 120 aircraft from its existing fleet of A380 and 777s, up from the 105 that the airline had previously announced.
Of those, 67 A380s would be retrofitted, up from 52 initially announced, while the 53 refurbished 777s is unchanged.
Oil falls on demand concerns as China's Beijing expands COVID-19 testing | Reuters
Oil falls on demand concerns as China's Beijing expands COVID-19 testing | Reuters
Oil prices fell on Tuesday as China's capital Beijing expanded its COVID mass testing, heightening demand concerns and outweighing the prospect of supply disruptions.
Brent crude futures were down 56 cents, or 0.5%, at $101.76 a barrel at 0935 GMT, while U.S. West Texas Intermediate contracts were down 82 cents, or 0.8%, at $97.72 per barrel.
China's capital Beijing has expanded its COVID-19 mass testing from one district this week to most of the city of nearly 22 million, as the population braced for an imminent lockdown similar to Shanghai's stringent curbs. China is the world's largest crude oil importer. read more
Both oil contracts rose over $1 a barrel earlier in the session following a statement from the People's Bank of China that it will step up monetary policy support to the real economy.
Oil prices fell on Tuesday as China's capital Beijing expanded its COVID mass testing, heightening demand concerns and outweighing the prospect of supply disruptions.
Brent crude futures were down 56 cents, or 0.5%, at $101.76 a barrel at 0935 GMT, while U.S. West Texas Intermediate contracts were down 82 cents, or 0.8%, at $97.72 per barrel.
China's capital Beijing has expanded its COVID-19 mass testing from one district this week to most of the city of nearly 22 million, as the population braced for an imminent lockdown similar to Shanghai's stringent curbs. China is the world's largest crude oil importer. read more
Both oil contracts rose over $1 a barrel earlier in the session following a statement from the People's Bank of China that it will step up monetary policy support to the real economy.
High oil prices to power Gulf economies amid inflation risks | Reuters
High oil prices to power Gulf economies amid inflation risks | Reuters
The Gulf Cooperation Council's (GCC) economic growth will accelerate this year to a pace not seen in a decade, according to a Reuters poll of economists, who said high inflation and a slowing global economy were the biggest downside risks.
Crude prices, a major driver for Gulf economies, shot up after Russia invaded Ukraine in February and have remained elevated, giving a major boost to economies in the oil and gas-rich region. read more
An April 12-22 Reuters poll predicted growth overall in the six GCC economies would average 5.9% this year, which would be the fastest since 2012.
"GCC economies have seen a relatively strong start to 2022. The hydrocarbons sectors have benefited from increased oil production so far this year, with crude oil production up 12% on Q1 2021 for the UAE and 19% over the same period for Saudi Arabia," said Khatija Haque, chief economist at Emirates NBD.
The Gulf Cooperation Council's (GCC) economic growth will accelerate this year to a pace not seen in a decade, according to a Reuters poll of economists, who said high inflation and a slowing global economy were the biggest downside risks.
Crude prices, a major driver for Gulf economies, shot up after Russia invaded Ukraine in February and have remained elevated, giving a major boost to economies in the oil and gas-rich region. read more
An April 12-22 Reuters poll predicted growth overall in the six GCC economies would average 5.9% this year, which would be the fastest since 2012.
"GCC economies have seen a relatively strong start to 2022. The hydrocarbons sectors have benefited from increased oil production so far this year, with crude oil production up 12% on Q1 2021 for the UAE and 19% over the same period for Saudi Arabia," said Khatija Haque, chief economist at Emirates NBD.
Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree - Bloomberg
Swvl Buys Turkish Transit Firm Volt Lines in Latest Deal Spree - Bloomberg
Swvl Holdings Corp., a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
The transaction is expected to close this quarter, according to a statement provided to Bloomberg News. Financial terms of the agreement weren’t disclosed.
The deal furthers what Swvl Chief Financial Officer Youssef Salem has said is a plan “to rapidly pursue strategic initiatives to further enhance shareholder value.”
Swvl Holdings Corp., a Dubai-based ride sharing startup, has agreed to acquire the Turkish transportation-as-a-service operator Volt Lines in its fourth acquisition since August.
The sale values Volt Lines at $40 million, with an additional $25 million in funding committed to grow in the region, according to people familiar with the matter, who asked not to be identified as the details aren’t public.
The transaction is expected to close this quarter, according to a statement provided to Bloomberg News. Financial terms of the agreement weren’t disclosed.
The deal furthers what Swvl Chief Financial Officer Youssef Salem has said is a plan “to rapidly pursue strategic initiatives to further enhance shareholder value.”
Most Gulf bourses rises as oil prices steady | Reuters
Most Gulf bourses rises as oil prices steady | Reuters
Most stock markets in the Gulf rose in early trade on Tuesday, as crude prices bounced back after a sharp drop in the previous session.
Oil prices, a key catalyst for the Gulf's financial markets, steadied as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
On the supply side, analysts said the phasing out of Russian oil from the market would continue to support prices.
Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, helped by a 2% gain in Saudi Arabian Mining Company (1211.SE) after the Capital Market Authority approved its request for capital increase through an issuance of bonus shares.
