Oil prices settle up on increased chance of EU embargo of Russian oil | Reuters
Oil settled higher on Thursday on the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
Traders were reacting to media reports of comments on Tuesday from German Economy Minister Robert Habeck, who said the EU's largest economy could cope with an EU embargo on Russian oil imports and Germany hoped to find ways to replace Russian oil with other supply. read more
"The apparent decision by Germany to remove its opposition to a Russian oil sanction would appear to go a long way in an overall EU ban that would further reduce Russian oil availability in a global market," said Jim Ritterbusch, president of Ritterbusch and Associate in Galena, Illinois.
Brent crude futures rose $2.27 to settle at $107.59 a barrel while U.S. West Texas Intermediate crude rose $3.34, or 3.3% to $105.36.
Germany relies heavily on Russian energy imports and had opposed a full ban.
Thursday 28 April 2022
LIC IPO: GIC, #ADIA, Norway Wealth Fund Commit to Invest - Bloomberg
LIC IPO: GIC, ADIA, Norway Wealth Fund Commit to Invest - Bloomberg
Sovereign wealth funds from Norway, Singapore and Abu Dhabi have committed to be anchor investors in the initial public offering of Life Insurance Corporation of India, according to people with knowledge of the matter.
Norges Bank Investment Management, GIC Pte and Abu Dhabi Investment Authority will be among the anchor names due to be announced Monday, the people said, asking not to be identified before an official announcement.
A representative for ADIA declined to comment and a message and call to GIC wasn’t immediately answered outside of business hours in Singapore Thursday. A message to Norway’s wealth fund wasn’t answered. An Indian Finance Ministry spokesperson couldn’t be reached for comment. An LIC spokesperson declined to comment.
LIC’s IPO, which had previously been touted as India’s Aramco moment in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019, will test the depth of India’s capital market. While Prime Minister Narendra Modi’s government has slashed its fundraise goal by 60% -- as the war in Ukraine eroded investor appetite -- the offering will still be the nation’s biggest.
The LIC IPO aims to raise as much as 210 billion rupees ($2.7 billion) by pricing shares between 902 rupees to 949 rupees each. Firms in India have raised about $1.1 billion through IPOs this year, data compiled by Bloomberg show. That’s less than half of the nearly $3 billion raised in the same period in 2021.
The offering runs May 4-9 for other investors.
Sovereign wealth funds from Norway, Singapore and Abu Dhabi have committed to be anchor investors in the initial public offering of Life Insurance Corporation of India, according to people with knowledge of the matter.
Norges Bank Investment Management, GIC Pte and Abu Dhabi Investment Authority will be among the anchor names due to be announced Monday, the people said, asking not to be identified before an official announcement.
A representative for ADIA declined to comment and a message and call to GIC wasn’t immediately answered outside of business hours in Singapore Thursday. A message to Norway’s wealth fund wasn’t answered. An Indian Finance Ministry spokesperson couldn’t be reached for comment. An LIC spokesperson declined to comment.
LIC’s IPO, which had previously been touted as India’s Aramco moment in reference to Gulf oil giant Saudi Arabian Oil Co.’s $29.4 billion listing in 2019, will test the depth of India’s capital market. While Prime Minister Narendra Modi’s government has slashed its fundraise goal by 60% -- as the war in Ukraine eroded investor appetite -- the offering will still be the nation’s biggest.
The LIC IPO aims to raise as much as 210 billion rupees ($2.7 billion) by pricing shares between 902 rupees to 949 rupees each. Firms in India have raised about $1.1 billion through IPOs this year, data compiled by Bloomberg show. That’s less than half of the nearly $3 billion raised in the same period in 2021.
The offering runs May 4-9 for other investors.
Oil prices rally on report that Germany drops opposition to Russian oil embargo | Reuters
Oil prices rally on report that Germany drops opposition to Russian oil embargo | Reuters
Oil prices rallied on Thursday after reports that Germany is no longer opposed to an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
German representatives to the European Union are no longer objecting to a full Russian oil embargo as long as Berlin is given time to secure alternative supplies, the Wall Street Journal reported on Thursday.
