Oil falls 3% on uncertainty over future OPEC+ output, recession fears | Reuters
Oil prices sank around 3% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.
Brent crude futures for September delivery fell $3.42, or 3%, to settle at $109.03 per barrel. The August contract, which expires on Thursday, fell $1.45, or 1.3%, to settle at $114.81 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell $4.02, or 3.7%, to settle at $105.76 a barrel.
The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards. read more
Thursday, 30 June 2022
#UAE Partners With Startup Deel to Expedite Foreign Worker Visas - Bloomberg
UAE Partners With Startup Deel to Expedite Foreign Worker Visas - Bloomberg
The United Arab Emirates is forging a partnership with startup Deel to speed up the visa process for foreign workers, offering a new tool in the country’s push to attract international talent and become a regional technology hub.
Payroll and onboarding company Deel will be able to offer its customers, which include the likes of Coinbase Global Inc. and Shopify Inc., faster access to visas through a strategic partnership with the UAE’s Office for AI, Digital Economy and Remote Work Applications, according to a statement shared with Bloomberg.
“I expect this to be a big growth generator for Deel and hopefully a big magnet for talent to the UAE,” Chief Executive Officer Alex Bouaziz said. Customers will be able to access two kinds of visas -- ten years of self-sponsored residence or a more flexible one for shorter durations.
The UAE government has been seeking to make the country a more attractive destination for global technology companies, as part of a plan to diversify away from oil. Bouaziz said that Deel has already begun onboarding workers in recent weeks under the agreement and it could eventually expand to cover tens of thousands of employees.
Founded in 2019, San Francisco-based Deel was last valued at $5.5 billion in October and has received backing from investors including Coatue and and Altimeter Capital. Deel entered a public offer last week to acquire Australian payroll company PayGroup, and Bouaziz said the company is working on other acquisitions.
This is the first time the firm has partnered with a government, but the pact could serve as a model for future agreements, Deel said.
The United Arab Emirates is forging a partnership with startup Deel to speed up the visa process for foreign workers, offering a new tool in the country’s push to attract international talent and become a regional technology hub.
Payroll and onboarding company Deel will be able to offer its customers, which include the likes of Coinbase Global Inc. and Shopify Inc., faster access to visas through a strategic partnership with the UAE’s Office for AI, Digital Economy and Remote Work Applications, according to a statement shared with Bloomberg.
“I expect this to be a big growth generator for Deel and hopefully a big magnet for talent to the UAE,” Chief Executive Officer Alex Bouaziz said. Customers will be able to access two kinds of visas -- ten years of self-sponsored residence or a more flexible one for shorter durations.
The UAE government has been seeking to make the country a more attractive destination for global technology companies, as part of a plan to diversify away from oil. Bouaziz said that Deel has already begun onboarding workers in recent weeks under the agreement and it could eventually expand to cover tens of thousands of employees.
Founded in 2019, San Francisco-based Deel was last valued at $5.5 billion in October and has received backing from investors including Coatue and and Altimeter Capital. Deel entered a public offer last week to acquire Australian payroll company PayGroup, and Bouaziz said the company is working on other acquisitions.
This is the first time the firm has partnered with a government, but the pact could serve as a model for future agreements, Deel said.
Oil falls 2% on uncertainty over future OPEC+ output, recession fears | Reuters
Oil falls 2% on uncertainty over future OPEC+ output, recession fears | Reuters
Oil prices sank over 2% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.
Brent crude futures for September delivery fell $2.62, or 2.3%, to $109.83 per barrel by 1:10 p.m. EDT (1710 GMT). The August contract, which expires on Thursday, fell $1.36, or 1.2%, to $114.90 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell $3.22, or 2.9%, to $106.56 a barrel.
The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards. read more
Oil prices sank over 2% on Thursday as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.
Brent crude futures for September delivery fell $2.62, or 2.3%, to $109.83 per barrel by 1:10 p.m. EDT (1710 GMT). The August contract, which expires on Thursday, fell $1.36, or 1.2%, to $114.90 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell $3.22, or 2.9%, to $106.56 a barrel.
