Bloomberg Oil headed for the longest run of daily gains in more than nine months as the impact of production cuts indicated the glut may be beginning to ease. Futures in New York rose for a fifth day after Genscape reported an increase in inventories of only 1.8 million barrels at Cushing, Oklahoma, the delivery point for West Texas Intermediate …
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Bloomberg Oil fell after a three-day rebound as a number of funds shifted away from near-term contracts, fearing a repeat of the meltdown last month that saw prices plunge below zero. Futures fell 8% towards $18 a barrel in New York as investors worried that a massive supply overhang while coronavirus shatters demand will send market tumbling again. The manager …
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Muscat / WAM Mohammed Sultan Al Suwaidi, UAE Ambassador to Oman, hailed relations between the UAE and Oman as historic and based on family ties, lineage, and common history. In a statement to the Oman News Agency, Al Suwaidi said these ties were ”eternal” and ”growing steadily.” According to Al Suwaidi, the two countries maintain regular coordination in many trade …
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Bloomberg Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major US refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America. He only needed to look at the streets of San Antonio, the Texas city where he’s based, …
Read More »ADEN / WAM The Emirates Red Crescent (ERC) has continued its Ramadan Mir campaign, with a daily average of 3,770 meals distributed across four Yemen governorates. According to the UAE aid authority, the four governorates include Hadramaut, Shabwa, Hodeidah, and Taiz. Some 7,000 iftar meals were distributed across districts in each of the Hadramaut and Hodeidah governorates, while Shabwa saw …
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Bloomberg Crude posted its first weekly gain in a month as global production cuts start to lift physical markets. Futures in New York rose 17% this week. Oil companies have announced major production closures with Chevron Corp. saying it will shut as much as 400,000 barrels of daily output and Exxon Mobil Corp. reporting it will cut rigs in the …
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Bloomberg China’s first-quarter total services trade fell 10.8% from a year earlier to $162.82 billion, according to the Ministry of Commerce. Services exports in the January-to-March period declined 4.1% to 444.28 billion yuan while imports dropped 14.5% to 708.02 billion yuan, the ministry said on May 2. The narrowing of the trade deficit that started last year continues, it said. …
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Bloomberg Oil jumped for a second day as global production cuts deepened and signs of a fledgling demand recovery emerged. Futures in New York rose by as much as 18%. Norway said it will participate in oil-output cuts for the first time since 2002, joining other major producers in reining in supply. Data on Wednesday showed a surprise surge in …
Read More »ABU DHABI / WAM The United Arab Emirates has affirmed its commitment to achieving a political solution in Libya and called for an immediate and comprehensive ceasefire. In a statement issued on Thursday, the Ministry of Foreign Affairs and International Cooperation emphasised the UAE’s support for a political solution to end the ongoing Libyan crisis in line with the outcomes …
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Bloomberg Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the coronavirus pandemic-fuelled market collapse. The nation’s three biggest state producers will slash their spending plans this year by a combined $19 billion, with PetroChina Co.’s 32% chop leading the way, the fattest among global …
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