The article echoes comments from Germany's Economy Minister Robert Habeck on Tuesday, when he said the EU's largest economy, could cope with an EU embargo on Russian oil imports and it was hoping to find ways to replace Russian oil with other supply. read more
Brent crude futures rose $1.41 to $106.73 a barrel by 11:35 a.m. EDT (1535 GMT.) U.S. West Texas Intermediate crude rose $1.95, or 1.9% to $104.05.
Germany is heavily reliant on Russian energy imports and had previously opposed a full ban.
Oil prices rallied on Thursday after reports that Germany is no longer opposed to an embargo on Russian oil, which could further tighten supplies in the already stressed global crude market.
German representatives to the European Union are no longer objecting to a full Russian oil embargo as long as Berlin is given time to secure alternative supplies, the Wall Street Journal reported on Thursday.
The article echoes comments from Germany's Economy Minister Robert Habeck on Tuesday, when he said the EU's largest economy, could cope with an EU embargo on Russian oil imports and it was hoping to find ways to replace Russian oil with other supply. read more
Brent crude futures rose $1.41 to $106.73 a barrel by 11:35 a.m. EDT (1535 GMT.) U.S. West Texas Intermediate crude rose $1.95, or 1.9% to $104.05.
Germany is heavily reliant on Russian energy imports and had previously opposed a full ban.
UAE-Russia Relations: Sheikh Mansour Helps Usher More Russian Tycoons to #UAE - Bloomberg
UAE-Russia Relations: Sheikh Mansour Helps Usher More Russian Tycoons to UAE - Bloomberg
Outside the United Arab Emirates, Sheikh Mansour bin Zayed Al Nahyan is best known as owner of English football champion Manchester City. At home, he’s deputy prime minister and a powerful member of the royal family.
But Sheikh Mansour also has a behind-the-scenes role that’s become increasingly important in recent months: Helping manage relationships with wealthy Russians looking to move money into the UAE, according to several people familiar with Abu Dhabi’s engagement with Russians, who requested anonymity as the information isn’t public.
While Sheikh Mansour has long been involved in cultivating UAE-Russia relations, the importance and complexities of that position have grown since Russia’s invasion of Ukraine, the people said.
Even as the U.S., EU and other countries have blitzed Russia with thousands of new financial restrictions, making it the world’s most-sanctioned nation, the UAE hasn’t imposed any. Officials in the Middle Eastern nation have taken the stance that Abu Dhabi respects international law but isn’t required to follow measures implemented by specific countries and that the UAE has the right to adopt its own policies, several people familiar with their thinking said.
Outside the United Arab Emirates, Sheikh Mansour bin Zayed Al Nahyan is best known as owner of English football champion Manchester City. At home, he’s deputy prime minister and a powerful member of the royal family.
But Sheikh Mansour also has a behind-the-scenes role that’s become increasingly important in recent months: Helping manage relationships with wealthy Russians looking to move money into the UAE, according to several people familiar with Abu Dhabi’s engagement with Russians, who requested anonymity as the information isn’t public.
While Sheikh Mansour has long been involved in cultivating UAE-Russia relations, the importance and complexities of that position have grown since Russia’s invasion of Ukraine, the people said.
Even as the U.S., EU and other countries have blitzed Russia with thousands of new financial restrictions, making it the world’s most-sanctioned nation, the UAE hasn’t imposed any. Officials in the Middle Eastern nation have taken the stance that Abu Dhabi respects international law but isn’t required to follow measures implemented by specific countries and that the UAE has the right to adopt its own policies, several people familiar with their thinking said.
