Oil rises nearly 2% on strong economic data but trade choppy | Reuters
Oil prices rose nearly 2% on Monday in volatile trading, bouncing off multi-month lows touched last week, as positive economic data from China and the United States fed hopes for demand despite nagging fears of a recession.
Brent crude futures settled $1.73, or 1.8%, at $96.65 a barrel. U.S. West Texas Intermediate crude was at $90.76 a barrel, up $1.75, or 1.97%.
Last week, fears that a recession could dent energy demand pushed front-month Brent prices down 13.7% to their lowest since February. It was Brent's biggest weekly drop since April 2020, and WTI lost 9.7%.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.
"Once again the macro influences have seeped back into this market especially as it relates to Friday's employment number the economics of that should be giving us much better gasoline demand than we're seeing," said John Kilduff, partner at Again Capital LLC in New York.
Monday 8 August 2022
Salik IPO: #Dubai Road-Toll Operator to Seek About $1 Billion in IPO - Bloomberg
Salik IPO: Dubai Road-Toll Operator to Seek About $1 Billion in IPO - Bloomberg
Dubai is seeking to raise about $1 billion by selling shares in the city’s road-toll collection system as soon as next month, people familiar with the matter said.
Ahead of the share sale, Salik has taken out a $1.1 billion loan from Emirates NBD Bank PJSC to pay a special dividend to the government, the people said, asking not to be identified as the information isn’t public.
Emirates NBD will invite other lenders to participate in the loan, they said. Other Dubai IPO candidates have taken out similar loans, two of the people said.
Salik is continuing to target September for its share sale despite a recent dip in investor appetite, the people said. It wasn’t immediately clear how many shares will be offered, but Dubai’s government has previously said it will retain a minimum 60% stake.
Details of the offering such as timing and size are not final and subject to change, the people said. Emirates NBD declined to comment, while representatives for Salik weren’t immediately available for comment.
Dubai is seeking to raise about $1 billion by selling shares in the city’s road-toll collection system as soon as next month, people familiar with the matter said.
Ahead of the share sale, Salik has taken out a $1.1 billion loan from Emirates NBD Bank PJSC to pay a special dividend to the government, the people said, asking not to be identified as the information isn’t public.
Emirates NBD will invite other lenders to participate in the loan, they said. Other Dubai IPO candidates have taken out similar loans, two of the people said.
Salik is continuing to target September for its share sale despite a recent dip in investor appetite, the people said. It wasn’t immediately clear how many shares will be offered, but Dubai’s government has previously said it will retain a minimum 60% stake.
Details of the offering such as timing and size are not final and subject to change, the people said. Emirates NBD declined to comment, while representatives for Salik weren’t immediately available for comment.
#Kuwait's Alghanim Industries considering flotation on stock market | Reuters
Kuwait's Alghanim Industries considering flotation on stock market | Reuters
Kuwait conglomerate Alghanim Industries is considering selling a minority stake in the company through an initial public offering, according to an internal memo seen by Reuters.
The family business formally known as Kutayba Alghanim Group, is exploring the idea of a flotation on the Kuwait stock exchange, the memo said.
"I strongly believe that the scrutiny and regulations inherent in a journey to public listing will make us even stronger and ensure the continuity of our organization," executive chairman Kutayba Alghanim was quoted as saying.
Alghanim operates in sectors including construction materials, retail, automotive and financial services.
It owns dealership rights to Chevrolet and Cadillac, Honda and Lotus, Ford and Lincoln among other car brands. The company also has franchise rights to Costa Coffee in Kuwait and Wendy's Middle East.
Gulf issuers raised over $11 billion from IPOs in the first half of this year, according to data from Refinitiv, exceeding European flotations even as global markets remain volatile in the wake of Russia's invasion of Ukraine.
Kuwait conglomerate Alghanim Industries is considering selling a minority stake in the company through an initial public offering, according to an internal memo seen by Reuters.
The family business formally known as Kutayba Alghanim Group, is exploring the idea of a flotation on the Kuwait stock exchange, the memo said.
"I strongly believe that the scrutiny and regulations inherent in a journey to public listing will make us even stronger and ensure the continuity of our organization," executive chairman Kutayba Alghanim was quoted as saying.
Alghanim operates in sectors including construction materials, retail, automotive and financial services.
It owns dealership rights to Chevrolet and Cadillac, Honda and Lotus, Ford and Lincoln among other car brands. The company also has franchise rights to Costa Coffee in Kuwait and Wendy's Middle East.
