Americana IPO: Middle East Pizza Hut Operator Adds Morgan Stanley as IPO Banker - Bloomberg
The operator of KFC and Pizza Hut restaurants across the Middle East and North Africa has added Morgan Stanley to work on a planned initial public offering that could value the firm at around $8 billion, according to people familiar with the matter.
The New York-based bank will work alongside First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc. and SNB Capital for the IPO of Americana Group, the people said, asking not to be identified discussing confidential information. Rothschild & Co. is the financial adviser on the IPO.
Americana, backed by Saudi Arabia’s Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, started preparations for a dual listing in Riyadh and Abu Dhabi that could raise about $1 billion, Bloomberg News reported. Details on size and timing of the offering are still preliminary and subject to change.
A representative for Americana declined to comment. A spokesperson for Morgan Stanley didn’t immediately respond to a request for comment.
Tuesday 7 June 2022
Oil settles up 1% on tight supply, U.S. crude at 13-week high | Reuters
Oil settles up 1% on tight supply, U.S. crude at 13-week high | Reuters
Oil prices gained about 1% on Tuesday, with U.S. crude settling at a 13-week high on supply concerns, including no nuclear deal with Iran, and prospects for demand growth in China, which is relaxing lockdowns to control the pandemic.
Looking ahead, analysts polled by Reuters forecast U.S. crude inventories fell last week. A drop in crude stockpiles could further support prices.,
The American Petroleum Institute (API), an industry group, will issue its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday. The U.S. Energy Information Administration (EIA) reports at 10:30 a.m. EDT (1430 GMT) on Wednesday.
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Robert Yawger, executive director of energy futures at Mizuho, said "several numbers" in the EIA report are "within striking distance of historical lows," including possibly crude storage for the country, crude storage at Cushing, Oklahoma and crude storage in Strategic Petroleum Reserve.
Brent futures gained $1.06, or 0.9%, to settle at $120.57 a barrel, its highest since May 31. U.S. West Texas Intermediate (WTI) crude gained 91 cents, or 0.8%, to $119.41, its highest settlement since March 8 which matched an August 2008 settlement high.
Oil prices gained about 1% on Tuesday, with U.S. crude settling at a 13-week high on supply concerns, including no nuclear deal with Iran, and prospects for demand growth in China, which is relaxing lockdowns to control the pandemic.
Looking ahead, analysts polled by Reuters forecast U.S. crude inventories fell last week. A drop in crude stockpiles could further support prices.,
The American Petroleum Institute (API), an industry group, will issue its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday. The U.S. Energy Information Administration (EIA) reports at 10:30 a.m. EDT (1430 GMT) on Wednesday.
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Robert Yawger, executive director of energy futures at Mizuho, said "several numbers" in the EIA report are "within striking distance of historical lows," including possibly crude storage for the country, crude storage at Cushing, Oklahoma and crude storage in Strategic Petroleum Reserve.
Brent futures gained $1.06, or 0.9%, to settle at $120.57 a barrel, its highest since May 31. U.S. West Texas Intermediate (WTI) crude gained 91 cents, or 0.8%, to $119.41, its highest settlement since March 8 which matched an August 2008 settlement high.
#Kuwait's state oil company seeks to borrow up to $1 billion | Reuters
Kuwait's state oil company seeks to borrow up to $1 billion | Reuters
The state-owned Kuwait Petroleum Corporation is seeking to borrow up to $1 billion from banks including HSBC and JPMorgan, according to a parliamentary document reviewed by Reuters.
"The Kuwait Petroleum Corporation is currently negotiating with the Japanese export credit agency to provide insurance cover for the financing that the corporation will obtain from a group of international banks, including HSBC and JPMorgan, with a value not exceeding $1 billion for a period of 13 years," Oil Minister Mohammad al-Fares said in response to a lawmaker's inquiry.
The financing will be used for capital expenditure, including on oil and gas production, Fares said.
"It was found that there is a need to invest large amounts of money in order for the corporation to implement (its five-year) strategy and to maintain and develop production levels," he said.