Mideast Stocks: Egypt bourse outperforms regional peers; #Qatar eases
Mideast Stocks: Egypt bourse outperforms regional peers; Qatar eases
Most stock markets in the Middle East ended higher on Thursday, with Egypt's blue-chip index outperforming the region, while the Qatari index was hit by Masraf Al Rayan. Egypt's blue-chip index jumped more than 3%, its biggest intraday gain in more than a month, with most stocks in positive territory.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday.
Investor confidence was supported by the positive earnings and the government's efforts to reinvigorate the economy and the stock market, said Fadi Reyad, market analyst at CAPEX.com MENA.
Saudi Arabia's benchmark index finished 0.7% higher, with the kingdom's largest lender Saudi National Bank leaping 5.3%, extending gains from the previous session, when it reported a sharp rise in quarterly net profit. Among other gainers, oil giant Saudi Aramco climbed 1.2%, rising for a third consecutive session. Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", on higher oil revenues.
The Qatari index eased 0.2%, weighed down by a 5.2% slide in Masraf Al Rayan as the sharia-compliant lender traded ex-dividend. Masraf Al Rayan also reported a decline in first-quarter net profit.
However, the index's losses were limited by gains at Gulf International Services, which jumped 10%, as it swung to a profit in the first-quarter.
In Abu Dhabi, the index advanced 0.8%, boosted by a 0.8% gain in the country's largest lender First Abu Dhabi Bank , which reported its highest quarterly net profit helped by the sale of a majority stake in its payments business. Dubai's main share index closed 0.9% higher, with blue-chip developer Emaar Properties gaining 1.6%.
Most stock markets in the Middle East ended higher on Thursday, with Egypt's blue-chip index outperforming the region, while the Qatari index was hit by Masraf Al Rayan. Egypt's blue-chip index jumped more than 3%, its biggest intraday gain in more than a month, with most stocks in positive territory.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday.
Investor confidence was supported by the positive earnings and the government's efforts to reinvigorate the economy and the stock market, said Fadi Reyad, market analyst at CAPEX.com MENA.
Saudi Arabia's benchmark index finished 0.7% higher, with the kingdom's largest lender Saudi National Bank leaping 5.3%, extending gains from the previous session, when it reported a sharp rise in quarterly net profit. Among other gainers, oil giant Saudi Aramco climbed 1.2%, rising for a third consecutive session. Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", on higher oil revenues.
The Qatari index eased 0.2%, weighed down by a 5.2% slide in Masraf Al Rayan as the sharia-compliant lender traded ex-dividend. Masraf Al Rayan also reported a decline in first-quarter net profit.
However, the index's losses were limited by gains at Gulf International Services, which jumped 10%, as it swung to a profit in the first-quarter.
In Abu Dhabi, the index advanced 0.8%, boosted by a 0.8% gain in the country's largest lender First Abu Dhabi Bank , which reported its highest quarterly net profit helped by the sale of a majority stake in its payments business. Dubai's main share index closed 0.9% higher, with blue-chip developer Emaar Properties gaining 1.6%.
Oil prices fluctuate in the face of supply and demand concerns | Reuters
Oil prices fluctuate in the face of supply and demand concerns | Reuters
Oil prices firmed slightly but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.
Brent crude futures were up 17 cents, or 0.2%, at $105.49 a barrel by 0939 GMT. U.S. West Texas Intermediate crude gained 26 cents, or 0.3%, to $102.28.
Both contracts had gained 30 cents on Wednesday on concerns over tight global oil supplies and another drawdown in U.S. distillate and gasoline stocks. On Thursday the contracts traded in range of about $3 a barrel.
The U.S. Energy Information Administration said that crude stocks rose by only 692,000 barrels last week, short of expectations, but distillate inventories including diesel and jet fuel fell to their lowest since May 2008.
Oil prices firmed slightly but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.
Brent crude futures were up 17 cents, or 0.2%, at $105.49 a barrel by 0939 GMT. U.S. West Texas Intermediate crude gained 26 cents, or 0.3%, to $102.28.
Both contracts had gained 30 cents on Wednesday on concerns over tight global oil supplies and another drawdown in U.S. distillate and gasoline stocks. On Thursday the contracts traded in range of about $3 a barrel.