Gulf issuers raised over $11 billion from IPOs in the first half of this year, according to data from Refinitiv, exceeding European flotations even as global markets remain volatile in the wake of Russia's invasion of Ukraine.
Watch Industries #Qatar Profit Soars - Bloomberg video
Watch Industries Qatar Profit Soars - Bloomberg
Earnings season in the Gulf is coming to a close. Among the last heavyweight firms to report is Industries Qatar, which saw first half profit rise 57% to 5.4 billion riyals. The company cited an "uneven economic environment". Akber Khan, Senior Director at Al Rayan Investment discusses the earnings report with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Alvarez & Marsal to Increase Staff by 70% in Middle East Push - Bloomberg
Alvarez & Marsal to Increase Staff by 70% in Middle East Push - Bloomberg
Alvarez & Marsal Inc. plans to boost its staff in the Middle East by about 70% after opening offices in Riyadh and Abu Dhabi, as regional competition for financial advisory and restructuring builds.
The turnaround firm aims to have more than 200 employees in the region in 2023 after doubling headcount to 116 in the past year, it said in a statement on Monday. As part the expansion, James Dervin has moved to the Saudi Arabian capital from London to co-lead the region with Dubai-based Paul Gilbert. The firm also hired Faisal Shaikh and Hazim Almegren as managing directors in the corporate finance and financial services group.
A&M is among a handful of international restructuring firms who’ve ramped up hiring in the oil-rich Gulf, which has seen a number of restructurings in recent years. The New York-based company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020. It has also worked on other high-profile cases, including Gulf Pharmaceutical Industries PSC and Finablr Plc.
“Following some high-profile corporate failures, the region’s leadership are taking an increasingly tough stance on audit conflicts -- particularly in the Kingdom,” Gilbert said in the statement.
A&M hired half a dozen turnaround specialists from Deloitte, including a partner, Waqas Ahmed, two directors, Tom Howitt and Ali Taher, as well as three other employees from the accounting firm, Bloomberg reported in June.
Deloitte has also been expanding its restructuring presence in the Middle East, where it employs more than 70 people. The firm is advising creditors of Dubai developer Meydan, which is working on a $2.6 billion debt restructuring plan. Teneo, meanwhile, hired two executives from AlixPartners LLC in Dubai this year, marking its entry into the fast-growing market.
Alvarez & Marsal Inc. plans to boost its staff in the Middle East by about 70% after opening offices in Riyadh and Abu Dhabi, as regional competition for financial advisory and restructuring builds.
The turnaround firm aims to have more than 200 employees in the region in 2023 after doubling headcount to 116 in the past year, it said in a statement on Monday. As part the expansion, James Dervin has moved to the Saudi Arabian capital from London to co-lead the region with Dubai-based Paul Gilbert. The firm also hired Faisal Shaikh and Hazim Almegren as managing directors in the corporate finance and financial services group.
A&M is among a handful of international restructuring firms who’ve ramped up hiring in the oil-rich Gulf, which has seen a number of restructurings in recent years. The New York-based company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020. It has also worked on other high-profile cases, including Gulf Pharmaceutical Industries PSC and Finablr Plc.
“Following some high-profile corporate failures, the region’s leadership are taking an increasingly tough stance on audit conflicts -- particularly in the Kingdom,” Gilbert said in the statement.
A&M hired half a dozen turnaround specialists from Deloitte, including a partner, Waqas Ahmed, two directors, Tom Howitt and Ali Taher, as well as three other employees from the accounting firm, Bloomberg reported in June.
Deloitte has also been expanding its restructuring presence in the Middle East, where it employs more than 70 people. The firm is advising creditors of Dubai developer Meydan, which is working on a $2.6 billion debt restructuring plan. Teneo, meanwhile, hired two executives from AlixPartners LLC in Dubai this year, marking its entry into the fast-growing market.
Oil holds near multi-month lows on demand worries | Reuters
Oil holds near multi-month lows on demand worries | Reuters
Oil prices hovered near multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down 55 cents, or 0.6%, at $94.37 a barrel by 1331 GMT. U.S. West Texas Intermediate crude was at $88.25 a barrel, down 76 cents, or 0.9%.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.
Oil prices hovered near multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down 55 cents, or 0.6%, at $94.37 a barrel by 1331 GMT. U.S. West Texas Intermediate crude was at $88.25 a barrel, down 76 cents, or 0.9%.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.
Earnings lift #AbuDhabi index to 3-month high; Egypt slips after recent run | Reuters
Earnings lift Abu Dhabi index to 3-month high; Egypt slips after recent run | Reuters
Abu Dhabi outperformed other Gulf stock markets on Monday, buoyed by strong corporate earnings, while Egypt's bourse retreated as investors locked in recent gains.
