Oil falls $1 on weaker Chinese demand, uncertainty around Dec Fed rate cut | Reuters

Oil falls $1 on weaker Chinese demand, uncertainty around Dec Fed rate cut | Reuters

Oil prices lost $1 per barrel on Friday and were bound for a weekly loss as investors fretted about weaker Chinese demand and a potential slowing in the pace of U.S. Federal Reserve interest rate cuts.

Brent crude futures dropped $1.09, or 1.5%, to $71.47 a barrel by 12:05 p.m. EDT.

U.S. West Texas Intermediate crude futures were down $1.18, or 1.7%, at $67.52.
For the week, Brent is on track to fall 3.3% while WTI is set to decline 4.1%.

#AbuDhabi outperforms as IHC extends gains | Reuters

Abu Dhabi outperforms as IHC extends gains | Reuters

Stock markets in the United Arab Emirates rose on Friday, with Abu Dhabi's index outperforming on a rise in the shares of its largest listed firm International Holding Company (IHC) (IHC.AD), opens new tab.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.5% higher, lifted by a 1.2% rise in IHC shares and a 2.1% gain for Adnoc Gas (ADNOCGAS.AD), opens new tab, which signed a 10-year LNG sales and purchase agreement with India's GAIL on Thursday.

IHC extended the previous session's 1.5% rise after launching a share buyback programme worth 5 billion dirhams ($1.36 billion).

A first tranche of 1.8 billion dirhams, equal to 36% of the total, is expected to launch on Nov. 18, IHC said in a statement.

Defence contractor Abu Dhabi Ship Building (ADSB.AD), opens new tab added 7.9% for its biggest intraday gain in nearly 3-years, after reporting a doubling in third-quarter revenue to 339 million dirhams while profit for the three months was up more than 600% year-on-year.

Dubai's main index (.DFMGI), opens new tab edged up 0.2%, supported by a 3.2% rise in Emaar Development (EMAARDEV.DU), opens new tab and 1.2% gain for utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab.

Multi-line insurer National General Insurance (NGIN.DU), opens new tab advanced 6.3% after reporting nearly threefold growth in quarterly net profit to 50.5 million dirhams.

Crude prices slipped on worries about waning Chinese demand and expectations of fewer U.S. Federal Reserve interest rate cuts, with Brent crude down 0.39% to $72.28.

The Dubai index closed up for a sixth straight week, adding 2.2%, while Abu Dhabi's index snapped two weeks' of gains, nudging down 0.1%, according to LSEG data.