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Bloomberg Oil rallied for a fourth day as a government report showed US stockpiles dropped last week, exacerbating global supply concerns with shipments from Libyan ports suspended. West Texas Intermediate rose as much as 2.4% to trade near $114 a barrel. US crude stockpiles fell 2.76 million barrels last week, according to an Energy Information Administration (EIA) report on Wednesday. …

Bloomberg Group of Seven (G-7) negotiators agreed that discussions on a potential price cap on Russian oil had progressed enough to send the issue to leaders to discuss at their summit in Germany. The negotiators known as sherpas held what one official described as “intense” talks on the matter in the Bavarian Alps before the summit began on Sunday. While …

Bloomberg Oil jumped after a reading on US consumer inflation expectations was revised lower, adding optimism to crude’s demand outlook. West Texas Intermediate traded above $108 a barrel, erasing much of this week’s loss. Friday’s rally comes as the University of Michigan’s final June reading of longer-term consumer inflation expectations settled back from an initially reported 14-year high, potentially reducing …

  Bloomberg At least 1,000 people have been killed and hundreds more injured after a powerful earthquake hit southeastern Afghanistan overnight, setting off a new humanitarian crisis in a country already facing a crumbling economy and hunger. The eastern Paktika province was the worst hit, Sharafuddin Muslim, the deputy state minister for Disaster Management said. The state-run Bakhtar News agency …

Bloomberg Oil held onto Friday’s sharp losses as traders weighed whether aggressive US monetary policy tightening will lead to a recession that would stymie consumption. Brent traded near $114 a barrel after shedding more than 5% as escalating concerns about the pace at which the Federal Reserve is raising rates rattle financial markets. Trading was thin on Monday due to …

Bloomberg Oil falls the most in 5 weeks as Federal Reserve Chair Jerome Powell reiterated his will to curb the hottest inflation in decades with more aggressive rate hikes. West Texas Intermediate dropped to near $110, shedding as much as 6.3%. Federal Reserve Chair Jerome Powell this week openly endorsed for the first time raising interest rates well into restrictive …

  Bloomberg Global oil supply will struggle to meet rising demand next year, meaning consumers will continue to face tight fuel markets, the International Energy Agency (IEA) said in its first assessment of 2023. A resurgent Chinese economy will bolster consumption, while tighter sanctions on Russia will curtail oil output, the agency forecast in its latest monthly report. The Opec+ …

  Bloomberg Oil rises as investors weighed a tight supply outlook and the potential responses from consumers and policy makers alike. West Texas Intermediate gained for a second session, trading above $122 a barrel. President Biden will travel to Saudi Arabia next month and will discuss energy production, according to US National Security Counsel Coordinator John Kirby. The meeting will …

  Kuwait/ WAM The Central Agency for Public Tenders of Kuwait (CAPT) has stated that the agency awarded 235 tenders worth $5.9 billion in 2021. Secretary-General of CAPT Usama Al-Duaij told Kuna that number of awarded tenders has been mounting on an annual basis, however, the total sum of offers reached, in 2020, only 98 ones, worth approx $1 billion, …

Bloomberg Saudi Telecom Co., the most profitable mobile operator in the Middle East, will increase its capital by 30 billion riyals ($8 billion) through the issuance of bonus shares. The stock rises. The company, which is controlled by the kingdom’s sovereign wealth fund, plans to issue 1.5 bonus shares for every existing share, through capitalising retained earnings, according to a …