The U.S. Energy Information Administration said that crude stocks rose by only 692,000 barrels last week, short of expectations, but distillate inventories including diesel and jet fuel fell to their lowest since May 2008.
#UAE finance ministry to issue first tranche of federal treasuries | Reuters
UAE finance ministry to issue first tranche of federal treasuries | Reuters
The United Arab Emirates' finance ministry said on Thursday it plans to issue on May 9 the first tranche of federal treasury bills, in cooperation with the central bank.
The central bank will act as issuing and payment agent, the ministry said on Twitter.
The United Arab Emirates' finance ministry said on Thursday it plans to issue on May 9 the first tranche of federal treasury bills, in cooperation with the central bank.
The central bank will act as issuing and payment agent, the ministry said on Twitter.
#AbuDhabi’s Biggest Islamic Bank to Set Up Asset Management Firm - Bloomberg video
Watch Bary: Looking To Grow Asset Management - Bloomberg
Abu Dhabi Islamic Bank has reported an 18% rise in first quarter net income on the year while impairments fell 15%. Mohamed Abdel Bary, CFO of Abu Dhabi Islamic Bank speaks exclusively with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#AbuDhabi’s Biggest Islamic Bank to Set Up Asset Management Firm - Bloomberg
Abu Dhabi’s Biggest Islamic Bank to Set Up Asset Management Firm - Bloomberg
Abu Dhabi’s biggest Islamic bank is setting up a company mainly focused on asset management and is seeking to partner with other entities to push it forward, its chief financial officer said.
“We are setting up a company which we will fairly soon introduce to the market and will be predominantly focused on asset management,” Abu Dhabi Islamic Bank PJSC’s Mohamed Abdel Bary said in an interview with Bloomberg TV on Thursday. “Given our huge and strong client based, we are not starting from zero”
Known as ADIB, the Shariah-compliant lender is also continuing to look at organic and inorganic growth opportunities for its banking business. “The traditional way of M&A in this day and age is taking a long time to pay back and that’s why we are being very creative on how to create a bigger pool of opportunities,” Bary said, without elaborating.
UAE lenders have been looking to expand outside the region because of the crowded banking market and limited growth. First Abu Dhabi Bank, the biggest lender in the UAE, sought to buy a majority stake in investment bank EFG-Hermes but withdrew its billion-dollar bid after facing regulatory delays in Egypt.
Abu Dhabi’s biggest Islamic bank is setting up a company mainly focused on asset management and is seeking to partner with other entities to push it forward, its chief financial officer said.
“We are setting up a company which we will fairly soon introduce to the market and will be predominantly focused on asset management,” Abu Dhabi Islamic Bank PJSC’s Mohamed Abdel Bary said in an interview with Bloomberg TV on Thursday. “Given our huge and strong client based, we are not starting from zero”
Known as ADIB, the Shariah-compliant lender is also continuing to look at organic and inorganic growth opportunities for its banking business. “The traditional way of M&A in this day and age is taking a long time to pay back and that’s why we are being very creative on how to create a bigger pool of opportunities,” Bary said, without elaborating.
UAE lenders have been looking to expand outside the region because of the crowded banking market and limited growth. First Abu Dhabi Bank, the biggest lender in the UAE, sought to buy a majority stake in investment bank EFG-Hermes but withdrew its billion-dollar bid after facing regulatory delays in Egypt.
Mideast FedEx Rival Aramex Scraps Foreign Ownership Limit - Bloomberg
Mideast FedEx Rival Aramex Scraps Foreign Ownership Limit - Bloomberg
Aramex PJSC said it would remove limits on foreign ownership, potentially paving the way for outsiders to own a larger stake in one of the Middle East’s largest logistics firms.