The state-owned Kuwait Petroleum Corporation is seeking to borrow up to $1 billion from banks including HSBC and JPMorgan, according to a parliamentary document reviewed by Reuters.
"The Kuwait Petroleum Corporation is currently negotiating with the Japanese export credit agency to provide insurance cover for the financing that the corporation will obtain from a group of international banks, including HSBC and JPMorgan, with a value not exceeding $1 billion for a period of 13 years," Oil Minister Mohammad al-Fares said in response to a lawmaker's inquiry.
The financing will be used for capital expenditure, including on oil and gas production, Fares said.
"It was found that there is a need to invest large amounts of money in order for the corporation to implement (its five-year) strategy and to maintain and develop production levels," he said.
Gulf stocks drop as inflation fears hit sentiment | Reuters
Gulf stocks drop as inflation fears hit sentiment | Reuters
Middle Eastern stock markets ended lower on Tuesday, tracking global shares, as rising inflation and a looming economic slowdown dampened investor sentiment.
The MSCI's benchmark for global stocks (.MIWD00000PUS) fell 0.3% to 650 points by 0843 GMT, weighed by morning losses in Europe and earlier weakness across Asian markets.
The main stock index in Saudi Arabia (.TASI) retreated 1.2%, falling most among Gulf peers, with Al Rajhi Bank (1120.SE) sliding 1.9% and the kingdom's largest lender Saudi National Bank (1180.SE) dropping 2.1%.
The Saudi stock market remains exposed to selling pressure and followed other markets into the red, said Eman AlAyyaf, CEO of EA Trading, adding that the market could see new price corrections like last month.
Dubai's main share index (.DFMGI) dipped 0.5%, as top lender Emirates NBD (ENBD.DU) fell 1.4% and Emirates Integrated Telecommunications (DU.DU) slipped 1.2%.
"The Dubai stock market fell as investors returned to selling after the latest rebound," added AlAyyaf.
In Abu Dhabi, the index (.FTFADGI) lost 0.3%, extending the losses to fifth straight session.
Petrochemical maker Borouge (BOROUGE.AD) dropped 1.9% and lender Abu Dhabi Commercial Bank (ADCB.AD) decreased 2%.
Separately, Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer with enterprise value of roughly 2.8 billion euros. read more
The Qatari index (.QSI) eased 0.1%, pressured by a 3% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA) and a 1.5% drop in Commercial Bank (COMB.QA).
Whereas, Gulf International Services (GISS.QA) surged 10% after the company announced an interim agreement with Manaya Holding Group for potential merger of its unit Amwaj with Shaqab.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, with Commercial International Bank Egypt (COMI.CA) adding 0.6%.
Middle Eastern stock markets ended lower on Tuesday, tracking global shares, as rising inflation and a looming economic slowdown dampened investor sentiment.
The MSCI's benchmark for global stocks (.MIWD00000PUS) fell 0.3% to 650 points by 0843 GMT, weighed by morning losses in Europe and earlier weakness across Asian markets.
The main stock index in Saudi Arabia (.TASI) retreated 1.2%, falling most among Gulf peers, with Al Rajhi Bank (1120.SE) sliding 1.9% and the kingdom's largest lender Saudi National Bank (1180.SE) dropping 2.1%.
The Saudi stock market remains exposed to selling pressure and followed other markets into the red, said Eman AlAyyaf, CEO of EA Trading, adding that the market could see new price corrections like last month.
Dubai's main share index (.DFMGI) dipped 0.5%, as top lender Emirates NBD (ENBD.DU) fell 1.4% and Emirates Integrated Telecommunications (DU.DU) slipped 1.2%.
"The Dubai stock market fell as investors returned to selling after the latest rebound," added AlAyyaf.
In Abu Dhabi, the index (.FTFADGI) lost 0.3%, extending the losses to fifth straight session.
Petrochemical maker Borouge (BOROUGE.AD) dropped 1.9% and lender Abu Dhabi Commercial Bank (ADCB.AD) decreased 2%.
