Oil up 1% on signs of slow US output, posts first weekly loss in 8 weeks | Reuters
Oil prices rose about 1% on Friday on signs of slowing U.S. output, but both crude benchmarks also ended their longest weekly rally of 2023 on mounting concerns about global demand growth.
West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.1%, to settle at $81.25 a barrel, and Brent crude futures rose 68 cents, or 0.8%, to settle at $84.80 a barrel.
Both benchmarks pushed higher on Friday after industry data showed that the U.S. oil and natural gas rig count, an early indicator of future output, fell for the sixth week in a row. A slump in U.S. production could exacerbate an anticipated supply tightness through the rest of this year.
Those concerns, spurred on by output cuts from the Organization of the Petroleum Exporting Countries and allies, helped oil prices gain for seven straight weeks since June. Brent crude gained about 18% and WTI gained 20% over the seven weeks ended Aug. 11.
This week, however, oil prices dropped about 2% from last week, as a worsening property crisis in China added to concerns about the country's sluggish economic recovery and reduced investors appetite for risk across markets.
Friday 18 August 2023
#UAE shares mixed on weak oil, US rate bets | Reuters
UAE shares mixed on weak oil, US rate bets | Reuters
Stock markets in the United Arab Emirates ended mixed on Friday amid falling oil prices as investors bet on interest rates staying elevated for longer.
Minutes from the U.S. Federal Reserve this week showed most members of its rate-setting committee continued to see significant upside risks to inflation, suggesting more hikes are in the pipeline.
Most Gulf Cooperation Council countries (GCC), including the UAE, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any U.S. monetary tightening.
Oil prices, a major driver for Gulf economies, looked set to close down this week following seven weeks of gains, with Brent crude slipping 0.55% to $83.68 a barrel as of 1233 GMT.
Abu Dhabi's benchmark index (.FTFADGI) edged up 0.2% after seven consecutive sessions of falls, supported by a 0.3% rise in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.6% lift in Emirates Telecommunications Group (EAND.AD).
Reuters on Friday reported that Abu Dhabi National Energy Company (TAQA.AD) said it was not in talks over any investment in the Adani Group's power businesses. TAQA's shares were down 0.3%.
Abu Dhabi's index was down 0.8% for the week after three consecutive weekly gains.
In Dubai, the main share index (.DFMGI) was flat on Friday but down 0.3% for the week.
Industrial and utilities stocks were among the top losers on the index. Toll operator Salik Company (SALIK.DU) fell 2.6%, while Emirates Central Cooling Systems Corp (EMPOWER.DU) was down more than 1%.
Stock markets in the United Arab Emirates ended mixed on Friday amid falling oil prices as investors bet on interest rates staying elevated for longer.
Minutes from the U.S. Federal Reserve this week showed most members of its rate-setting committee continued to see significant upside risks to inflation, suggesting more hikes are in the pipeline.
Most Gulf Cooperation Council countries (GCC), including the UAE, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any U.S. monetary tightening.
Oil prices, a major driver for Gulf economies, looked set to close down this week following seven weeks of gains, with Brent crude slipping 0.55% to $83.68 a barrel as of 1233 GMT.
Abu Dhabi's benchmark index (.FTFADGI) edged up 0.2% after seven consecutive sessions of falls, supported by a 0.3% rise in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.6% lift in Emirates Telecommunications Group (EAND.AD).
Reuters on Friday reported that Abu Dhabi National Energy Company (TAQA.AD) said it was not in talks over any investment in the Adani Group's power businesses. TAQA's shares were down 0.3%.
Abu Dhabi's index was down 0.8% for the week after three consecutive weekly gains.
In Dubai, the main share index (.DFMGI) was flat on Friday but down 0.3% for the week.
Industrial and utilities stocks were among the top losers on the index. Toll operator Salik Company (SALIK.DU) fell 2.6%, while Emirates Central Cooling Systems Corp (EMPOWER.DU) was down more than 1%.
India's Adani, #AbuDhabi's TAQA deny $2.5 bln investment report | Reuters
India's Adani, Abu Dhabi's TAQA deny $2.5 bln investment report | Reuters
Abu Dhabi National Energy Company PJSC, also known as TAQA, (TAQA.AD) is not in talks for any investment in the Adani Group's power businesses, the two entities said in separate statements on Friday.
Earlier in the day, the Economic Times newspaper reported, citing sources, that TAQA was evaluating investing up to $2.5 billion, in single or multiple Adani Group businesses, including buying a near-20% stake in Adani Energy Solutions.
"The company is not engaged in any discussion with TAQA, for their investment," power distribution firm Adani Energy Solutions (ADAI.NS) and thermal power producer Adani Power (ADAN.NS) said in exchange filings, while TAQA said news of any investment had "no truth."
Adani Group's power and energy businesses, led by billionaire Gautam Adani, include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power and Adani Green Energy (ADNA.NS).
The news sent shares of Adani Energy Solutions up as much as 8.73%, while Adani Power rose over 12% and Adani Green Energy jumped nearly 10%.
Abu Dhabi National Energy Company PJSC, also known as TAQA, (TAQA.AD) is not in talks for any investment in the Adani Group's power businesses, the two entities said in separate statements on Friday.
Earlier in the day, the Economic Times newspaper reported, citing sources, that TAQA was evaluating investing up to $2.5 billion, in single or multiple Adani Group businesses, including buying a near-20% stake in Adani Energy Solutions.
"The company is not engaged in any discussion with TAQA, for their investment," power distribution firm Adani Energy Solutions (ADAI.NS) and thermal power producer Adani Power (ADAN.NS) said in exchange filings, while TAQA said news of any investment had "no truth."
Adani Group's power and energy businesses, led by billionaire Gautam Adani, include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power and Adani Green Energy (ADNA.NS).
The news sent shares of Adani Energy Solutions up as much as 8.73%, while Adani Power rose over 12% and Adani Green Energy jumped nearly 10%.
#AbuDhabi's TAQA may invest up to $2.5 bln in Adani's power units - ET | Reuters
Abu Dhabi's TAQA may invest up to $2.5 bln in Adani's power units - ET | Reuters
Abu Dhabi National Energy Company PJSC, known as TAQA, (TAQA.AD) is evaluating an investment of up to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, newspaper Economic Times reported on Friday, citing sources.
The investment, anywhere between $1.5 billion to $2.5 billion, could be made in single or multiple group businesses, including picking up a near-20% stake in Adani Energy Solutions (ADAI.NS) the report said, sending shares of the company up as much as 8.73%.
TAQA said there is "no truth to the speculated transaction" in an emailed response to Reuters, while the Adani Group did not immediately respond.
Adani's power and energy businesses include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS), but both sides reportedly believe there is maximum synergy between TAQA and Adani Energy Solutions.
Abu Dhabi National Energy Company PJSC, known as TAQA, (TAQA.AD) is evaluating an investment of up to $2.5 billion in the power businesses of Indian billionaire Gautam Adani, newspaper Economic Times reported on Friday, citing sources.
The investment, anywhere between $1.5 billion to $2.5 billion, could be made in single or multiple group businesses, including picking up a near-20% stake in Adani Energy Solutions (ADAI.NS) the report said, sending shares of the company up as much as 8.73%.
TAQA said there is "no truth to the speculated transaction" in an emailed response to Reuters, while the Adani Group did not immediately respond.
Adani's power and energy businesses include entities like Adani Energy Solutions, formerly known as Adani Transmission, Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS), but both sides reportedly believe there is maximum synergy between TAQA and Adani Energy Solutions.