Oil settles up 1% at 2-week high on worries about tight supply | Reuters
Oil prices rose about 1%, with global benchmark Brent settling at a two-week high in volatile trade on Tuesday as traders worried about tight supplies and a weaker dollar.
Brent futures rose $1.08, or 1.0%, to settle at $107.35 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.62, or 1.6%, to settle at $104.22.
Brent posted its highest close since July 4 and WTI its highest since July 8. At one point during the volatile session, both benchmarks were down around $2 a barrel.
"Crude oil has staged an incredible turnaround today," said Robert Yawger, executive director of energy futures at Mizuho.
"There was no big red bullish headline to greenlight the rally, but the combination of beaten down open interest and low trade volume will often encourage wild price swings," Yawger said.
Tuesday 19 July 2022
Oil prices fall on economic slowdown warnings | Reuters
Oil prices fall on economic slowdown warnings | Reuters
Oil prices fell 2% on Tuesday after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, though tight supply and a weaker dollar curbed some losses.
Brent crude futures for September settlement were down $1.64, or 1.5%, at $104.63 a barrel by 1328 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery fell by $1.63, or 1.6%, to $100.97 a barrel. The contract climbed 5.1% on Monday, the largest percentage gain since May 11.
The August WTI contract expires on Wednesday, and the more actively traded September contract was at $97.50 a barrel, down $1.92, or 1.9%.
The International Monetary Fund on Tuesday warned that any Russian action to stop supplying Europe with gas would trigger economic contractions of more than 5% over the next year in the Czech Republic, Hungary, Slovakia and Italy, the Financial Times reported.
Oil prices fell 2% on Tuesday after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, though tight supply and a weaker dollar curbed some losses.
Brent crude futures for September settlement were down $1.64, or 1.5%, at $104.63 a barrel by 1328 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery fell by $1.63, or 1.6%, to $100.97 a barrel. The contract climbed 5.1% on Monday, the largest percentage gain since May 11.
The August WTI contract expires on Wednesday, and the more actively traded September contract was at $97.50 a barrel, down $1.92, or 1.9%.
The International Monetary Fund on Tuesday warned that any Russian action to stop supplying Europe with gas would trigger economic contractions of more than 5% over the next year in the Czech Republic, Hungary, Slovakia and Italy, the Financial Times reported.
Gulf bourses extend rebound, #Saudi outperforms | Reuters
Gulf bourses extend rebound, Saudi outperforms | Reuters
Saudi Arabia's stock market outperformed its Gulf peers on Tuesday, as the region continued its rebound from the recent selloff, although the markets were cautious about inflation and global economic growth.
The benchmark index (.TASI) in the kingdom advanced 1.8%, led by a 2.1% rise in Riyad Bank (1010.SE) and a 2% increase in Makkah Construction and Development Co (4100.SE).
The Saudi market extended gains, strengthened by the rise in oil prices in the last couple of days, said Daniel Takieddine, CEO MENA BDSwiss.
"However, the market could start correcting again as crude prices could return to their downward trend."
Crude prices, a key catalyst for the Gulf's financial market, fell 2% after soaring by more than $5 a barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, but tight supplies and a weaker dollar curbed some losses.
Dubai's main share index (.DFMGI) gained 0.5%, driven by a 6.9% jump in Emirates Integrated Telecommunications (DU.DU).
According to Takieddine, the market was supported by the government's initiatives and solid local fundamentals that could spur economic development.
The governments of France and the United Arab Emirates signed on Monday a strategic agreement to cooperate in the energy sector, the French government said. read more
In Abu Dhabi, equities (.FTFADGI) added 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI), which commenced trading at 1240 local time due to a technical glitch, was up 0.3%, helped by a 2.5% gain in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.9%, boosted by a 2.5% leap in top lender Commercial International Bank (COMI.CA).
Recently, the Egyptian bourse hit its lowest in nearly six years as the country has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs for key commodity imports, especially since Russia's invasion of Ukraine.
Saudi Arabia's stock market outperformed its Gulf peers on Tuesday, as the region continued its rebound from the recent selloff, although the markets were cautious about inflation and global economic growth.
The benchmark index (.TASI) in the kingdom advanced 1.8%, led by a 2.1% rise in Riyad Bank (1010.SE) and a 2% increase in Makkah Construction and Development Co (4100.SE).
The Saudi market extended gains, strengthened by the rise in oil prices in the last couple of days, said Daniel Takieddine, CEO MENA BDSwiss.
"However, the market could start correcting again as crude prices could return to their downward trend."
Crude prices, a key catalyst for the Gulf's financial market, fell 2% after soaring by more than $5 a barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, but tight supplies and a weaker dollar curbed some losses.
Dubai's main share index (.DFMGI) gained 0.5%, driven by a 6.9% jump in Emirates Integrated Telecommunications (DU.DU).
