Oil settles mixed amid Beijing lockdown fears, tight supplies | Reuters

Oil settles mixed amid Beijing lockdown fears, tight supplies | Reuters

Oil prices settled mixed on Thursday as supply concerns and geopolitical tension in Europe got the upper hand over the economic fears dogging financial markets as inflation soars.

Brent crude fell 6 cents to settle at $107.45 a barrel. WTI crude rose 42 cents, or 0.4%, to settle at $106.13.

"The trading has been thin and nobody knows what's going to move the needle," said John Kilduff, partner at Again Capital LLC in New York.

A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

Oil rises as supply concerns outweigh reduced demand, recession risks | Reuters

Oil rises as supply concerns outweigh reduced demand, recession risks | Reuters

Oil prices rose on Thursday, reversing earlier losses, as supply concerns and geopolitical tension in Europe got the upper hand over the economic fears dogging financial markets as inflation soars.

Brent crude rose 46 cents, or 0.4%, to $107.97 a barrel by 11:44 a.m. EDT (1644 GMT). WTI crude rose $1.14, or 1.1 %, to $106.85.

"The trading has been thin and nobody knows what's going to move the needle," said John Kilduff, partner at Agan Capital LLC in Galena, illinois.

A pending European Union ban on oil from Russia, a key supplier of crude and fuels to the bloc, is anticipated to further tighten global supplies.

#AbuDhabi leads Gulf bourses lower; Aramco surpasses Apple | Reuters

Abu Dhabi leads Gulf bourses lower; Aramco surpasses Apple | Reuters

Abu Dhabi led Middle East stock markets lower on Thursday as fears grew that fast-rising inflation will drive a sharp rise in interest rates that brings the global economy to a standstill.

The U.S. Labor Department's monthly consumer price index (CPI) report suggested inflation may have peaked in April but is likely to stay strong enough to keep the Federal Reserve's foot on the brakes to cool demand. read more

In Abu Dhabi, the index (.FTFADGI) tumbled 5.8%, its biggest intraday fall since March 2020, dragged down by a 8.5% plunge in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).

The main share index (.DFMGI) in Dubai, the Middle East's business and tourism hub, dived 5.7%, with blue-chip developer Emaar Properties (EMAR.DU) tumbling 8%.

Oil prices, a key catalyst for the Gulf's financial markets, fell in a volatile week as recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Saudi Arabia's benchmark index (.TASI) slid 4.1%, with Al Rajhi Bank (1120.SE) declining 6.5%.

Among other stocks that fell, oil behemoth Saudi Aramco (2222.SE) retreated 1.8% to 44.70 riyals.

Aramco had dethroned Apple Inc (AAPL.O) as the biggest company by market capitalization after the latter fell more than 5% in the previous session.

Aramco is now worth about $2.38 trillion easing from $2.43 trillion, still higher compared to $2.37 trillion valuation of Apple, Refinitiv data shows.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1.6%, as almost all the stocks on the index were in negative territory.

The Egyptian market remains exposed to the changing sentiment and could continue seeing a volatile performance, said Fadi Reyad, market analyst at CAPEX.com.

"The change in expectations comes on top of the impact the country is witnessing from the conflict in Ukraine."

Tensions were stoked again as Finland confirmed it would apply to join NATO "without delay" in the wake of Russia's invasion of Ukraine, a war that has already had a major economic effect by driving up global energy and food prices. read more

Oil slips on fears recession may hit demand | Reuters

Oil slips on fears recession may hit demand | Reuters

Oil prices fell on Thursday in a volatile week as recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude was down 82 cents, or 0.8%, to $106.69 a barrel at 1333 GMT. WTI crude fell 30 cents, or 0.3%, to $105.41 a barrel.

Oil prices have been under pressure this week, along with global financial markets, amid jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession.

Prolonged COVID-19 lockdowns in the world's top crude importer, China, have also impacted the market.

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #SaudiArabia #Qatar close

Oil slips on fears recession may hit demand | Reuters

Oil slips on fears recession may hit demand | Reuters

Oil prices fell on Thursday in a volatile week as recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude was down $1.92, or 1.8%, to $105.59 a barrel at 1202 GMT. WTI crude fell $1.79, or 1.7%, to $103.92 a barrel.

Oil prices are under pressure this week, along with global financial markets, amid jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession.

Prolonged COVID-19 lockdowns in the world's top crude importer, China, have also impacted the market.

#Dubai’s Shuaa Capital Q1 net profit falls due to asset write-down

Dubai’s Shuaa Capital Q1 net profit falls due to asset write-down

Dubai-based investment bank Shuaa Capital has posted a drop in Q1 2022 net profit after writing down intangible assets worth 31 million dirhams ($8.4 million).

Attributable net profit for the period fell to 5.6 million dirhams, compared to 24.9 million posted in the year-ago period last year, the company said in a statement on Thursday to the Dubai Financial Market.

Excluding the write-down, the company's net profit would have come in at 37 million dirhams, the statement added.

Net operating revenue was 89.4 million dirhams compared with 102 million dirhams in the year-ago period.