Separately, Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer with enterprise value of roughly 2.8 billion euros. read more
The Qatari index (.QSI) eased 0.1%, pressured by a 3% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA) and a 1.5% drop in Commercial Bank (COMB.QA).
Whereas, Gulf International Services (GISS.QA) surged 10% after the company announced an interim agreement with Manaya Holding Group for potential merger of its unit Amwaj with Shaqab.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.6%, with Commercial International Bank Egypt (COMI.CA) adding 0.6%.
Oil prices stable as market juggles risk sentiment with tight supplies | Reuters
Oil prices stable as market juggles risk sentiment with tight supplies | Reuters
Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs.
Brent crude futures were down 44 cents, or 0.3%, at $119.07 barrel at 1209 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.3%, at $118.15 a barrel, having risen by over $1 per barrel earlier in the session.
"Risk sentiment is responsible for the drop, with European equity markets negative," said UBS analyst Giovanni Staunovo.
U.S. State department authorisation for Eni and Repsol to start shipping Venezuelan crude to Europe from July to replace lost Russian barrels has also weighed on prices in recent days. read more
Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs.
Brent crude futures were down 44 cents, or 0.3%, at $119.07 barrel at 1209 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.3%, at $118.15 a barrel, having risen by over $1 per barrel earlier in the session.
"Risk sentiment is responsible for the drop, with European equity markets negative," said UBS analyst Giovanni Staunovo.
U.S. State department authorisation for Eni and Repsol to start shipping Venezuelan crude to Europe from July to replace lost Russian barrels has also weighed on prices in recent days. read more
Exxon and Total Poised to Win Stakes in Giant Qatari Gas Project - Bloomberg
Exxon and Total Poised to Win Stakes in Giant Qatari Gas Project - Bloomberg
Exxon Mobil Corp. and TotalEnergies SE are among a group of Western energy companies poised to win stakes in a multi-billion dollar project to boost Qatar’s gas exports, people with knowledge of the matter said.
State producer QatarEnergy may announce its decision as soon as this weekend, according to the people. Several other firms including Shell Plc also bid to be part of the expansion.
Qatar’s project, one of the largest ever in the natural gas industry, comes as Europe rushes to wean itself off Russian supplies in the wake of Moscow’s attack on Ukraine. Josep Borrell, the European Union’s chief diplomat, German Economy Minister Robert Habeck and other officials have visited Qatar in recent months in a bid to secure commitments of extra gas.
The investments will help the Persian Gulf state fund a plan of at least $30 billion to raise annual output of liquefied natural gas to almost 130 million tons by 2027. Qatar may initially announce partners for the first phase, some of the people said. That part will see QatarEnergy build four liquefaction units, known as trains, each with a capacity of 8 million tons per year. The first gas flows aren’t expected until 2026, according Qatar’s emir.
Exxon Mobil Corp. and TotalEnergies SE are among a group of Western energy companies poised to win stakes in a multi-billion dollar project to boost Qatar’s gas exports, people with knowledge of the matter said.
State producer QatarEnergy may announce its decision as soon as this weekend, according to the people. Several other firms including Shell Plc also bid to be part of the expansion.
Qatar’s project, one of the largest ever in the natural gas industry, comes as Europe rushes to wean itself off Russian supplies in the wake of Moscow’s attack on Ukraine. Josep Borrell, the European Union’s chief diplomat, German Economy Minister Robert Habeck and other officials have visited Qatar in recent months in a bid to secure commitments of extra gas.
The investments will help the Persian Gulf state fund a plan of at least $30 billion to raise annual output of liquefied natural gas to almost 130 million tons by 2027. Qatar may initially announce partners for the first phase, some of the people said. That part will see QatarEnergy build four liquefaction units, known as trains, each with a capacity of 8 million tons per year. The first gas flows aren’t expected until 2026, according Qatar’s emir.
Financials lead major Gulf bourses lower amid inflation worries | Reuters
Financials lead major Gulf bourses lower amid inflation worries | Reuters
Major Gulf equities fell in early trade on Tuesday, mirroring a fall in its Asian peers amid inflation fears, ahead of U.S. inflation data and central bank meetings in Europe and the United States.
