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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.

Oil gains 3% on China demand hike, concerns about Russian supplies

The United States wants to see a hike in oil production, including from OPEC countries.
By TRENDS Desk
January 12, 2023 2:38 pm
  • Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel
  • Previous oil prices witnessed a decline after the release of data revealing an unexpected increase in US crude and fuel inventories, which raised concerns about fuel demand

Singapore – Oil prices rose in early trade on Thursday, building on gains in the previous session as China’s demand outlook improves and concerns rise over the impact of sanctions on Russian supply.

Brent crude rose 50 cents, or 0.6 percent, to $83.17 per barrel by 0135 GMT, while US West Texas Intermediate crude also rose 50 cents, or 0.7 percent, to $77.91 per barrel.

Both benchmarks rose 3 percent in Wednesdays session, settling at the highest levels since December 30.

An international price cap imposed on sales of Russian crude took effect on December 5.

Previous oil prices witnessed a decline after the release of data revealing an unexpected increase in US crude and fuel inventories, which raised concerns about fuel demand.

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