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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 prices rebound after opening the year down over 9%

The ban on exports will be for six months. (AFP)
  • Brent crude futures gained 59 cents to $78.43 a barrel, while US West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel
  • Over the previous two sessions, Brent and WTI's declines of more than 9 percent were the biggest two-day losses at the start of a year since January 1991

Singapore – Oil prices rebounded on Thursday after opening the year down more than 9 percent, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady.

Brent crude futures gained 59 cents to $78.43 a barrel, while US West Texas Intermediate crude futures rose 69 cents to $73.53 a barrel.

Over the previous two sessions, Brent and WTI’s declines of more than 9 percent were the biggest two-day losses at the start of a year since January 1991.

US crude oil inventories rose by 3.3 million barrels last week along with gasoline stocks jumping 1.2 million barrels. 

Big declines in the previous two days were driven by worries about a potential global recession, especially since short-term economic signs in the world’s two biggest oil consumers, the United States and China, appeared shaky.

Economic data from the United States weighed on prices as U.S. manufacturing contracted further in December. The ISM purchasing managers’ index (PMI) for manufacturing dropped for a second straight month in November, to 48.4 from 49.0. It was the weakest reading since May 2020, the Institute for Supply Management (ISM) said.