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Business, Economy

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

US oil futures drop 3%, finishing at new low for 2022

Brent crude futures were down 74 cents, or 0.8 percent.
By TRENDS Desk AFP
December 8, 2022 3:53 pm
  • WTI futures for delivery in January ended the day at $72.01 a barrel after US Energy Information Administration data showed a jump in gasoline stockpiles
  • WTI also closed at a 2022 low on Monday, while international benchmark Brent slipped to a level not seen since January
New York, United States– US oil benchmark West Texas Intermediate dropped 3.0 percent Wednesday to finish at a new low for the year, on worries about weakening demand.WTI futures for delivery in January ended the day at $72.01 a barrel after US Energy Information Administration data showed a jump in gasoline stockpiles, indicating ebbing consumption in the world’s biggest economy.

“Gasoline inventories are rising as demand struggles,” said Edward Moya at OANDA trading group.

“This report shows the economy is clearly weakening and does not give energy bulls any reasons to buy into this weakness,” he added.

The WTI also closed at a 2022 low on Monday, while international benchmark Brent slipped to a level not seen since January.

Analysts note that conditions in the oil market have loosened compared with earlier in the year, adding to oversupply worries at a time when more economists are warning of recession.

The pullback in oil prices also comes amid trader disappointment at a recent decision by OPEC oil exporters not to cut output, and as market watchers expect a price cap on Russian crude to have little impact on output.

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