According to Takieddine, the market was supported by the government's initiatives and solid local fundamentals that could spur economic development.
The governments of France and the United Arab Emirates signed on Monday a strategic agreement to cooperate in the energy sector, the French government said. read more
In Abu Dhabi, equities (.FTFADGI) added 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI), which commenced trading at 1240 local time due to a technical glitch, was up 0.3%, helped by a 2.5% gain in Qatar Islamic Bank (QISB.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.9%, boosted by a 2.5% leap in top lender Commercial International Bank (COMI.CA).
Recently, the Egyptian bourse hit its lowest in nearly six years as the country has come under pressure because of a sharp slide in foreign portfolio investor holdings and rising costs for key commodity imports, especially since Russia's invasion of Ukraine.
#Sharjah Media City opens doors to new financing opportunities in collaboration with Funding Souq
Sharjah Media City opens doors to new financing opportunities in collaboration with Funding Souq
Sharjah Media City (Shams) is expanding support for entrepreneurial ventures in the media sector and adding new financing opportunities to its portfolio that target innovative start-ups and SMEs and enable them to secure financing through a strategic partnership and guarantee scheme agreement with venture debt platform Funding Souq.
The agreement aims to provide innovative financing facilities for start-ups and SMEs through Funding Souq’s crowdfunding platform while Shams offers loan repayment guarantees.
Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City, said, "Securing funding remains among the most daunting challenges for start-ups to overcome at various stages of their development, and as part of our mission to build an environment that supports entrepreneurship, innovation, and creative thinkers in the media and creativity sector, Shams sought to set up new opportunities for our community of start-ups and SMEs to benefit from. The strategic partnership with Funding Souq will bring advanced solutions to this issue not only for our community, but also for innovative media companies from the wider ecosystem where we can see promising growth opportunities."
"Shams is committed to living up to the mission entrusted to us by H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and to that end has set an ambitious vision to develop the business landscape that enables media start-ups to establish a thriving business community dedicated to transforming bold ideas into pioneering projects in the future," he added.
Sharjah Media City (Shams) is expanding support for entrepreneurial ventures in the media sector and adding new financing opportunities to its portfolio that target innovative start-ups and SMEs and enable them to secure financing through a strategic partnership and guarantee scheme agreement with venture debt platform Funding Souq.
The agreement aims to provide innovative financing facilities for start-ups and SMEs through Funding Souq’s crowdfunding platform while Shams offers loan repayment guarantees.
Dr. Khalid Omar Al Midfa, Chairman of Sharjah Media City, said, "Securing funding remains among the most daunting challenges for start-ups to overcome at various stages of their development, and as part of our mission to build an environment that supports entrepreneurship, innovation, and creative thinkers in the media and creativity sector, Shams sought to set up new opportunities for our community of start-ups and SMEs to benefit from. The strategic partnership with Funding Souq will bring advanced solutions to this issue not only for our community, but also for innovative media companies from the wider ecosystem where we can see promising growth opportunities."
"Shams is committed to living up to the mission entrusted to us by H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, and to that end has set an ambitious vision to develop the business landscape that enables media start-ups to establish a thriving business community dedicated to transforming bold ideas into pioneering projects in the future," he added.
Oil prices fall on economic slowdown warnings | Reuters
Oil prices fall on economic slowdown warnings | Reuters
Oil prices fell 2% on Tuesday after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, but tight supplies and a weaker dollar curbed some losses.
Brent crude futures for September settlement fell $1.62 or 1.5% to $104.65 a barrel by 1153 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery fell by $1.87, or 1.8%, to $100.73 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.
The August WTI contract expires on Wednesday and the more actively traded September contract was at $97.66 a barrel, down $1.76, or 1.8%.
The International Monetary Fund on Tuesday warned that any Russian action to stop supplying Europe with gas would trigger economic contractions of more than 5% over the next year in the Czech Republic, Hungary, Slovakia and Italy, the Financial Times reported.
Oil prices fell 2% on Tuesday after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, but tight supplies and a weaker dollar curbed some losses.
Brent crude futures for September settlement fell $1.62 or 1.5% to $104.65 a barrel by 1153 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery fell by $1.87, or 1.8%, to $100.73 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.
The August WTI contract expires on Wednesday and the more actively traded September contract was at $97.66 a barrel, down $1.76, or 1.8%.
The International Monetary Fund on Tuesday warned that any Russian action to stop supplying Europe with gas would trigger economic contractions of more than 5% over the next year in the Czech Republic, Hungary, Slovakia and Italy, the Financial Times reported.
#Dubai’s Metaverse Strategy Targets 40,000 Virtual Jobs in Five Years - Bloomberg
Dubai’s Metaverse Strategy Targets 40,000 Virtual Jobs in Five Years - Bloomberg
Dubai is seeking to break into the world’s top 10 metaverse economies under a new strategy that envisions the sector supporting as many as 40,000 additional virtual jobs and adding $4 billion to the city’s GDP in five years.