The Abu Dhabi index ahead of second-quarter earnings.
Among other gainers, Abu Dhabi National Oil Co For Distribution (ADNOCDIST.AD) gained 1.9% after reporting quarterly profit of 891.2 million dirhams ($243 million), up from 521.4 million dirhams a year ago.
Dubai's main share index (.DFMGI) closed 1% higher, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.7% and Dubai Investments (DINV.DU) up 5.6%.
High oil prices and increased production have been a boon for the United Arab Emirates economy this year, along with a continued recovery from the COVID-19 pandemic.
UAE finance ministry data on Monday showed the government's net operating surplus more than doubled in the first quarter as oil prices boosted public revenue.
Saudi Arabia's benchmark index (.TASI) was up 0.7%, led by a 2.5% rise in Banque Saudi Fransi (1050.SE).
The Qatari benchmark (.QSI) climbed 1.4%, with most stocks on the index in positive territory, including petrochemical maker Industries Qatar (IQCD.QA), which added 1.2%.
On Sunday, Industries Qatar reported net profit of 5.4 billion riyals ($1.47 billion) for the first-half of 2022, a 57% gain over the first-half of 2021.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.8%, snapping four sessions of gains.
Traders said they had sought to secure gains after last week's strong performance.
Abu Dhabi outperformed other Gulf stock markets on Monday, buoyed by strong corporate earnings, while Egypt's bourse retreated as investors locked in recent gains.
The Abu Dhabi index ahead of second-quarter earnings.
Among other gainers, Abu Dhabi National Oil Co For Distribution (ADNOCDIST.AD) gained 1.9% after reporting quarterly profit of 891.2 million dirhams ($243 million), up from 521.4 million dirhams a year ago.
Dubai's main share index (.DFMGI) closed 1% higher, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.7% and Dubai Investments (DINV.DU) up 5.6%.
High oil prices and increased production have been a boon for the United Arab Emirates economy this year, along with a continued recovery from the COVID-19 pandemic.
UAE finance ministry data on Monday showed the government's net operating surplus more than doubled in the first quarter as oil prices boosted public revenue.
Saudi Arabia's benchmark index (.TASI) was up 0.7%, led by a 2.5% rise in Banque Saudi Fransi (1050.SE).
The Qatari benchmark (.QSI) climbed 1.4%, with most stocks on the index in positive territory, including petrochemical maker Industries Qatar (IQCD.QA), which added 1.2%.
On Sunday, Industries Qatar reported net profit of 5.4 billion riyals ($1.47 billion) for the first-half of 2022, a 57% gain over the first-half of 2021.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.8%, snapping four sessions of gains.
Traders said they had sought to secure gains after last week's strong performance.
Oil stays near multi-month lows on demand worries | Reuters
Oil stays near multi-month lows on demand worries | Reuters
Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down $1.54, or 1.6%, at $93.38 a barrel by 1128 GMT. U.S. West Texas Intermediate crude was at $87.63 a barrel, down 41.38, or 1.6%.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July
Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down $1.54, or 1.6%, at $93.38 a barrel by 1128 GMT. U.S. West Texas Intermediate crude was at $87.63 a barrel, down 41.38, or 1.6%.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July
#UAE government's operating surplus doubles thanks to oil price surge
UAE government's operating surplus doubles thanks to oil price surge
The United Arab Emirates government's net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday.
High oil prices and increased production have been a boon for the UAE's economy this year, along with a continued recovery from the pandemic's impact.
Government spending in the UAE rose to 87.4 billion dirhams from 73.1 billion dirhams in the first quarter of 2021, a nearly 20% rise.
Revenue jumped 39% from a year earlier to 123.8 billion dirhams in the first quarter, the data showed.
The UAE's net operating surplus was up 128.7% from 15.9 billion dirhams in the first quarter of last year.
The UAE in October approved a 58.9 billion dirhams federal budget and in June proposed 1.23 billion dirhams in additional spending. The federal budget is just a fraction of state spending as individual emirates, such as Abu Dhabi and Dubai, also have their own budgets.
Spending on compensation of government employees in the first quarter rose 16.6% year on year to 28.7 billion dirhams. Social benefits expenditure was up 7.4% to 14.1 billion dirhams.
High oil prices and increased production have been a boon for the UAE's economy this year, along with a continued recovery from the pandemic's impact.
Government spending in the UAE rose to 87.4 billion dirhams from 73.1 billion dirhams in the first quarter of 2021, a nearly 20% rise.