The Reserve Bank of Australia raised interest rates by the most in 22 years and flagged more tightening to come as it battles to restrain surging inflation, stunning markets and sending the Aussie up, briefly. read more
The main stock index in Saudi Arabia (.TASI) retreated 0.5%, weighed down by banking stocks with Al Rajhi Bank (1120.SE) losing 1.1% and the Riyad Bank (1010.SE) dropping 1.5%.
Separately, Saudi Arabia's gross domestic product grew 9.9% in the first quarter, more than a flash estimate last month of 9.6%, an official data showed on Tuesday. read more
The Qatari index (.QSI) declined 0.6%, as the Gulf's biggest lender Qatar National Bank (QNBK.QA) decreased 1.4% and Commercial Bank (COMB.QA) slid 2.3%.
Whereas, Gulf International Services (GISS.QA) soared 8% after the company announced an interim agreement with Manaya Holding Group for potential merger of its unit Amwaj with Shaqab.
In Abu Dhabi, the index (.FTFADGI) edged down 0.1%, on track to extend its fifth straight session of losses.
Conglomerate International Holding Company (IHC.AD) eased 0.3% and petrochemical maker Borouge (BOROUGE.AD) dropped 0.9%.
Dubai's main share index (.DFMGI) also fell 0.6%, with Emirates Integrated Telecommunications (DU.DU) slipping 1.3% and Sharia lender Dubai Islamic Bank (DISB.DU) losing 0.8%.
Major Gulf equities fell in early trade on Tuesday, mirroring a fall in its Asian peers amid inflation fears, ahead of U.S. inflation data and central bank meetings in Europe and the United States.
The Reserve Bank of Australia raised interest rates by the most in 22 years and flagged more tightening to come as it battles to restrain surging inflation, stunning markets and sending the Aussie up, briefly. read more
The main stock index in Saudi Arabia (.TASI) retreated 0.5%, weighed down by banking stocks with Al Rajhi Bank (1120.SE) losing 1.1% and the Riyad Bank (1010.SE) dropping 1.5%.
Separately, Saudi Arabia's gross domestic product grew 9.9% in the first quarter, more than a flash estimate last month of 9.6%, an official data showed on Tuesday. read more
The Qatari index (.QSI) declined 0.6%, as the Gulf's biggest lender Qatar National Bank (QNBK.QA) decreased 1.4% and Commercial Bank (COMB.QA) slid 2.3%.
Whereas, Gulf International Services (GISS.QA) soared 8% after the company announced an interim agreement with Manaya Holding Group for potential merger of its unit Amwaj with Shaqab.
In Abu Dhabi, the index (.FTFADGI) edged down 0.1%, on track to extend its fifth straight session of losses.
Conglomerate International Holding Company (IHC.AD) eased 0.3% and petrochemical maker Borouge (BOROUGE.AD) dropped 0.9%.
Dubai's main share index (.DFMGI) also fell 0.6%, with Emirates Integrated Telecommunications (DU.DU) slipping 1.3% and Sharia lender Dubai Islamic Bank (DISB.DU) losing 0.8%.
South Africa says #UAE arrests Gupta brothers, wanted on corruption charges | Reuters
South Africa says UAE arrests Gupta brothers, wanted on corruption charges | Reuters
South Africa said on Monday the United Arab Emirates had arrested Rajesh Gupta and Atul Gupta, brothers who face charges of political corruption under former South African president Jacob Zuma.
Confirming South Africa's statement on Tuesday, Dubai police said on Twitter that it had coordinated with South African authorities "regarding the extradition file to complete the legal procedures".
South Africa's Ministry of Justice and Correctional Services said on Monday there were discussions between various law enforcement agencies in the UAE and South Africa "on the way forward". The two nations agreed an extradition treaty last year.
The brothers are accused of using connections with Zuma, who ruled from 2009 to 2018, to win contracts, misappropriate state assets, influence cabinet appointments and siphon off state funds. Zuma and the Guptas deny any wrongdoing.
