Oil prices slip amid fears over global economic growth

US data on Wednesday showed crude output rose by 100,000 barrels per day to 10.9 million bpd in the week ending August 10. (Reuters)
Updated 17 August 2018
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Oil prices slip amid fears over global economic growth

TOKYO: Oil prices fell on Friday, with US crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build.
Brent crude oil futures were down 3 cents at $71.40 a barrel by 00229 GMT. US West Texas Intermediate (WTI) crude futures dropped 1 cent to $65.45 a barrel.
Brent is heading for a 2 percent decline this week, a third consecutive weekly drop. WTI is on track for a seventh week of losses, with a fall of more than 3 percent.
Data on Wednesday showing a large build in US inventories fostered fears about the outlook for fuel demand, while crude was also pressured by broader selling of industrial commodities and by the Turkish financial crisis.
“Investors remain cautious as Wednesday’s surprise gain in US stockpiles remained fresh in their minds,” ANZ said in a note.
China and the United States have implemented several rounds of trade tariffs and threatened further duties on exports worth hundreds of billions of dollars, which could knock global economic growth.
At the same time, the crisis gripping the Turkish lira has rattled emerging markets and reverberated across equities, bonds and raw materials.
US data on Wednesday showed crude output rose by 100,000 barrels per day to 10.9 million bpd in the week ending Aug. 10.
Crude inventories increased by 6.8 million barrels, representing the largest weekly rise since March last year.
Asian demand is showing signs of slowdown as trade disputes and a stronger dollar drag the economies of some of the world’s largest oil buyers.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.