Revenue jumped 39% from a year earlier to 123.8 billion dirhams in the first quarter, the data showed.
The UAE's net operating surplus was up 128.7% from 15.9 billion dirhams in the first quarter of last year.
The UAE in October approved a 58.9 billion dirhams federal budget and in June proposed 1.23 billion dirhams in additional spending. The federal budget is just a fraction of state spending as individual emirates, such as Abu Dhabi and Dubai, also have their own budgets.
Spending on compensation of government employees in the first quarter rose 16.6% year on year to 28.7 billion dirhams. Social benefits expenditure was up 7.4% to 14.1 billion dirhams.
Adnoc Distribution's second-quarter net profit surges 71% on revenue boost
Adnoc Distribution's second-quarter net profit surges 71% on revenue boost
Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its second-quarter net profit surged 71 per cent as revenue rose on the back of strong growth in fuel sales.
Net profit for the three months to the end of June rose to Dh891 million ($242.61m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period jumped 72 per cent to Dh8.63 billion, driven by higher fuel selling prices amid a rise in crude prices globally. Higher volumes of fuel sold, as well as a rise in non-fuel business, also supported quarterly revenue.
Net profit for the first six months of the year rose to Dh1.56bn, up 35.6 per cent from the same period last year. Half-yearly revenue surged more than 65 per cent to Dh15.3bn over the prior year period.
Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its second-quarter net profit surged 71 per cent as revenue rose on the back of strong growth in fuel sales.
Net profit for the three months to the end of June rose to Dh891 million ($242.61m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period jumped 72 per cent to Dh8.63 billion, driven by higher fuel selling prices amid a rise in crude prices globally. Higher volumes of fuel sold, as well as a rise in non-fuel business, also supported quarterly revenue.
Net profit for the first six months of the year rose to Dh1.56bn, up 35.6 per cent from the same period last year. Half-yearly revenue surged more than 65 per cent to Dh15.3bn over the prior year period.
#UAE consumer spending rises 22% in first half of 2022: Majid Al Futtaim
UAE consumer spending rises 22% in first half of 2022: Majid Al Futtaim
Dubai's Majid Al Futtaim (MAF), which develops and operates shopping malls across the Middle East, said overall spending in the UAE increased by 22% in the first half (H1) of 2022 from the same period last year.
In its latest "State of the UAE Retail Economy" report, the property and retail conglomerate said the number of visitors to its shopping malls rose by 15% in H1 compared with the same period last year.
Retail spending grew 16% while there was a 31% growth in non-retail sectors, it added.
In the first half of 2022, the retail general category was up by 15% from the same period in 2021, contributing a 44% growth to the overall retail economy. Spending increased on food and beverages (15%), hotels (14%) and pharmacy and health (14%).
The hypermarket and supermarket sector grew by 12% year-on-year, but consumer purchases have shifted towards lower value and higher frequency, with the average transaction value down by 12% compared with the first half of 2021.
The research showed that that omnichannel shopping remains consumers’ preferred way to buy, with e-commerce spending increasing by 41% in the first half of this year from the same period in 2021 and online sales now accounting for 11% of the overall retail economy.
Privately-held Majid Al Futtaim has 28 shopping centres, including in the UAE, Egypt and Saudi Arabia. The company holds the exclusive franchise to the French hypermarket brand Carrefour across the Middle East and North Africa (MENA), and rights for major brands including Abercrombie & Fitch, Lego, Hollister and Lululemon.
Dubai's Majid Al Futtaim (MAF), which develops and operates shopping malls across the Middle East, said overall spending in the UAE increased by 22% in the first half (H1) of 2022 from the same period last year.
In its latest "State of the UAE Retail Economy" report, the property and retail conglomerate said the number of visitors to its shopping malls rose by 15% in H1 compared with the same period last year.
Retail spending grew 16% while there was a 31% growth in non-retail sectors, it added.
In the first half of 2022, the retail general category was up by 15% from the same period in 2021, contributing a 44% growth to the overall retail economy. Spending increased on food and beverages (15%), hotels (14%) and pharmacy and health (14%).
The hypermarket and supermarket sector grew by 12% year-on-year, but consumer purchases have shifted towards lower value and higher frequency, with the average transaction value down by 12% compared with the first half of 2021.
The research showed that that omnichannel shopping remains consumers’ preferred way to buy, with e-commerce spending increasing by 41% in the first half of this year from the same period in 2021 and online sales now accounting for 11% of the overall retail economy.