South Africa said on Monday the United Arab Emirates had arrested Rajesh Gupta and Atul Gupta, brothers who face charges of political corruption under former South African president Jacob Zuma.
Confirming South Africa's statement on Tuesday, Dubai police said on Twitter that it had coordinated with South African authorities "regarding the extradition file to complete the legal procedures".
South Africa's Ministry of Justice and Correctional Services said on Monday there were discussions between various law enforcement agencies in the UAE and South Africa "on the way forward". The two nations agreed an extradition treaty last year.
The brothers are accused of using connections with Zuma, who ruled from 2009 to 2018, to win contracts, misappropriate state assets, influence cabinet appointments and siphon off state funds. Zuma and the Guptas deny any wrongdoing.
EQT, Mubadala Buys Envirotainer for $3 Billion Enterprise Value - Bloomberg
EQT, Mubadala Buys Envirotainer for $3 Billion Enterprise Value - Bloomberg
Funds managed by EQT AB and Mubadala Investment Company have agreed to buy Swedish medical freight company Envirotainer AB for an enterprise value of about 2.8 billion euros ($3.0 billion).
The majority investment in Envirotainer, which provides supply chain solutions for the transportation of biopharmaceuticals, will be bought from Cinven and Novo Holdings. In January, Bloomberg reported that Cinven was exploring options for the freight specialist.
“EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC,” according to a statement on Tuesday.
At the end of last year, the Swedish company said it had carried 1 billion doses of the Covid-19 vaccine in its fleet of temperature-controlled air cargo containers. The company currently has 6,700 containers and employs 375 employees.
The transaction is expected to close in the third quarter, meaning that the EQT X fund will be 0-5% invested based on its target size. The Stockholm-based private equity firm and Mubadala were advised by Jefferies International.
Funds managed by EQT AB and Mubadala Investment Company have agreed to buy Swedish medical freight company Envirotainer AB for an enterprise value of about 2.8 billion euros ($3.0 billion).
The majority investment in Envirotainer, which provides supply chain solutions for the transportation of biopharmaceuticals, will be bought from Cinven and Novo Holdings. In January, Bloomberg reported that Cinven was exploring options for the freight specialist.
“EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC,” according to a statement on Tuesday.
At the end of last year, the Swedish company said it had carried 1 billion doses of the Covid-19 vaccine in its fleet of temperature-controlled air cargo containers. The company currently has 6,700 containers and employs 375 employees.
The transaction is expected to close in the third quarter, meaning that the EQT X fund will be 0-5% invested based on its target size. The Stockholm-based private equity firm and Mubadala were advised by Jefferies International.
#Saudi GDP grows 9.9% in Q1, beating flash estimate | Reuters
Saudi GDP grows 9.9% in Q1, beating flash estimate | Reuters
Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed on Tuesday.
It was the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"This growth is due to the high increase in oil activities by 20.3%," the General Authority for Statistics said.
GDP growth was 2.6% higher than in the fourth quarter on a seasonally-adjusted basis, while oil activity was up 2.9% on a quarterly basis.
Crude petroleum and natural gas activities were the highest contributor to GDP at 32.4%, the statistics authority said.
Saudi Arabia's gross domestic product grew 9.9% in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6%, official data showed on Tuesday.
It was the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
"This growth is due to the high increase in oil activities by 20.3%," the General Authority for Statistics said.
GDP growth was 2.6% higher than in the fourth quarter on a seasonally-adjusted basis, while oil activity was up 2.9% on a quarterly basis.
Crude petroleum and natural gas activities were the highest contributor to GDP at 32.4%, the statistics authority said.
#Dubai Real Estate's Key Test, #SaudiArabia Hikes Oil Prices, Turkey Inflation - Bloomberg
Dubai Real Estate's Key Test, Saudi Arabia Hikes Oil Prices, Turkey Inflation - Bloomberg
Dubai’s property sector is set to be in the spotlight again with the expected IPO of a key business park operator.