The company will raise foreign ownership limit to 100% from 49%, becoming the first United Arab Emirates-based company listed in Dubai to do so. European logistics firm Geopost SA holds 24.9% of Aramex, while Abu Dhabi Ports Co. owns 22.3%, according to data compiled by Bloomberg,
Aramex shares rose 1.4% on Thursday, valuing the firm at 6.2 billion dirhams ($1.69 billion). The stock has advanced 3.2% year-to-date, underperforming a 15.5% gain in Dubai’s benchmark index.
Aramex PJSC said it would remove limits on foreign ownership, potentially paving the way for outsiders to own a larger stake in one of the Middle East’s largest logistics firms.
The company will raise foreign ownership limit to 100% from 49%, becoming the first United Arab Emirates-based company listed in Dubai to do so. European logistics firm Geopost SA holds 24.9% of Aramex, while Abu Dhabi Ports Co. owns 22.3%, according to data compiled by Bloomberg,
Aramex shares rose 1.4% on Thursday, valuing the firm at 6.2 billion dirhams ($1.69 billion). The stock has advanced 3.2% year-to-date, underperforming a 15.5% gain in Dubai’s benchmark index.
#UAE top lender FAB posts record profit helped by stake sale | Reuters
UAE top lender FAB posts record profit helped by stake sale | Reuters
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, reported on Thursday its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business.
The UAE banking sector is improving on the back of a further easing in COVID-19-related restrictions and a rebound in oil prices, boosting economic activity.
The Abu Dhabi-headquartered bank made 5.1 billion dirhams ($1.4 billion) in the January-March period, up 107% compared to the 2.5 billion dirhams logged in the period a year ago.
Arqaam Capital had forecast a net profit of 3.05 billion dirhams for the quarter, while EFG Hermes had put it at 3.1 billion dirhams.
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, reported on Thursday its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business.
The UAE banking sector is improving on the back of a further easing in COVID-19-related restrictions and a rebound in oil prices, boosting economic activity.
The Abu Dhabi-headquartered bank made 5.1 billion dirhams ($1.4 billion) in the January-March period, up 107% compared to the 2.5 billion dirhams logged in the period a year ago.
Arqaam Capital had forecast a net profit of 3.05 billion dirhams for the quarter, while EFG Hermes had put it at 3.1 billion dirhams.
#Dubai’s Averda Plans IPO After Ditching SPAC Merger Talks - Bloomberg
Dubai’s Averda Plans IPO After Ditching SPAC Merger Talks 57 characters - Bloomberg
Averda is exploring an initial public offering in Saudi Arabia or the United Arab Emirates, according to people familiar with the matter, the latest firm seeking to join a wave of listings in the Persian Gulf.
The Dubai-based provider of waste-disposal services held merger talks with U.S. blank-check firm Better World Acquisition Corp. earlier this year, but those discussions have been abandoned, the people said, asking not to be named because the information is private.
It’s not immediately clear why the SPAC talks fell through. After booming during the coronavirus pandemic, the market for blank-check companies has cooled sharply due to tightening regulatory oversight, poor trading and investor fatigue.
So far, the Gulf region has defied a global slowdown in IPOs, while Russia’s invasion of Ukraine, soaring inflation and hawkish central banks curb risk appetite elsewhere. At the same time, Riyadh, Abu Dhabi and Dubai have stepped up efforts to attract foreign investors by opening up their economies and listing state-backed assets.
Averda is exploring an initial public offering in Saudi Arabia or the United Arab Emirates, according to people familiar with the matter, the latest firm seeking to join a wave of listings in the Persian Gulf.
The Dubai-based provider of waste-disposal services held merger talks with U.S. blank-check firm Better World Acquisition Corp. earlier this year, but those discussions have been abandoned, the people said, asking not to be named because the information is private.
It’s not immediately clear why the SPAC talks fell through. After booming during the coronavirus pandemic, the market for blank-check companies has cooled sharply due to tightening regulatory oversight, poor trading and investor fatigue.
