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Saudi Aramco's Asian crude prices hike comes at risky time amid Chinese COVID resurgence

  • RIYADH: Saudi Arabia’s decision to raise the price of the oil it sells in Asia this month may prove costly as Chinese demand weakens amid a resurgence in coronavirus cases and the US and Russia seek to undercut the Kingdom’s product with cheaper alternatives, Bloomberg reported. Saudi Aramco r...

Oil drops to below $66, lowest since May, on demand concerns

  • LONDON: Oil dropped to below $66 a barrel on Thursday, its lowest since May, pressured by concerns about weaker demand as COVID-19 cases rise, a stronger US dollar and a surprise increase in US gasoline inventories. Circulation of the Delta variant in areas of low vaccination is driving transm...

European stocks slide as Delta fears offsets growth hopes

  • World stocks fell from the previous session's record highs and European stocks European stocks were on course for their biggest decline in three weeks on Wednesday. Worries about the impact of the Delta coronavirus variant on the global economic recovery tempered investor appetite. The...

Goldman expects oil prices to hit $90 by year-end as supply tightens

  • Goldman Sachs raised its forecast for year-end Brent crude oil prices to $90 per barrel from $80, as a faster fuel demand recovery from Delta variant and Hurricane Ida's hit to production led to tight global supplies. Brent futures hit a near three-year high last week as global output di...

Emirates airline could float on Dubai stock market: Company president

  • DUBAI: The Dubai government is considering an initial public offering of Emirates airline, the flagship carrier’s President Tim Clark said on Monday, as authorities work to boost activity on the local stock market. The emirate’s government is planning to list 10 state-backed companies on its ...

Oil dips below $75 as investors assess omicron’s impact

  • LONDON: Oil prices fell below $75 a barrel on Wednesday, taking a breather after strong gains this week, as investors assessed the impact of the omicron coronavirus variant on the global economy and fuel demand. Brent crude futures were down 83 cents, or 1.1 percent, to $74.61 a barrel at 111...

Oil prices climb over 4% ahead of OPEC meeting despite Omicron concerns

  • Oil prices rose more than 4 percent on Wednesday, still struggling to recoup losses of more than 16 percent in November, as major producers prepared to discuss how much of a threat the new Omicron variant of the coronavirus would pose to energy demand. Brent crude futures for Febr...

Oil prices climb but worries over Omicron linger

  • SINGAPORE: Oil prices rose on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand. Brent crude futures increased by 59 cents, or 0.8 percent, to $72.11 ...

UK shares rise; FTSE 100 on track for best year since 2009

  • UK shares rose in thin holiday trading on Wednesday with defensive and financial stocks leading gains, against the backdrop of Britain rising COVID-19 cases and slim prospects of pandemic-related lockdowns this year. The blue-chip FTSE 100 gained 1.1 percent following a two-day Christm...

OPEC+ likely to stick to existing oil production policy at Jan. 4 meeting: Reuters

  • LONDON/MOSCOW: OPEC and its allies will probably stick to their existing policy of modest monthly increases in oil output at a meeting next week, four sources said, as demand concerns raised by the omicron coronavirus variant ease and oil prices recover, according to Reuters. The Organization...