Privately-held Majid Al Futtaim has 28 shopping centres, including in the UAE, Egypt and Saudi Arabia. The company holds the exclusive franchise to the French hypermarket brand Carrefour across the Middle East and North Africa (MENA), and rights for major brands including Abercrombie & Fitch, Lego, Hollister and Lululemon.
Major Gulf bourses rise as recession concerns ease | Reuters
Major Gulf bourses rise as recession concerns ease | Reuters
Most Gulf stock markets rose in early trade on Monday, tracking oil prices higher as investors' risk appetite improved after data on U.S. jobs and Chinese exports eased recession concerns.
Brent crude futures was up 81 cents, or 0.9%, at $95.73 a barrel by 0638 GMT.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, on course to end four sessions of losses. Retal Urban Development Co (4322.SE) advanced 1.3% and Saudi National Bank (1180.SE), the country's biggest lender, climbed 1.5%.
The kingdom has registered a budget surplus of nearly 78 billion riyals ($21 billion) in the second quarter of 2022, the finance ministry said last week, an almost 50% rise from a year earlier, bolstered by high oil prices. read more
Saudi Arabia has pledged to "decouple" state spending from oil price fluctuations. Its expected surplus for 2022 - which would be its first in nearly a decade - will sit in the government's current account until the government's finance committee decides how to allocate it, likely early next year.
Dubai's main share index (.DFMGI) added 0.5%, led by a 0.7% rise in top lender Emirates NBD (ENBD.DU) and a 0.6% increase in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, equities (.FTFADGI) were up 0.5%, with conglomerate International Holding Co (IHC.AD) rising 1%.
The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, state news agency (WAM) reported citing an official source in Abu Dhabi. read more
The Qatari index (.QSI) added 0.6%, with Qatar Aluminium Manufacturing Co (QAMC.QA) jumping 5% after the firm reported a sharp rise in first-half profit.
Qatar's Central Bank foreign reserves and hard currency liquidity rose 2.79% year-on-year in July to 211.325 billion riyals ($57.90 billion), the Gulf state's official news agency QNA reported on Sunday.
Most Gulf stock markets rose in early trade on Monday, tracking oil prices higher as investors' risk appetite improved after data on U.S. jobs and Chinese exports eased recession concerns.
Brent crude futures was up 81 cents, or 0.9%, at $95.73 a barrel by 0638 GMT.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, on course to end four sessions of losses. Retal Urban Development Co (4322.SE) advanced 1.3% and Saudi National Bank (1180.SE), the country's biggest lender, climbed 1.5%.
The kingdom has registered a budget surplus of nearly 78 billion riyals ($21 billion) in the second quarter of 2022, the finance ministry said last week, an almost 50% rise from a year earlier, bolstered by high oil prices. read more
Saudi Arabia has pledged to "decouple" state spending from oil price fluctuations. Its expected surplus for 2022 - which would be its first in nearly a decade - will sit in the government's current account until the government's finance committee decides how to allocate it, likely early next year.
Dubai's main share index (.DFMGI) added 0.5%, led by a 0.7% rise in top lender Emirates NBD (ENBD.DU) and a 0.6% increase in blue-chip developer Emaar Properties (EMAR.DU).
In Abu Dhabi, equities (.FTFADGI) were up 0.5%, with conglomerate International Holding Co (IHC.AD) rising 1%.
The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, state news agency (WAM) reported citing an official source in Abu Dhabi. read more
The Qatari index (.QSI) added 0.6%, with Qatar Aluminium Manufacturing Co (QAMC.QA) jumping 5% after the firm reported a sharp rise in first-half profit.
Qatar's Central Bank foreign reserves and hard currency liquidity rose 2.79% year-on-year in July to 211.325 billion riyals ($57.90 billion), the Gulf state's official news agency QNA reported on Sunday.
Oil stays near multi-month lows on demand worries | Reuters
Oil stays near multi-month lows on demand worries | Reuters
Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5%, at $94.41 a barrel by 0816 GMT. U.S. West Texas Intermediate crude was at $88.58 a barrel, down 43 cents, or 0.5%.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.
Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.
Erasing earlier gains, Brent crude futures were down 51 cents, or 0.5%, at $94.41 a barrel by 0816 GMT. U.S. West Texas Intermediate crude was at $88.58 a barrel, down 43 cents, or 0.5%.
Front-month Brent prices last week hit the lowest since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
"Last week’s price action left no doubt that recession-driven demand concerns have the upper hand over supply fears. One could even go as far as saying the war premium has evaporated," PVM analyst Stephen Brennock said.
Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.
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