LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August, as the investors became less concerned over the potential effect of the Omicron Covid-19 variant on economic growth and demand for fuel. Brent crude rose one per cent to $75.16 a barrel at about 3:15pm Riyadh time, while WTI, … Read more
NEW YORK: Oil prices edged lower in choppy trade on Wednesday, taking a breather after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy, Reuters reported. The market had a muted reaction to US weekly inventory figures, which showed a smaller-than-anticipated decline in crude stocks and another bump … Read more
LONDON: Oil rose for the second day on Friday after Opec+ said it would meet again to review output if the Omicron Covid-19 variant impacts demand, Arab News reported. Prices were still headed for the sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries and its allies including … Read more
RIYADH: Saudi Arabia is set to experience strong economic growth in the fourth quarter of 2021, thanks to oil production hitting its highest level since April 2020, Arab News quoted a report from Capital Economics. Some 9.76 million barrels per day were produced in October, broadly in line with pre-virus levels of output, analysts at the London-based … Read more
US and Brent Crude oil dropped $2/barrel after sources claimed Opec+ has decided to stick to its planned January output rise of 400,000/day, Reuters reported. At a meeting held via videoconference on Thursday, the Organization of the Petroleum Exporting Countries and its allies, known as Opec+, resisted US requests for speedier increases in oil output to support … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
