PHOTO
28 May 2017
OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
Oil prices dropped more than 4 percent on Thursday as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018.Oil prices rebounded to rise more than 1 percent on Friday, but Brent crude ended the week nearly 3 percent lower.
Brent futures settled up 69 cents to $52.15 a barrel, or 1.3 percent, after hitting a session low of $50.71.U.S. West Texas Intermediate (WTI) crude futures settled at $49.80 a barrel, gaining 90 cents or 1.8 percent, after hitting an intra-day low at $48.18.
Wall Street stocks eked out on Friday a seventh straight day of gains.
The U.S. dollar rose after upbeat data showed that the U.S. economy slowed less than initially thought in the first quarter, as gross domestic product increased at a 1.2 percent annual rate.
Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade.
Spot gold added 0.9 percent to $1,267.00 an ounce. U.S. gold futures gained 0.82 percent to $1,266.70 an ounce.
In the latest news, Turkish President Tayyip Erdogan said the European Union had presented Turkey with a new 12-month timetable for renewing their relations, the Hurriyet daily said on Saturday.
China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.The comments came two days after Moody's downgraded China's sovereign ratings by one notch to A1, saying it expects the financial strength of the world's second-largest economy to erode in coming years as growth slows and debt continues to mount.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
Oil prices dropped more than 4 percent on Thursday as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018.Oil prices rebounded to rise more than 1 percent on Friday, but Brent crude ended the week nearly 3 percent lower.
Brent futures settled up 69 cents to $52.15 a barrel, or 1.3 percent, after hitting a session low of $50.71.U.S. West Texas Intermediate (WTI) crude futures settled at $49.80 a barrel, gaining 90 cents or 1.8 percent, after hitting an intra-day low at $48.18.
Wall Street stocks eked out on Friday a seventh straight day of gains.
The U.S. dollar rose after upbeat data showed that the U.S. economy slowed less than initially thought in the first quarter, as gross domestic product increased at a 1.2 percent annual rate.
Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade.
Spot gold added 0.9 percent to $1,267.00 an ounce. U.S. gold futures gained 0.82 percent to $1,266.70 an ounce.
In the latest news, Turkish President Tayyip Erdogan said the European Union had presented Turkey with a new 12-month timetable for renewing their relations, the Hurriyet daily said on Saturday.
China's structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody's said.The comments came two days after Moody's downgraded China's sovereign ratings by one notch to A1, saying it expects the financial strength of the world's second-largest economy to erode in coming years as growth slows and debt continues to mount.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here.