The government aims to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations to accelerate the adoption of these technologies, state-run WAM news agency said.
The plan, launched by Dubai Crown Prince Sheikh Hamdan bin Mohammed, aims to support the government’s goal of increasing the number of blockchain companies by five times in five years. Dubai is already home to over 1,000 companies in the metaverse and blockchain sector, which contributes $500 million to the national economy, Sheikh Hamdan said.
“The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community,” WAM said.
The city’s biggest companies are already stepping into the metaverse. Emirates has said it will expand use of the technology, while Damac Group plans to build digital cities. Healthcare firm Thumbay will roll out the a hospital in the metaverse for virtual consultations over the next few months, Khaleej Times reported.
Meanwhile, Dubai has already been trying to attract cryptocurrency companies from around the world. Some of the world’s biggest crypto and fintech firms including Binance and FTX have been granted licenses in the city.
Dubai is seeking to break into the world’s top 10 metaverse economies under a new strategy that envisions the sector supporting as many as 40,000 additional virtual jobs and adding $4 billion to the city’s GDP in five years.
The government aims to develop global standards in building safe and secure platforms for users and develop infrastructure and regulations to accelerate the adoption of these technologies, state-run WAM news agency said.
The plan, launched by Dubai Crown Prince Sheikh Hamdan bin Mohammed, aims to support the government’s goal of increasing the number of blockchain companies by five times in five years. Dubai is already home to over 1,000 companies in the metaverse and blockchain sector, which contributes $500 million to the national economy, Sheikh Hamdan said.
“The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community,” WAM said.
The city’s biggest companies are already stepping into the metaverse. Emirates has said it will expand use of the technology, while Damac Group plans to build digital cities. Healthcare firm Thumbay will roll out the a hospital in the metaverse for virtual consultations over the next few months, Khaleej Times reported.
Meanwhile, Dubai has already been trying to attract cryptocurrency companies from around the world. Some of the world’s biggest crypto and fintech firms including Binance and FTX have been granted licenses in the city.
Oil prices rise on tight supply worries, soft dollar supports | Reuters
Oil prices rise on tight supply worries, soft dollar supports | Reuters
Oil rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.
Brent crude futures for September settlement gained 17 cents to $106.51 a barrel by 0645 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery rose by 36 cent to $102.96 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.
The August WTI contract expires on Wednesday and the more actively traded September future was at $99.74 a barrel, up 32 cents.
Oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows to refiners and end-users and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut future fuel demand.
Oil rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.
Brent crude futures for September settlement gained 17 cents to $106.51 a barrel by 0645 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.
WTI crude futures for August delivery rose by 36 cent to $102.96 a barrel. The contract climbed 5.1% on Monday and the largest percentage gain since May 11.
The August WTI contract expires on Wednesday and the more actively traded September future was at $99.74 a barrel, up 32 cents.
Oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows to refiners and end-users and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut future fuel demand.
Most Gulf bourses gain tracking crude prices | Reuters
Most Gulf bourses gain tracking crude prices | Reuters
Higher oil prices helped most stock markets in the Gulf rise on Tuesday, with the Saudi index on course to post a third straight session of gains.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 3.3% rise in Alinma Bank (1150.SE) and a 1.8% increase in Saudi Basic Industries Corp (2010.SE).
Crude prices, a key catalyst for the Gulf's financial markets, rose slightly, after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.
Over the past few months, oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut fuel demand.
Dubai's main share index (.DFMGI) added 0.4%, led by a 4.2% rise in Emirates Integrated Telecommunications (DU.DU).
Higher oil prices have also helped Dubai-based transport startup Swvl attract customers, as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told Reuters. read more
In Abu Dhabi, the equities (.FTFADGI) firmed 0.3%, with the telecoms firm e& (ETISALAT.AD) gaining 0.9%.
Higher oil prices helped most stock markets in the Gulf rise on Tuesday, with the Saudi index on course to post a third straight session of gains.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, led by a 3.3% rise in Alinma Bank (1150.SE) and a 1.8% increase in Saudi Basic Industries Corp (2010.SE).
Crude prices, a key catalyst for the Gulf's financial markets, rose slightly, after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.
Over the past few months, oil prices have been whipsawed between concerns about supply as Western sanctions on Russian crude and fuel supplies over the Ukraine conflict have disrupted trade flows and rising worries that central bank efforts to tame surging inflation may trigger a recession that would cut fuel demand.
Dubai's main share index (.DFMGI) added 0.4%, led by a 4.2% rise in Emirates Integrated Telecommunications (DU.DU).
Higher oil prices have also helped Dubai-based transport startup Swvl attract customers, as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told Reuters. read more
In Abu Dhabi, the equities (.FTFADGI) firmed 0.3%, with the telecoms firm e& (ETISALAT.AD) gaining 0.9%.
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