So far, the Gulf region has defied a global slowdown in IPOs, while Russia’s invasion of Ukraine, soaring inflation and hawkish central banks curb risk appetite elsewhere. At the same time, Riyadh, Abu Dhabi and Dubai have stepped up efforts to attract foreign investors by opening up their economies and listing state-backed assets.
Lender FAB buoys #AbuDhabi index; #Qatar dips | Reuters
Lender FAB buoys Abu Dhabi index; Qatar dips | Reuters
Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
In Abu Dhabi, the index (.FTFADGI) advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Total quarterly income of 7.3 billion dirhams ($1.99 billion) includes a net gain of 2.8 billion from the Magnati stake sale, up from 4.4 billion dirhams, a stock market filing showed.
Saudi Arabia's benchmark index (.TASI) added 0.2%, helped by a rise of 1.6% in Saudi National Bank (1180.SE).
On Wednesday, the kingdom's biggest lender reported quarterly net profit of 4.50 billion riyals ($1.20 billion), up from 3.41 billion a year earlier.
Elsewhere, oil giant Saudi Aramco (2222.SE) gained 0.8%, on course to extend gains for a second session.
Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country thanks to higher oil revenues. read more
In Qatar, the index (.QSI) dropped 0.3%, hit by a slide of 4.5% in sharia-compliant lender Masraf Al Rayan (MARK.QA), following a decline in first-quarter net profit.
However the index's losses were limited by gains at Gulf International Services (GISS.QA), which jumped 10%, as it swung to profit in the first quarter.
Dubai's main share index (.DFMGI) rose 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 1%.
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates, Reuters reported on Wednesday, citing a source with knowledge of the matter. read more
Most stock markets in the Gulf rose in early trade on Thursday, with the Abu Dhabi index leading the gains, boosted by a rise in the country's largest lender, First Abu Dhabi Bank (FAB.AD).
In Abu Dhabi, the index (.FTFADGI) advanced 1.1%, buoyed by a 1.2% gain in First Abu Dhabi Bank (FAB), which reported its highest quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Total quarterly income of 7.3 billion dirhams ($1.99 billion) includes a net gain of 2.8 billion from the Magnati stake sale, up from 4.4 billion dirhams, a stock market filing showed.
Saudi Arabia's benchmark index (.TASI) added 0.2%, helped by a rise of 1.6% in Saudi National Bank (1180.SE).
On Wednesday, the kingdom's biggest lender reported quarterly net profit of 4.50 billion riyals ($1.20 billion), up from 3.41 billion a year earlier.
Elsewhere, oil giant Saudi Aramco (2222.SE) gained 0.8%, on course to extend gains for a second session.
Ratings agency Fitch this week revised its outlook for Aramco to "positive" from "stable", citing a similar action on the country thanks to higher oil revenues. read more
In Qatar, the index (.QSI) dropped 0.3%, hit by a slide of 4.5% in sharia-compliant lender Masraf Al Rayan (MARK.QA), following a decline in first-quarter net profit.
However the index's losses were limited by gains at Gulf International Services (GISS.QA), which jumped 10%, as it swung to profit in the first quarter.
Dubai's main share index (.DFMGI) rose 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) putting on 1%.
The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates, Reuters reported on Wednesday, citing a source with knowledge of the matter. read more
Oil falls as China fuel demand concerns linger | Reuters
Oil falls as China fuel demand concerns linger | Reuters
Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions.
Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel.
Both contracts had settled over 30 cents higher on Wednesday on worries about tight worldwide oil supplies and another drawdown in U.S. distillate and gasoline stocks.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, but distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world's biggest oil importer, due to the economic impact of COVID-19 restrictions.
Brent crude futures had fallen 62 cents, or 0.59%, to $104.70 a barrel by 0712 GMT. U.S. West Texas Intermediate crude futures slipped 48 cents, or 0.47%, to $101.54 a barrel.
Both contracts had settled over 30 cents higher on Wednesday on worries about tight worldwide oil supplies and another drawdown in U.S. distillate and gasoline stocks.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, but distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
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