Oil up over $2/bbl as hopes fade for OPEC+ supply boost | Reuters
Oil prices settled up more than $2 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will imminently boost supply.
Brent crude futures contract for September, which expire on Friday, jumped more than $3 a barrel during the session and then pared gains to settle at $110.01 a barrel, up $2.87, or 2.7%. The more active October contract was up $2.14, or 2.1%, at $103.97.
U.S. West Texas Intermediate (WTI) crude futures settled at $98.62 a barrel, rising $2.20, or 2.3%, after jumping more than $5 a barrel.
Both contracts logged their second monthly losses, with Brent down about 4% for July and WTI nearly 7% lower.
Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that U.S. drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.
Friday 29 July 2022
Oil prices up nearly $3/bbl as chances of OPEC+ supply boost dim | Reuters
Oil prices up nearly $3/bbl as chances of OPEC+ supply boost dim | Reuters
Oil prices rose nearly $3 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.
Brent crude futures for September settlement, due to expire on Friday, gained $2.79, or 2.6%, to trade at $109.93 a barrel by 12:10 p.m. EDT (1710 GMT) after touching their highest since July 5. The more active October contract was up $2.25, or 2.2%,at $104.11.
U.S. West Texas Intermediate (WTI) crude futures rose $2.79, or 3%, to $99.21 a barrel.
Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that U.S. drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.
The number of rigs drilling for gas in the United States rose by 2 to 157 in the week to Jul 29, while oil-directed drilling rigs rose by 6 to 605, the Baker Hughes data showed.
Oil prices rose nearly $3 a barrel on Friday as attention turned to next week's OPEC+ meeting and dimming expectations that the producer group will boost supply.
Brent crude futures for September settlement, due to expire on Friday, gained $2.79, or 2.6%, to trade at $109.93 a barrel by 12:10 p.m. EDT (1710 GMT) after touching their highest since July 5. The more active October contract was up $2.25, or 2.2%,at $104.11.
U.S. West Texas Intermediate (WTI) crude futures rose $2.79, or 3%, to $99.21 a barrel.
Oil pared some gains after the release of data from oil services firm Baker Hughes, which showed that U.S. drillers added crude rigs for a record 23 months in a row, indicating more supply ahead.
The number of rigs drilling for gas in the United States rose by 2 to 157 in the week to Jul 29, while oil-directed drilling rigs rose by 6 to 605, the Baker Hughes data showed.
Oil prices rise as chances of OPEC+ supply boost dim | Reuters
Oil prices rise as chances of OPEC+ supply boost dim | Reuters
Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.
Brent crude futures for September settlement, due to expire on Friday, gained $3.06 to trade at $110.20 a barrel by 1325 GMT after touching their highest since July 5. The more active October contract was up $3.44 at $105.27.
U.S. West Texas Intermediate (WTI) crude futures rose $3.54 to $99.96 a barrel.
Both contracts are set for a second monthly loss, however, down 4.1% and 5.7% respectively.
A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.
Global equities (.MIWD00000PUS), which often move in tandem with oil prices, were up on the hope that U.S. monetary tightening would not be as hawkish as initially expected after disappointing growth figures.
Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.
Brent crude futures for September settlement, due to expire on Friday, gained $3.06 to trade at $110.20 a barrel by 1325 GMT after touching their highest since July 5. The more active October contract was up $3.44 at $105.27.
U.S. West Texas Intermediate (WTI) crude futures rose $3.54 to $99.96 a barrel.
Both contracts are set for a second monthly loss, however, down 4.1% and 5.7% respectively.
A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.
Global equities (.MIWD00000PUS), which often move in tandem with oil prices, were up on the hope that U.S. monetary tightening would not be as hawkish as initially expected after disappointing growth figures.
FTX wins full approval to operate crypto exchange in #Dubai | Reuters
FTX wins full approval to operate crypto exchange in Dubai | Reuters
Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector.
The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as well as operate a nonfungible token marketplace and provide custodial services.
"Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai's sector regulator)," Balsam Danhach, head of FTX Middle East and North Africa, told Reuters.
It said the services would be offered by FTX Exchange FZE, a subsidiary of FTX's division in Europe and the Middle East.
Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector.
The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as well as operate a nonfungible token marketplace and provide custodial services.
"Our license expands to retail customers as well, however, it will be a gradual scale up to ensure that we approach the retail market within the guidelines set by the Virtual Assets Regulatory Authority (Dubai's sector regulator)," Balsam Danhach, head of FTX Middle East and North Africa, told Reuters.
It said the services would be offered by FTX Exchange FZE, a subsidiary of FTX's division in Europe and the Middle East.
#UAE stocks gain on strong oil prices, corporate earnings | Reuters
UAE stocks gain on strong oil prices, corporate earnings | Reuters
United Arab Emirates' stock markets closed higher on Friday as oil prices gained, with investors expecting next week's OPEC+ meeting to not result in a supply boost.
Oil prices, a key catalyst for the Gulf's financial markets, rose more than $2 a barrel on Friday, extending gains from the previous session on lower crude inventories and a rebound in gasoline demand in the United States.
UAE's main share index (.DFMGI) advanced 1.1% as its biggest lender, Emirates NBD (ENBD.DU), climbed 4.2% a day after posting a 42% jump in second-quarter net profit. read more
The index logged a weekly gain of 2.5%, according to refinitiv data.
Among other stocks, blue-chip developer Emaar properties gained 1.5% after a report stated that Dubai's residential real estate transaction volumes were up 60% with an 85% rise in the value of property sold. read more
The Dubai stock market extended its gains, thanks to strong earnings and improving sentiment among investors, said Farah Mourad, senior market analyst at XTB MENA.
Abu Dhabi index (.FTFADGI) rose 1.1%, with conglomerate International Holding Company (IHC.AD) rising 1.3%, while telecoms firm e& (ETISALAT.AD) added 2.9% ahead of its results on Aug. 1.
Among other stocks, petrochemical maker Borouge (BOROUGE.AD) surged around 3% after it reported a 35% growth in its second-quarter net profit to $490 million as overall production capacity improved.
Separately, most of the Gulf central banks lifted their key interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
Oil prices, a key catalyst for the Gulf's financial markets, rose more than $2 a barrel on Friday, extending gains from the previous session on lower crude inventories and a rebound in gasoline demand in the United States.
UAE's main share index (.DFMGI) advanced 1.1% as its biggest lender, Emirates NBD (ENBD.DU), climbed 4.2% a day after posting a 42% jump in second-quarter net profit. read more
The index logged a weekly gain of 2.5%, according to refinitiv data.
Among other stocks, blue-chip developer Emaar properties gained 1.5% after a report stated that Dubai's residential real estate transaction volumes were up 60% with an 85% rise in the value of property sold. read more
The Dubai stock market extended its gains, thanks to strong earnings and improving sentiment among investors, said Farah Mourad, senior market analyst at XTB MENA.
Abu Dhabi index (.FTFADGI) rose 1.1%, with conglomerate International Holding Company (IHC.AD) rising 1.3%, while telecoms firm e& (ETISALAT.AD) added 2.9% ahead of its results on Aug. 1.
Among other stocks, petrochemical maker Borouge (BOROUGE.AD) surged around 3% after it reported a 35% growth in its second-quarter net profit to $490 million as overall production capacity improved.
Separately, most of the Gulf central banks lifted their key interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
#MBS France Visit: Macron Makes Plea to #Saudi Prince to Help With Europe Energy - Bloomberg
MBS France Visit: Macron Makes Plea to Saudi Prince to Help With Europe Energy - Bloomberg
President Emmanuel Macron made a plea to Saudi Crown Prince Mohammed bin Salman to help Europe move away from Russian oil and gas during a one-to-one dinner at the presidential palace in Paris on Thursday.
During the meeting, Macron “stressed the importance of continuing the coordination with Saudi Arabia to diversify the energy supplies of European states,” according to a statement shared by Macron’s office on Friday, which largely insisted on the coordination between the two countries.
Since Russia’s invasion of Ukraine, European countries have been looking for alternatives to Russian oil and gas, and Macron has reached out to leaders of oil-producing countries to contribute, recently welcoming the Emirati leader to Paris for a state visit, and speaking to his Iranian counterpart by phone.
