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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.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Oil extends gains on hopes of policy support for economic growth

Oil prices extend gains on hopes of policy support push for economic growth. (BNA)
  • Brent crude futures rose 16 cents, or 0.2 percent, to $76.09 a barrel after settling at its highest since Oct. 25 on Thursday.
  • Lower interest rates should spur more economic growth which would lead to higher fuel consumption.

Singapore – Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.

Brent crude futures rose 16 cents, or 0.2 percent, to $76.09 a barrel after settling at its highest since Oct. 25 on Thursday, QNA reported.

US West Texas Intermediate crude was at $73.32 a barrel, up 19 cents, or 0.3 percent, with Thursday’s close its highest since Oct. 14.

Both contracts are on track for their second weekly increase with investors back from holidays, improving trade liquidity, QNA reported.

Lower interest rates should spur more economic growth which would lead to higher fuel consumption.

Investors are eyeing further interest rate cuts by the US Federal Reserve this year to support its economy, while China’s President Xi Jinping has pledged more proactive policies to promote growth.