The OPEC+ group of producers, including Russia, on Thursday agreed to stick to its output strategy after two days of meetings. The producer club avoided discussing policy from September onwards. read more
#SaudiArabia in talks to take stake in Aston Martin | Financial Times
Saudi Arabia in talks to take stake in Aston Martin | Financial Times
Saudi Arabia’s Public Investment Fund is in talks with Aston Martin about taking a stake in the business, as the luxury carmaker seeks to raise additional finances for its next range of cars, according to four people.
Saudi Arabia’s Public Investment Fund is in talks with Aston Martin about taking a stake in the business, as the luxury carmaker seeks to raise additional finances for its next range of cars, according to four people.
The PIF, which already has holdings in Lucid Motors and McLaren, is in talks to take fresh equity in the business that could be worth £200mn, the people said.
Talks are at an early stage, they added. Aston is facing the challenge of funding its next generation of sports cars, and its first push into electric vehicles, at a time when the business is saddled with debt and producing no net cash.
The company does not expect to begin generating cash until 2023, and one of Aston’s first priorities is to start paying down some of its high-interest debt.
Oil Set for First Monthly Drop This Year as OPEC+ Hikes Supply - Bloomberg
Oil Set for First Monthly Drop This Year as OPEC+ Hikes Supply - Bloomberg
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Oil is heading for the first monthly decline since November as OPEC+ completed the return of output that it halted during the pandemic.
West Texas Intermediate futures traded near $109 a barrel. OPEC+ rubber-stamped an increase in supply for August, but focus is turning to how much those members with spare production capacity will pump once the current agreement ends.
“Plain sailing as per the last many meetings,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Nothing new in terms of how to address the massive level of over-compliance. Demand destruction is needed to prevent an autumn of oil market discontent.”
The oil market was roiled by two conflicting drivers in June. Escalating fears over an economic slowdown as central banks aggressively raise interest rates has weighed on headline prices. Still, physical barrels are fetching enormous premiums as tight crude markets wrestle with outages from Libya to Ecuador.
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Oil is heading for the first monthly decline since November as OPEC+ completed the return of output that it halted during the pandemic.
West Texas Intermediate futures traded near $109 a barrel. OPEC+ rubber-stamped an increase in supply for August, but focus is turning to how much those members with spare production capacity will pump once the current agreement ends.
“Plain sailing as per the last many meetings,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Nothing new in terms of how to address the massive level of over-compliance. Demand destruction is needed to prevent an autumn of oil market discontent.”
The oil market was roiled by two conflicting drivers in June. Escalating fears over an economic slowdown as central banks aggressively raise interest rates has weighed on headline prices. Still, physical barrels are fetching enormous premiums as tight crude markets wrestle with outages from Libya to Ecuador.
Most Gulf indexes fall on fears of sharp economic slowdown | Reuters
Most Gulf indexes fall on fears of sharp economic slowdown | Reuters
Most stock markets in the Gulf ended lower on Thursday, as central banks' aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown.
On Wednesday, central bank chiefs from the U.S. Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control inflation no matter what pain it caused. read more
The MSCI World Equity Index was last down 0.67% (.MIWD00000PUS) with year-to-date losses at more than 20%, the most since the index's creation. The decline has wiped $13 trillion off stock values.
Saudi Arabia's benchmark index (.TASI) gave up early gains to close 1.7% lower, with Al Rajhi Bank (1120.SE) falling 2.6% and Saudi National Bank (1180.SE) retreating 3.5%.
The Saudi index (.TASI) has lost almost 12% this quarter, its worst performance since the start of the pandemic.
Dubai's main share index (.DFMGI) fell 0.7%, posting quarterly losses of more than 8%, with top lender Emirates NBD (ENBD.DU) down 1.5%.
The Dubai market was volatile and remained under pressure after a small rebound, said Farah Mourad, senior market analyst of XTB MENA.