Dubai Holding’s Tecom Group, home to 7,500 companies, may announce its intention to float this week. Bankers describe the IPO as a key test of whether Dubai has truly drawn a line under its devastating 2009 crash.
Real estate investors in Dubai have endured some rough years after being hit by several delistings, including that of the malls business of Emaar Properties, the largest developer in town.
But Tecom’s listing also coincides with a jump in prime real estate prices in the city. Buoyed by Asians escaping lockdowns to Russians parking their money since the invasion of Ukraine, Dubai’s high-end property rose 56% in 2021, outperforming global hubs such as San Francisco and London.
The potential IPO’s timing also seems auspicious: Dubai is in the middle of a push to boost trading volumes and increase liquidity on its exchange, which has been lagging regional rivals in recent years. When Dubai announced the Tecom share sale, it said the IPO was part of a plan to boost the size of the local market to 3 trillion dirhams.
The Gulf IPO market remains buoyant thanks to high oil prices, while global markets struggle. Share sales in the region have raised $13.4 billion in the first five months of the year, already eclipsing the amount raised in any other first half, data compiled by Bloomberg show.
Still, Tecom may face a tougher sell than for example DEWA, the power and water utility that successfully listed in April, given Dubai real estate’s boom-and-bust history that began with the 2009 property crash.
Dubai’s property sector is set to be in the spotlight again with the expected IPO of a key business park operator.
Dubai Holding’s Tecom Group, home to 7,500 companies, may announce its intention to float this week. Bankers describe the IPO as a key test of whether Dubai has truly drawn a line under its devastating 2009 crash.
Real estate investors in Dubai have endured some rough years after being hit by several delistings, including that of the malls business of Emaar Properties, the largest developer in town.
But Tecom’s listing also coincides with a jump in prime real estate prices in the city. Buoyed by Asians escaping lockdowns to Russians parking their money since the invasion of Ukraine, Dubai’s high-end property rose 56% in 2021, outperforming global hubs such as San Francisco and London.
The potential IPO’s timing also seems auspicious: Dubai is in the middle of a push to boost trading volumes and increase liquidity on its exchange, which has been lagging regional rivals in recent years. When Dubai announced the Tecom share sale, it said the IPO was part of a plan to boost the size of the local market to 3 trillion dirhams.
The Gulf IPO market remains buoyant thanks to high oil prices, while global markets struggle. Share sales in the region have raised $13.4 billion in the first five months of the year, already eclipsing the amount raised in any other first half, data compiled by Bloomberg show.
Still, Tecom may face a tougher sell than for example DEWA, the power and water utility that successfully listed in April, given Dubai real estate’s boom-and-bust history that began with the 2009 property crash.
Oil prices inch higher on relaxed China COVID curbs, tight supplies | Reuters
Oil prices inch higher on relaxed China COVID curbs, tight supplies | Reuters
Oil prices edged higher on Tuesday on an expected demand recovery in China as the world's second-biggest economy relaxes tough COVID-19 curbs, and on doubts that a higher output target by OPEC+ producers would ease tight supply.
Brent crude futures were up 28 cents, or 0.2%, at $119.79 barrel at 0601 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.3%, at $118.81 a barrel. The benchmark hit a three-month high of $120.99 on Monday.
Beijing and commercial hub Shanghai have been returning to normal in recent days after two months of painful lockdowns to stem outbreaks of the Omicron variant. Traffic bans were lifted and restaurants were opened for dine-in service on Monday in most parts of Beijing. read more
Oil prices edged higher on Tuesday on an expected demand recovery in China as the world's second-biggest economy relaxes tough COVID-19 curbs, and on doubts that a higher output target by OPEC+ producers would ease tight supply.
Brent crude futures were up 28 cents, or 0.2%, at $119.79 barrel at 0601 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.3%, at $118.81 a barrel. The benchmark hit a three-month high of $120.99 on Monday.
Beijing and commercial hub Shanghai have been returning to normal in recent days after two months of painful lockdowns to stem outbreaks of the Omicron variant. Traffic bans were lifted and restaurants were opened for dine-in service on Monday in most parts of Beijing. read more