Oil Has Two Messages for the World -- Both Bad: Chart - Bloomberg

Oil Has Two Messages for the World -- Both Bad: Chart - Bloomberg

The $27 increase in oil prices this year has two pieces of bad news for the global economy, according to Bloomberg Economics. The demand drag on crude signals a growth slowdown that’s already in motion. And supply shortages, the sole factor behind this year’s price surge, will probably result in a further loss of momentum in the future.

SABIC profit up 33% on higher prices, volumes | Reuters

SABIC profit up 33% on higher prices, volumes | Reuters

Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemicals firms, on Thursday beat expectations with a 33% rise in first quarter net profit on higher prices and volumes.

SABIC's net profit of 6.47 billion riyals ($1.72 billion) after Islamic zakat and other taxes topped the 5.125 billion riyals forecast by analysts, Refinitiv data showed.

Sales rose 40% to 52.64 billion riyals, topping an analysts forecast of 50.042 billion.

"In 2022, SABIC will remain focused on delivering its growth strategy, achieving operational resilience and meeting our ESG (environmental, social and governance) commitments while at all times maintaining a strong balance sheet," CEO Yousef Abdullah al-Benyan said in a statement.

Average selling prices were up 26% from a year earlier and 3% higher than in the fourth quarter of last year, Benyan told a news conference.

#SaudiArabia Hires Rothschild to Help Oversee Binladin Group Overhaul - Bloomberg

Saudi Arabia Hires Rothschild to Help Oversee Binladin Group Overhaul - Bloomberg

Saudi Arabia’s finance ministry has hired Rothschild & Co. to help oversee the restructuring of the kingdom’s biggest construction conglomerate Saudi Binladin Group, according to people familiar with the matter.

Rothschild’s appointment means the restructuring process, which began two years ago when Binladin engaged New York-based Houlihan Lokey Inc., will require additional time to be completed, the people said, asking not be named because the information is not public.

The Ministry of Finance didn’t respond to requests for comment. Rothschild and Houlihan declined to comment.

Binladin is trying to recover from years of losses and reduce a debt pile of billions of dollars. Houlihan last year outlined a road map to the company’s lenders to turn the company into a national champion again capable of building the mega-projects that are key to the crown prince’s ambitious economic reform plans.

Top #AbuDhabi Wealth Fund ADIA Closes Latin America Equities Team - Bloomberg

Top Abu Dhabi Wealth Fund ADIA Closes Latin America Equities Team - Bloomberg

The Abu Dhabi Investment Authority has shut down a team investing in Latin American equities, as part of efforts to focus on higher-growth areas, according to people familiar with the matter.

ADIA, the world’s third-largest sovereign wealth fund, made the decision to terminate the internally-managed Latin America mandate at the end of March, the people said. The move affects seven portfolio managers, two of whom will stay on at ADIA in different roles, the people said.

Abu Dhabi’s rainy-day fund still retains some of its Latin America public equities exposure but through externally-managed mandates that also include Mexico and the Andean region, the people said, asking not to be named because the information is confidential.

ADIA declined to comment.

Oil slips more than 2% on fears recession may hit demand | Reuters

Oil slips more than 2% on fears recession may hit demand | Reuters

Oil prices dropped more than 2% on Thursday in a volatile week as recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude was down $2.26, or 2.1%, to $105.25 a barrel at 0903 GMT. WTI crude fell $2.45, or 2.3%, to $103.26 a barrel.

Oil prices are under pressure this week, along with global financial markets, amid jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession.

Prolonged COVID-19 lockdowns in the world's top crude importer, China, have also impacted the market.

#AbuDhabi leads major Gulf bourses lower on recession fears | Reuters

Abu Dhabi leads major Gulf bourses lower on recession fears | Reuters

Major Gulf bourses tumbled in early trade on Thursday, as data showed U.S. inflation persistently hot, deepening investor worries about the economic toll of aggressive interest rate hikes.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 2.3% to a 22-month low. Japan's Nikkei (.N225) fell 1.8%.

In Abu Dhabi, the index (.FTFADGI) slid 4.9%, its biggest intraday fall since March 2020, dragged down by a near 8% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).

Saudi Arabia's benchmark index (.TASI) declined 2%, with Al Rajhi Bank (1120.SE) bank losing 2.4% and oil giant Saudi Aramco (2222.SE) retreated 3.1% to 44.1 riyals, pulling back from the top spot as the world's most valued company.

On Wednesday, Aramco dethroned Apple Inc (AAPL.O) as the biggest company by market capitalization after the latter fell more than 5%.

Aramco is now worth about $2.35 trillion easing from $2.43 trillion, compared to $2.37 trillion valuation of Apple, Refinitiv data shows.

Dubai's main share index (.DFMGI) tumbled 4.6%, as shares fell across the board, including sharia-compliant lender Dubai Islamic Bank (DISB.DU), which plunged 7.5%.

Oil prices dropped more than 1% in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Oil prices are under pressure this week, along with global financial markets, on jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession. Prolonged COVID-19 lockdowns in world's top crude importer China have also impacted the market.

The Qatari index (.QSI) dropped 1.2%, with petrochemical maker Industries Qatar (IQCD.QA) falling 3.8%.