"The market could return to new price corrections as concerns around the global economic conditions continue to affect investors' sentiment."
In Abu Dhabi, equities (.FTFADGI) eased 0.4%, hit by a 0.7% fall in International Holding (IHC.AD), a day after the conglomerate briefly touched a record valuation of more than $150 billion.
However, losses were limited by a 1% rise in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), after HSBC raised its rating on the bank to "Hold" from "Reduce".
The Abu Dhabi index (.FTFADGI) logged a quarterly loss of 5.8%, its first quarterly fall since March last year.
The Qatari benchmark (.QSI) slipped 0.4%, with the Gulf's largest lender, Qatar National Bank (QNBK.QA), declining 0.7%.
The index recorded a quarterly loss of nearly 10%.
Most stock markets in the Gulf ended lower on Thursday, as central banks' aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown.
On Wednesday, central bank chiefs from the U.S. Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control inflation no matter what pain it caused. read more
The MSCI World Equity Index was last down 0.67% (.MIWD00000PUS) with year-to-date losses at more than 20%, the most since the index's creation. The decline has wiped $13 trillion off stock values.
Saudi Arabia's benchmark index (.TASI) gave up early gains to close 1.7% lower, with Al Rajhi Bank (1120.SE) falling 2.6% and Saudi National Bank (1180.SE) retreating 3.5%.
The Saudi index (.TASI) has lost almost 12% this quarter, its worst performance since the start of the pandemic.
Dubai's main share index (.DFMGI) fell 0.7%, posting quarterly losses of more than 8%, with top lender Emirates NBD (ENBD.DU) down 1.5%.
The Dubai market was volatile and remained under pressure after a small rebound, said Farah Mourad, senior market analyst of XTB MENA.
"The market could return to new price corrections as concerns around the global economic conditions continue to affect investors' sentiment."
In Abu Dhabi, equities (.FTFADGI) eased 0.4%, hit by a 0.7% fall in International Holding (IHC.AD), a day after the conglomerate briefly touched a record valuation of more than $150 billion.
However, losses were limited by a 1% rise in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), after HSBC raised its rating on the bank to "Hold" from "Reduce".
The Abu Dhabi index (.FTFADGI) logged a quarterly loss of 5.8%, its first quarterly fall since March last year.
The Qatari benchmark (.QSI) slipped 0.4%, with the Gulf's largest lender, Qatar National Bank (QNBK.QA), declining 0.7%.
The index recorded a quarterly loss of nearly 10%.
GIP, #AbuDhabi Fund ADIA Agree to Buy $7.4 Billion Railcar Lessor VTG - Bloomberg
GIP, Abu Dhabi Fund ADIA Agree to Buy $7.4 Billion Railcar Lessor VTG - Bloomberg
A consortium including Global Infrastructure Partners agreed to buy control of VTG AG in a deal valuing the German railcar lessor at about 7 billion euros ($7.4 billion) including debt.
GIP is partnering with sovereign wealth fund Abu Dhabi Investment Authority on the purchase, according to a statement Wednesday, which confirmed an earlier Bloomberg News report. They will acquire a nearly 73% holding in the Hamburg-based company from investors including Morgan Stanley Infrastructure Partners.
VTG owns more than 88,500 railcars, a portfolio that ranks as the largest privately owned fleet in Europe, according to Wednesday’s statement. Morgan Stanley Infrastructure bought VTG through a 2018 takeover bid valuing the company at about 1.5 billion euros.
GIP and ADIA beat out rival investment firms vying for VTG, people with knowledge of the matter said earlier. Late German entrepreneur Joachim Herz’s private foundation is selling its interest in VTG through the deal. Another investor in VTG, Canadian pension fund Omers, will keep its holding after the transaction, according to the statement.
A consortium including Global Infrastructure Partners agreed to buy control of VTG AG in a deal valuing the German railcar lessor at about 7 billion euros ($7.4 billion) including debt.