Among other gainers, oil behemoth Saudi Aramco (2222.SE) added 0.2%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
In Qatar, the index (.QSI) gained 0.5%, with Commercial Bank (COMB.QA) rising 2%.
Separately, a British judge will on Tuesday rule whether Airbus must keep building A321neo jetliners for estranged Qatar Airways in a decision with implications for future multi-billion-dollar jet deals, as their public bust-up returns to London's High Court. read more
The Abu Dhabi index (.FTFADGI) was up 0.8%, boosted by a 2.1% rise in conglomerate International Holding (IHC) (IHC.AD).
Multiply Group (MULTIPLY.AD), which counts state-linked IHC as a major shareholder, swung to profit in the first quarter of 2022.
Dubai's main share index (.DFMGI), however, traded flat as gains in financials countered declines in telecoms and industrial stocks.
Most stock markets in the Gulf rose in early trade on Tuesday, as crude prices bounced back after a sharp drop in the previous session.
Oil prices, a key catalyst for the Gulf's financial markets, steadied as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
On the supply side, analysts said the phasing out of Russian oil from the market would continue to support prices.
Saudi Arabia's benchmark stock index (.TASI) rose 0.3%, helped by a 2% gain in Saudi Arabian Mining Company (1211.SE) after the Capital Market Authority approved its request for capital increase through an issuance of bonus shares.
Among other gainers, oil behemoth Saudi Aramco (2222.SE) added 0.2%.
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country. read more
In Qatar, the index (.QSI) gained 0.5%, with Commercial Bank (COMB.QA) rising 2%.
Separately, a British judge will on Tuesday rule whether Airbus must keep building A321neo jetliners for estranged Qatar Airways in a decision with implications for future multi-billion-dollar jet deals, as their public bust-up returns to London's High Court. read more
The Abu Dhabi index (.FTFADGI) was up 0.8%, boosted by a 2.1% rise in conglomerate International Holding (IHC) (IHC.AD).
Multiply Group (MULTIPLY.AD), which counts state-linked IHC as a major shareholder, swung to profit in the first quarter of 2022.
Dubai's main share index (.DFMGI), however, traded flat as gains in financials countered declines in telecoms and industrial stocks.
Oil steadies after sharp fall; focus on China growth | Reuters
Oil steadies after sharp fall; focus on China growth | Reuters
Oil prices bounced on Tuesday, steadying after a sharp fall of 4% in the previous session, as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
Brent crude futures were up 59 cents, or 0.58%, at $102.91 a barrel after rising to $103.93 earlier in the session.
U.S. West Texas Intermediate contracts were up 34 cents, or 0.35%, at $98.88 per barrel at 0658 GMT after climbing to $99.82 a barrel in early trade.
Both contracts had settled around 4% lower on Monday, with Brent falling as much as $7 a barrel in the session and WTI dipping roughly $6 a barrel. read more
Oil prices bounced on Tuesday, steadying after a sharp fall of 4% in the previous session, as worries over China's fuel demand were soothed by the central bank's pledge to support an economy hit by renewed COVID-19 curbs.
Brent crude futures were up 59 cents, or 0.58%, at $102.91 a barrel after rising to $103.93 earlier in the session.
U.S. West Texas Intermediate contracts were up 34 cents, or 0.35%, at $98.88 per barrel at 0658 GMT after climbing to $99.82 a barrel in early trade.
Both contracts had settled around 4% lower on Monday, with Brent falling as much as $7 a barrel in the session and WTI dipping roughly $6 a barrel. read more
UK judge dismisses #Qatar claim over A321neo jet contract | Reuters
UK judge dismisses Qatar claim over A321neo jet contract | Reuters
A British judge on Tuesday denied a request by Qatar Airways to force Airbus (AIR.PA) keep building A321neo jetliners in a setback to the airline as part of a wider legal dispute.
The decision means the European planemaker is free to market the in-demand jets to other airlines while the two sides pursue a separate dispute over the safety of larger A350 jets.
A British judge on Tuesday denied a request by Qatar Airways to force Airbus (AIR.PA) keep building A321neo jetliners in a setback to the airline as part of a wider legal dispute.
The decision means the European planemaker is free to market the in-demand jets to other airlines while the two sides pursue a separate dispute over the safety of larger A350 jets.
Fitch revises #Saudi Aramco's outlook to 'positive' | Reuters
Fitch revises Saudi Aramco's outlook to 'positive' | Reuters
Ratings agency Fitch on Monday revised its outlook for state-owned Saudi Arabian Oil Co (2222.SE) to "positive" from "stable", citing a similar action on the country.
The agency had raised its outlook on Saudi Arabia to "positive" from "stable" earlier this month on the back improvements in the country's sovereign balance sheet thanks to higher oil revenues. read more
Ratings agency Fitch on Monday revised its outlook for state-owned Saudi Arabian Oil Co (2222.SE) to "positive" from "stable", citing a similar action on the country.
The agency had raised its outlook on Saudi Arabia to "positive" from "stable" earlier this month on the back improvements in the country's sovereign balance sheet thanks to higher oil revenues. read more