Before the meeting, an official in Macron’s office had said that the president planned to lay out his expectations for the outcome of an upcoming meeting of OPEC countries, advocating for the group to raise oil output to help lower prices, but didn’t expect any announcement or commitments immediately.
President Emmanuel Macron made a plea to Saudi Crown Prince Mohammed bin Salman to help Europe move away from Russian oil and gas during a one-to-one dinner at the presidential palace in Paris on Thursday.
During the meeting, Macron “stressed the importance of continuing the coordination with Saudi Arabia to diversify the energy supplies of European states,” according to a statement shared by Macron’s office on Friday, which largely insisted on the coordination between the two countries.
Since Russia’s invasion of Ukraine, European countries have been looking for alternatives to Russian oil and gas, and Macron has reached out to leaders of oil-producing countries to contribute, recently welcoming the Emirati leader to Paris for a state visit, and speaking to his Iranian counterpart by phone.
Before the meeting, an official in Macron’s office had said that the president planned to lay out his expectations for the outcome of an upcoming meeting of OPEC countries, advocating for the group to raise oil output to help lower prices, but didn’t expect any announcement or commitments immediately.
#UAE Firm Multiply Group With $900 Million in Cash Turns Cautious on Tech Deals - Bloomberg
UAE Firm Multiply Group With $900 Million in Cash Turns Cautious on Tech Deals - Bloomberg
Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna’s lingerie firm, is taking a break from pure technology investments to focus on less volatile sectors.
“We are pausing a little bit of the enthusiasm we had on tech companies at the beginning of the year in favor of more solid income-recurring sectors, such as utilities,” Chief Executive Officer Samia Bouazza said in an interview.
The firm, which has a 3.24 billion dirham ($882 million) warchest, will still look at companies in the wellness and beauty, utilities and media sectors that use technology to run their business. “We don’t go for old-fashioned brick and mortar stuff,” she said.
Over the past year, Multiply has snapped up shares in two of the biggest listings in the United Arab Emirates. It invested in Dubai utility DEWA’s landmark $6.1 billion IPO, as well as in chemicals firm Borouge, which raised $2 billion in Abu Dhabi.
Multiply Group, the Abu Dhabi holding company with investments ranging from Getty Images to Rihanna’s lingerie firm, is taking a break from pure technology investments to focus on less volatile sectors.
“We are pausing a little bit of the enthusiasm we had on tech companies at the beginning of the year in favor of more solid income-recurring sectors, such as utilities,” Chief Executive Officer Samia Bouazza said in an interview.
The firm, which has a 3.24 billion dirham ($882 million) warchest, will still look at companies in the wellness and beauty, utilities and media sectors that use technology to run their business. “We don’t go for old-fashioned brick and mortar stuff,” she said.
Over the past year, Multiply has snapped up shares in two of the biggest listings in the United Arab Emirates. It invested in Dubai utility DEWA’s landmark $6.1 billion IPO, as well as in chemicals firm Borouge, which raised $2 billion in Abu Dhabi.
Oil prices rise as chances of OPEC+ supply boost dim | Reuters
Oil prices rise as chances of OPEC+ supply boost dim | Reuters
Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.
Brent crude futures for September settlement, due to expire on Friday, gained $2.30 to trade at $109.44 a barrel by 1200 GMT after touching their highest since July 5. The more active October contract was up $2.24 at $104.07.
U.S. West Texas Intermediate (WTI) crude futures rose $2.20 to $98.62 a barrel.
Both contracts are set for a second monthly loss, however, down 4.7% and 6.8% respectively.
A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.
Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.
Brent crude futures for September settlement, due to expire on Friday, gained $2.30 to trade at $109.44 a barrel by 1200 GMT after touching their highest since July 5. The more active October contract was up $2.24 at $104.07.
U.S. West Texas Intermediate (WTI) crude futures rose $2.20 to $98.62 a barrel.
Both contracts are set for a second monthly loss, however, down 4.7% and 6.8% respectively.
A weaker dollar and stronger equities also lent support on Friday. A fall in the dollar makes oil cheaper for buyers with other currencies.