GIP is partnering with sovereign wealth fund Abu Dhabi Investment Authority on the purchase, according to a statement Wednesday, which confirmed an earlier Bloomberg News report. They will acquire a nearly 73% holding in the Hamburg-based company from investors including Morgan Stanley Infrastructure Partners.
VTG owns more than 88,500 railcars, a portfolio that ranks as the largest privately owned fleet in Europe, according to Wednesday’s statement. Morgan Stanley Infrastructure bought VTG through a 2018 takeover bid valuing the company at about 1.5 billion euros.
GIP and ADIA beat out rival investment firms vying for VTG, people with knowledge of the matter said earlier. Late German entrepreneur Joachim Herz’s private foundation is selling its interest in VTG through the deal. Another investor in VTG, Canadian pension fund Omers, will keep its holding after the transaction, according to the statement.
Shell (LON:SHEL) Set to Sign Deal With #Qatar for Giant Gas Project - Bloomberg
Shell (LON:SHEL) Set to Sign Deal With Qatar for Giant Gas Project - Bloomberg
Shell Plc is set to follow other Western energy majors by taking a stake in a $29 billion project to boost Qatar’s exports of liquefied natural gas, just as Europe races to shore up new supplies of the fuel.
The London-based company will probably announce its partnership with state-controlled Qatar Energy in Doha on Tuesday, according to two people familiar with the matter. Shell’s chief executive officer, Ben van Beurden, is likely to attend the signing ceremony with Qatari Energy Minister Saad al Kaabi, who’s also CEO of QE, one of the people said.
A Shell spokesperson declined to comment, while QE didn’t immediately respond to a request for comment.
Qatar is increasing its output capacity amid a global energy crunch. Demand for LNG is soaring as European nations try to wean themselves off Russian gas following Moscow’s attack on Ukraine.
Shell Plc is set to follow other Western energy majors by taking a stake in a $29 billion project to boost Qatar’s exports of liquefied natural gas, just as Europe races to shore up new supplies of the fuel.
The London-based company will probably announce its partnership with state-controlled Qatar Energy in Doha on Tuesday, according to two people familiar with the matter. Shell’s chief executive officer, Ben van Beurden, is likely to attend the signing ceremony with Qatari Energy Minister Saad al Kaabi, who’s also CEO of QE, one of the people said.
A Shell spokesperson declined to comment, while QE didn’t immediately respond to a request for comment.
Qatar is increasing its output capacity amid a global energy crunch. Demand for LNG is soaring as European nations try to wean themselves off Russian gas following Moscow’s attack on Ukraine.
#SaudiArabia Unemployment Falls to Lowest Since 2008 as Economy Booms - Bloomberg
Saudi Arabia Unemployment Falls to Lowest Since 2008 as Economy Booms - Bloomberg
Saudi Arabia’s citizen unemployment rate fell to the lowest since 2008 as economic growth surged on the back of higher oil revenue.
Joblessness was at 10.1% in the first quarter, down from 11% in the final three months of last year. The rate reached 5.1% for male citizens and 20.2% for female Saudis, according to data published Thursday by the kingdom’s General Authority for Statistics.
The economy of the world’s largest crude exporter grew nearly 10% in the first quarter, buoyed by higher oil prices and production. The non-oil economy, the engine of job creation, expanded 3.7%.
Citizen unemployment peaked at over 15% at the height of the pandemic in mid-2020 and has since fallen almost every quarter. Yet even in a booming job market, the labor participation rate for Saudis fell by 1.4 percentage point from the fourth quarter to 50.1% in the first three months of this year.
Saudi Arabia’s citizen unemployment rate fell to the lowest since 2008 as economic growth surged on the back of higher oil revenue.
Joblessness was at 10.1% in the first quarter, down from 11% in the final three months of last year. The rate reached 5.1% for male citizens and 20.2% for female Saudis, according to data published Thursday by the kingdom’s General Authority for Statistics.
The economy of the world’s largest crude exporter grew nearly 10% in the first quarter, buoyed by higher oil prices and production. The non-oil economy, the engine of job creation, expanded 3.7%.
