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Economy, Energy, Geostrategy

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Crude prices surge as top producers plan to slash output

Suvro Sarkar, an energy analyst at DBS Bank, expected more gains were likely. (AFP)
By TRENDS Desk AFP
October 3, 2022 12:04 pm
  • WTI climbed 3.3 percent to $82.12 and Brent also piled on 3.3 percent to $87.94 ahead of a meeting of the group this week in Vienna
  • The reduction in production -- which delegates to OPEC said had not been finalized -- would be the biggest since the pandemic began when crude prices collapsed
Hong Kong, China– Oil prices jumped more than three percent in Asian trade Monday as OPEC and other top producers considered slashing output by a million barrels a day. 

WTI climbed 3.3 percent to $82.12 and Brent also piled on 3.3 percent to $87.94 ahead of a meeting of the group this week in Vienna.

The jump comes after both main contracts suffered hefty losses in recent months on demand fears caused by an expected recession in major economies.

The reduction in production — which delegates to OPEC said had not been finalized — would be the biggest since the pandemic began when crude prices collapsed.

Officials will meet on Wednesday.

Suvro Sarkar, an energy analyst at DBS Bank, expected more gains were likely.

“It’s only going to be a matter of time before oil returns to $100 a barrel, especially with supplies set to tighten toward the end of the year,” he said.

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