The company’s entry into Dubai marks a significant milestone in its mission to enhance healthcare delivery and improve patient outcomes through technology
kt network1 hour ago
Oil prices climbed on Tuesday as the easing of coronavirus lockdown measures across the globe lifted trader hopes for a swift recovery in demand, though gains were capped by the spectre of persistent oversupply in the market.
Brent crude futures rose 0.3 per cent, or 14 cents, by 0435 GMT to $40.94 a barrel. The benchmark contract had fallen $1.50 on Monday, snapping a seven-day streak of gains.
US West Texas Intermediate (WTI) crude futures rose 0.7 per cent, or 26 cents, to $38.45 a barrel, after dropping by $1.36 on Monday.
"With Brent holding very nicely above $40, there's talk among traders that WTI will test that level soon," said Michael McCarthy, chief market strategist at CMC Markets.
Goldman Sachs has also raised its 2020 oil price forecasts, with Brent now seen at $40.40 a barrel and WTI at $36 a barrel.
Tuesday's gains came as New York, the US city hardest hit by the novel coronavirus outbreak, began reopening on Monday after about three months, potentially spurring fuel demand.
US crude and gasoline inventories are estimated to have fallen by 1.5 million barrels and about 100,000 barrels respectively in the week to June 5, a preliminary Reuters poll showed ahead of a report from the American Petroleum Institute industry group later on Tuesday.
However distillate inventories, which include diesel and heating oil, were seen rising by 2.9 million barrels.
"You've got demand recovering gradually but steadily," said Lachlan Shaw, head of commodity research at National Australia Bank. "However there's still massive excess supply, so Opec and friends need to control barrels coming into the market."
The Organisation of the Petroleum Exporting Countries (Opec), Russia and other producers, a grouping known as Opec+, on Saturday agreed a one-month extension through July of a record 9.7 million barrels per day output cut.
However, Saudi Arabia said on Monday the kingdom and its allies Kuwait and the UAE would not extend an additional 1.18 million bpd in cuts on top of the Opec+ cuts in July.
Meanwhile Libya's National Oil Corporation (NOC) told employees to shut its Sharara oil field just hours after maintenance operations started as an "armed force" had entered the site.
"It seems pricing in consistent Libya production might be premature," said Edward Moya of OANDA. "The oil market ... could easily go back into deeply oversupplied territory, so any threats to production should help stabilise prices." - Reuters
The company’s entry into Dubai marks a significant milestone in its mission to enhance healthcare delivery and improve patient outcomes through technology
kt network1 hour ago
Empowering hybrid work with innovative, AI-driven collaboration tools the company transforms how teams communicate, enhancing the employee experience in every workspace
kt engage1 hour ago
The showroom features more than 30,000 jewellery designs from 25 exclusive brands, showcasing collections in gold, diamond, and precious gems from 20 countries
kt network1 hour ago
He was known for his comic roles in the Hindi and Marathi film industry
entertainment1 hour ago
The lawsuits were filed by anonymous plaintiffs, including one man who accuses Combs of assaulting him when he was a minor
entertainment1 hour ago
Zayed National Museum's design, shaped to resemble falcon feathers, was completed, while interior designs are in the final stages of completion
uae1 hour ago
No casualties have been reported in the incident
emergencies2 hours ago
An expert sees the yellow metal approaching a key resistance level at the upper end of its multi-week range between $2,660 and $2,670
markets2 hours ago