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BP announces $7bn gas project

The project aims to unlock 3 trillion cu ft of gas resources in Indonesia.

Lulu Retail Q3 profit $35m

For the nine-month period, net profit increased by 73.3%.

Talabat IPO offer price range announced

The subscription will close on 27 Nov for UAE retail investors.

Salik 9M net profit $223m

The company's third-quarter profit increased by 8.8 percent.

Avia to buy 40 Boeing aircraft

The transaction for the purchase of 737 MAX 8 jets valued at $4.9bn.

Oil prices rise amid growing demand from India, China

    1. Brent crude oil futures were up $1.43, 1.93%, at $75.55

    2. Prices had dropped early in the week by the collapse of output talks between the OPEC and allies including Russia, together known as OPEC+

    Falling US inventories, and signs of strong Asian demand from both China and India pushed up oil prices for a second day on Friday.

    Brent crude oil futures were up $1.43, 1.93%, at $75.55. U.S. West Texas Intermediate futures were up $1.62, or 2.2%, at $74.56, Reuters reported.

    “The market is coming to grips with the historic drop in U.S. oil inventories, and dimmed prospects of Iranian oil returning to the market,” said Phil Flynn, senior analyst at Price Futures Group in Chicago, quoted by Reuters.

    Prices had dropped early in the week by the collapse of output talks between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together known as OPEC+.

    In recent past, oil prices have been roiled by the discord between Saudi Arabia and the United Arab Emirates over the oil output cuts with the latter no longer willing to restrict its production.

    “Price wars are almost always quite short-lived – no one wins in the long term,” consultancy Rystad Energy said in a note.

    “It is in the interest of the (OPEC+) group to provide some leniency to the UAE and other supply hawks to produce a bit more within the framework of the deal.”