Citizen unemployment peaked at over 15% at the height of the pandemic in mid-2020 and has since fallen almost every quarter. Yet even in a booming job market, the labor participation rate for Saudis fell by 1.4 percentage point from the fourth quarter to 50.1% in the first three months of this year.
Pandemic Price Controls Experiment Goes Seriously Awry in #Kuwait - Bloomberg
Pandemic Price Controls Experiment Goes Seriously Awry in Kuwait - Bloomberg
Price controls designed to freeze food costs during the coronavirus outbreak in Kuwait have long outlasted the worst of the pandemic, causing indiscriminate economic havoc two years later.
It was a stopgap measure by one of the world’s richest countries, meant to protect an economy that relies on imports for more than 90% of its food.
But as its side effects increasingly come at a cost to companies and consumers, Kuwait’s experience carries a lesson for a growing number of nations around the world that are imposing or at least debating price controls to cope with record inflation.
“Controlling prices will lead to shortages,” said Eid Al-Shihri, an economist who’s a board member of the Kuwait Entrepreneurs Society. “When the government freezes prices, it shifts away from the market equilibrium, so those on the market supply side are affected.”
Price controls designed to freeze food costs during the coronavirus outbreak in Kuwait have long outlasted the worst of the pandemic, causing indiscriminate economic havoc two years later.
It was a stopgap measure by one of the world’s richest countries, meant to protect an economy that relies on imports for more than 90% of its food.
But as its side effects increasingly come at a cost to companies and consumers, Kuwait’s experience carries a lesson for a growing number of nations around the world that are imposing or at least debating price controls to cope with record inflation.
“Controlling prices will lead to shortages,” said Eid Al-Shihri, an economist who’s a board member of the Kuwait Entrepreneurs Society. “When the government freezes prices, it shifts away from the market equilibrium, so those on the market supply side are affected.”
Billionaire Olayans Join Funding for #UAE Agritech Firm Pure Harvest - Bloomberg
Billionaire Olayans Join Funding for Agritech Firm Pure Harvest - Bloomberg
United Arab Emirates-based Pure Harvest Smart Farms raised $180.5 million in its biggest ever fundraising, from backers including the billionaire Olayan family, which runs one of Saudi Arabia’s largest conglomerates.
The firm, which already has farms in the UAE and Saudi Arabia, will use the funds to expand in the Middle East and enter new markets in Asia. It grows produce including tomatoes and strawberries in controlled environments to protect crops from harsh outdoor conditions while also limiting water use.
Other investors include Britain’s Metric Capital Partners and South Korea’s IMM Investment Corp., the company said in a statement. The latest round, structured as a convertible financing, brings the total amount raised by Pure Harvest to $387.1 million.
Mostly dependent on imported food, governments in the Middle East have put increasing focus on food security in the wake of the coronavirus pandemic and Russia’s invasion of Ukraine. The war has sharply reduced exports from Ukraine, while the blockade of key Black Sea ports has exacerbated supply-chain turmoil, sending global food prices soaring.
United Arab Emirates-based Pure Harvest Smart Farms raised $180.5 million in its biggest ever fundraising, from backers including the billionaire Olayan family, which runs one of Saudi Arabia’s largest conglomerates.
The firm, which already has farms in the UAE and Saudi Arabia, will use the funds to expand in the Middle East and enter new markets in Asia. It grows produce including tomatoes and strawberries in controlled environments to protect crops from harsh outdoor conditions while also limiting water use.
Other investors include Britain’s Metric Capital Partners and South Korea’s IMM Investment Corp., the company said in a statement. The latest round, structured as a convertible financing, brings the total amount raised by Pure Harvest to $387.1 million.
Mostly dependent on imported food, governments in the Middle East have put increasing focus on food security in the wake of the coronavirus pandemic and Russia’s invasion of Ukraine. The war has sharply reduced exports from Ukraine, while the blockade of key Black Sea ports has exacerbated supply-chain turmoil, sending global food prices soaring.
