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Economy

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

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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