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Oil heading for biggest weekly gain in four months as OPEC+ output decision vindicated

  • LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August as investors became less concerned over the potential effect of the omicron COVID-19 variant on economic growth and demand for fuel. Brent crude rose 1 percent to $75.16 a barrel at about 3:15 p.m. ...

Bitcoin drops below $30,000 as Delta variant triggers flight to safe havens

  • LONDON: Cryptocurrencies sank on Tuesday, with bitcoin falling below $30,000 for the first time in about a month. Safe-harbor currencies like the yen and dollar traded near multi-month highs against the riskier Australian dollar and British pound on Tuesday, as fears grow that a rampant corona...

Oil prices slump 5% on COVID-19 variant fears amid oversupply concerns

  • Oil prices dropped more than 5 percent on Friday, falling to the lowest level in two months, as traders, already concerned about potential oversupply in the first quarter of 2022, added the emergence of a new COVID-19 variant to their list of worries. Brent crude, the international benchmark,...

Oil holds above $70 despite forecasts for weaker demand growth

  • LONDON: The Brent benchmark oil price held above $70 a barrel on Friday, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand growth. Brent crude was down 18 cents, or 0.2 percent, at $71.13 a barrel by 1:32 p.m. GMT...

Oil drops as COVID-19 surges threaten fuel demand outlook

  • LONDON: Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious Delta variant of coronavirus sparked new mobility restrictions around the world. Brent crude futures fell 16 cents, or 0.2 percent, to $74.52 a barrel by 1100...

Oil rises but COVID-19, supply concerns cloud outlook

  • TOKYO: Oil prices stabilized on Tuesday after slumping around 7 percent in the previous session amid a broader market retreat led by concerns about rising COVID-19 infections, which came just as producers inked a new supply deal. Brent crude gained 70 cents, or 1 percent, to $69.32 a barrel by...

Oil retreats on surprise rise in US stocks, weakening demand outlook

  • SINGAPORE: Oil prices fell on Wednesday after an industry report showed an unexpected build-up in US oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand. Brent crude futures fell 52 cents, or 0.8 percent, to $68.83 a b...

Countries tackle economic woes amid omicron fears, revised growth outlooks: Economic wrap

  • CAIRO: The Australian government is expected to raise its economic growth forecast for 2022 in its midyear budget review, according to the country’s treasurer, Josh Frydenberg. He said omicron’s effect, the new COVID-19 variant, is still unclear. The country’s fiscal year runs until June. ...

Charriol unveils chic watch for younger audience

  • Swiss watchmaker Charriol has introduced “Slim,” a 34 mm timepiece line aimed at a younger audience. Its ultra-chic design is intended to give an edge to any daytime or evening look and comes in a variety of colors. Kept deliberately minimalistic, the dials are worked entirely in mother-of-pe...

Emirates to temporarily suspend flights to South Africa

  • JOHANNESBURG: Dubai-based airline Emirates said on Thursday it would temporarily suspend all flights to and from South Africa from Saturday due to operational reasons, without elaborating. “Emirates flights to/from South Africa will temporarily be suspended from Saturday 16 January to 28 Janua...