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Morgan Stanley cuts Q1 2022 Brent oil forecast on Omicron risks

  • Morgan Stanley on Monday cut its first-quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand. The market appears to be pricing in the possibility that the new variant ...

OPEC upbeat on 2022 oil demand, says omicron impact to be mild

  • OPEC on Monday raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic. The Organization of the Petroleum Exporting C...

Positive outlook for Saudi bourse as government sees surplus: Premarket

  • RIYADH: The Saudi stock market strengthened as investor sentiment improved amid 2022 budget surplus estimate, and a view that the coronavirus variant omicron may not be as severe as expected. Most of the stocks in the Kingdom’s bourse edged up since Nov. 26 when omicron first hit. Tadawul’s...

OPEC expects a supported oil market in 2022 despite omicron

  • LONDON: OPEC maintained its forecast for robust growth in world oil demand in 2022 despite the omicron coronavirus variant and expected interest-rate hikes, predicting that the oil market would remain well supported through the year. In a monthly report, The Organization of the Petroleum...

Saudi tourism minister urges global coordination to tackle omicron

  • CAIRO: Saudi Arabia’s tourism minister on Wednesday called for a coordinated international response to omicron, a new variant of the coronavirus. “The lesson of the pandemic is that we need more international coordination and a greater recognition of the critical role of tourism in our econom...

UK bans travel from 4 more nations over virus, 39 in all

  • LONDON: The British government is gearing up to ban international arrivals from four more countries — Bangladesh, Kenya, Pakistan and the Philippines — amid concerns over new virus variants but opted against including France and other European nations that are facing a resurgence of the virus. ...

Cryptocurrencies tumble on COVID-19 variant; virtual land sells for $2.5m: Crypto wrap

  • Bitcoin led a rout in cryptocurrencies on Friday as investors fled assets considered riskier, including stocks and commodities, and headed for the refuge of government bonds, the Japanese yen and the US dollar. Concerns over a new COVID-19 variant that may evade vaccines and spread more quick...

EU poised to secure 1.8bn 2nd-generation vaccine doses

  • BRUSSELS: The EU is about to start negotiations with a single pharmaceutical company to secure up to 1.8 billion doses of a “second generation” mRNA vaccine to combat future variants, a European Commission source said. The upcoming deal aims to have deliveries made on a monthly schedule start...

UK economy strengthens recovery as virus lockdown eases

  • LONDON: Britain’s economy gathered pace in April as the government eased its coronavirus lockdown, official data showed Friday, with Finance Minister Rishi Sunak cautiously welcoming the 2.3-percent growth figure as the Delta variant spreads. It was the fastest monthly output for the UK gross ...

Bitcoin prices likely to double over the next 12 months

  • RIYADH: The discovery of a new coronavirus variant, B.1.1.529, may have weighed on Bitcoin, the world’s largest digital currency, but financial experts expect its value to “double over the next 12 months.” The fall in Bitcoin value should be seen as a major buying opportunity, said Nigel Gree...