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  Bloomberg Oil prices, already up around 20% this year, could be boosted by China potentially replenishing its inventories and financial investors increasing their long positions, according to Vitol Group. The world’s biggest independent oil trader said there’s a chance China looks to build up stockpiles following the Lunar New Year holiday. “I think it’s fair to state China is …

  Bloomberg Oil has rocketed to a fresh seven-year high near $93 a barrel, and almost every indicator is pointing to the rally extending. The market’s structure is trading at its strongest level in years, indicating scarce supply. Diesel — the fuel that helps power the global economy — is also surging as a cold snap hits the US and …

  Bloomberg Oil retreated from a fresh seven-year high as Opec+ agreed to another modest hike in output and Iran said its ready to supply markets quickly if sanctions are removed. West Texas Intermediate edged lower 0.2% after hitting its highest level since 2014 earlier in the session. Global benchmark Brent traded near $89 a barrel, with prices steeply backwardated …

  Bloomberg Oil markets opened the week higher and were heading for the biggest gain in at least 30 years as robust demand outpaced fresh supply. The global crude benchmark rises 1.3%, paring earlier gains, but remains on track for a 17% gain this month. West Texas Intermediate futures traded above $87 a barrel. Traders were greeted on Monday with …

  DAMMAM / WAM Dr Nayef Falah Mubarak Al-Hajraf, Secretary General of the Gulf Cooperation Council (GCC) for Arab States, has affirmed that the security of the GCC states is indivisible, asserting that the “Arab Gulf Security 3” Exercise is a message of determination and peace, reported Saudi Press Agency (SPA). He expressed pride with the level of security coordination …

  Bloomberg Saudi Arabia’s plan to sell off stakes in local companies held by its sovereign wealth fund is already paying dividends — it’s set to rake in about $5 billion over three months. The Public Investment Fund (PIF) is set to raise $820 million from selling a stake in digital security firm Elm Co. next month after pricing the …

  GENEVA / WAM The International Air Transport Association (IATA) has urged governments to accelerate the relaxation of travel restrictions as Covid-19 continues to evolve from the pandemic to endemic stage. Iata called for removing all travel barriers (including quarantine and testing) for those fully vaccinated with a WHO-approved vaccine, enabling quarantine-free travel for non-vaccinated travellers with a negative pre-departure …

  Bloomberg Tata Sons Pvt formally took charge of debt-laden Air India Ltd., ending years of failed attempts to sell the money-losing airline that has been kept afloat with billions of dollars of taxpayer money. “It is indeed noteworthy that the disinvestment process of @airindiain has been brought to a successful conclusion in a time-bound manner,” aviation minister Jyotiraditya Scindia …

  Bloomberg The surging Omicron variant is complicating the recovery for a world economy that continues to be wracked by supply chain chaos, worker absenteeism and faltering assembly lines. Supermarkets are struggling to stock shelves amid chronic staff shortages. Airlines are grounding flights. Manufacturers are facing disruption and shipping lines remain backed up. At the same time, surging energy prices …

  Bloomberg Oil dropped alongside other financial assets and commodities as crude’s sizzling rally ran out of steam after hitting a seven-year high. Futures in New York slumped more than 3%, before paring losses to trade near $84 a barrel, following a decline in stocks and raw materials including copper. Crude has posted a gain of more than 10% so …