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Bloomberg Oil extended gains, following Monday’s rally on optimism that a potential Covid-19 vaccine could boost a recovery in transport demand. Crude futures in New York approached $41 a barrel, after advancing more than 10% at one point. It comes after early findings showed that a vaccine developed by Pfizer Inc. and BioNTech SE protects most people from the virus. ...

DUBAI / WAM Virgin Hyperloop made history on Monday as the first passengers successfully traveled in a Hyperloop pod. The significant investment made by Dubai-based DP World, the leading global provider of smart logistics solutions, in the research and development of hyperloop technology, has played an instrumental role in today’s milestone. Sultan Ahmed bin Sulayem, Chairman of Virgin Hyperloop and ...

Bloomberg Oil advanced near $38 a barrel and gold climbed for a third day as President-elect Joe Biden prepared to transition into White House even as Donald Trump rejected the outcome of US election. Crude futures in New York rise 2.3% and spot gold added 0.2% amid a broader rally in global stocks. The dollar extended declines. While Biden declared ...

Bloomberg China’s purchases of key commodities fall in October from the prior month, mainly because of seasonal factors including an extended holiday at the start of the month in the world’s biggest buyer of raw materials. While the nation’s broader imports couldn’t hold September’s heady pace, slumping to below-consensus growth of 4.7%, “a second straight monthly expansion suggests a continuous ...

Abu Dhabi / WAM Ryse Energy, a global leader in renewable off-grid energy systems, with over 4,000 installations across all seven continents, moved to Masdar City, Abu Dhabi, to expand into new markets. Discussing Ryse Energy’s UAE growth plans, Alistair Munro, founder and CEO, said, “Ryse Energy is a global leader in renewable off-grid energy systems, and as a primary ...

New York / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has said that the UAE believes in tolerance, openness and coexistence with all peoples, highlighting that the model that the UAE adopts in terms of human diversity is similar to that of the United Nations, where the ...

Bloomberg Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African nation after its civil war all but shut down the energy industry at the start of the year. The Opec member, which owns Africa’s largest crude reserves, has been ramping up production since a truce took hold last month between rival ...

Vienna / WAM A balanced and stable oil market is a prerequisite for post-pandemic recovery, adequate investments and future prosperity for consumers and producers alike, affirmed seventh high-level meeting of the Opec-Russia Energy Dialogue, hosted by Opec, which took place via videoconference. The meeting was co-chaired by Mohammad Sanusi Barkindo, Secretary General of Opec, and Alexander Novak, Minister of Energy ...

LAAYOUNE / WAM The United Arab Emirates on Wednesday opened its consulate general in Laayoune, southern Morocco. This followed a recent telephone conversation between His Majesty King Mohammed VI of the Kingdom of Morocco and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in which His ...

Bloomberg Oil rises as broader markets rallied and Opec+ inched closer to delaying a planned easing of output cuts. Futures in New York traded near $38 a barrel after climbing 3.3%, extending gains from the previous session. Equities strengthened ahead of the US election, while the dollar lost 0.5%, adding to positive sentiment in crude. Russian oil companies met Energy ...