Major Gulf bourses track oil prices higher; #Dubai dips | Reuters
Major Gulf bourses track oil prices higher; Dubai dips | Reuters
Most Gulf stock markets rose in early trade on Thursday on crude prices' strength, while gains were limited amid concerns that major central banks' aggressive rate-hike approach for taming inflation would end up slowing down the global economy.
Oil prices, a key catalyst for the Gulf's financial market, edged higher after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories.
Saudi Arabia's benchmark index (.TASI) inched 0.1% higher in a choppy trading session, led by a 3.9% rise in Sahara International Petrochemical Company (2310.SE).
The kingdom, the world's largest oil exporter, may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month. read more
Among other gainers, Arabian Centres (4321.SE) was up 1%, as the company adopted fair value model to measure real estate and the investment properties.
The mall operator expects net assets to be positively affected after adopting this model by an increase of about 10 billion riyals ($2.67 billion).
In Abu Dhabi, the equities (.FTFADGI) gained 1.1%, led by a 2% rise in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), after HSBC raised its rating for the bank to 'Hold' from 'Reduce'.
However, HSBC slashed its target price to 16.6 dirhams from 18.1 dirhams earlier.
The Qatari benchmark (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) climbing 1.5%.
The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, eased 0.1%, hit by a 1.1% fall in top lender Emirates NBD (ENBD.DU).
Most Gulf stock markets rose in early trade on Thursday on crude prices' strength, while gains were limited amid concerns that major central banks' aggressive rate-hike approach for taming inflation would end up slowing down the global economy.
Oil prices, a key catalyst for the Gulf's financial market, edged higher after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories.
Saudi Arabia's benchmark index (.TASI) inched 0.1% higher in a choppy trading session, led by a 3.9% rise in Sahara International Petrochemical Company (2310.SE).
The kingdom, the world's largest oil exporter, may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month. read more
Among other gainers, Arabian Centres (4321.SE) was up 1%, as the company adopted fair value model to measure real estate and the investment properties.
The mall operator expects net assets to be positively affected after adopting this model by an increase of about 10 billion riyals ($2.67 billion).
In Abu Dhabi, the equities (.FTFADGI) gained 1.1%, led by a 2% rise in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), after HSBC raised its rating for the bank to 'Hold' from 'Reduce'.
However, HSBC slashed its target price to 16.6 dirhams from 18.1 dirhams earlier.
The Qatari benchmark (.QSI) added 0.4%, with petrochemical maker Industries Qatar (IQCD.QA) climbing 1.5%.
The main share index (.DFMGI) in Dubai, the Middle East's travel and tourism hub, eased 0.1%, hit by a 1.1% fall in top lender Emirates NBD (ENBD.DU).
Oil steady as fuel stocks counter supply concerns | Reuters
Oil steady as fuel stocks counter supply concerns | Reuters
Oil prices were largely steady in volatile trading on Thursday as the market weighed concerns over global supply against a build in U.S. fuel product inventories.
Brent crude futures for September, the more actively traded contract, were up 28 cents, or 0.3%, at $112.73 a barrel by 0911 GMT. The August contract, which expires on Thursday, was down 11 cents, or 0.1%, at $116.15.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.2%, to $109.98.
Crude inventories fell by 2.8 million barrels in the week to June 24, U.S. Energy Information Administration data showed, far exceeding the 569,000 barrel drop forecast in a Reuters poll of analysts. read more
Oil prices were largely steady in volatile trading on Thursday as the market weighed concerns over global supply against a build in U.S. fuel product inventories.
Brent crude futures for September, the more actively traded contract, were up 28 cents, or 0.3%, at $112.73 a barrel by 0911 GMT. The August contract, which expires on Thursday, was down 11 cents, or 0.1%, at $116.15.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.2%, to $109.98.
Crude inventories fell by 2.8 million barrels in the week to June 24, U.S. Energy Information Administration data showed, far exceeding the 569,000 barrel drop forecast in a Reuters poll of analysts. read more