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Brent crude oil prices jumped above $65 per barrel on Tuesday for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts.
Brent crude futures, the international benchmark for oil prices, were at $65.29 a barrel at 0253 GMT, up 60 cents, or 0.9 percent, from their last close.
That marks the first time Brent has risen above $65 since June, 2015.
U.S. West Texas Intermediate (WTI) crude futures were at $58.30 a barrel, up 31 cents, or 0.5 percent, from their last settlement.
In stocks, Asian shares took a breather on Tuesday after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. borrowing costs this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of flat having bounced 2 percent in the past three sessions.
In the Middle East, Saudi Arabia's stock market pulled back on Monday as a bubble in shares of real estate firm Dar Al Arkan burst.
The Saudi index retreated 0.6 percent as Dar Al Arkan, which had gained as much as 3.4 percent in early trade, closed 9.9 percent lower at 12.60 riyals. It was by far the market's most heavily traded stock.
In Dubai, the index rose 0.6 percent as real estate firm Emaar Development, which hit a record closing low of 5.34 dirhams last week, rebounded 2.6 percent to 5.49 dirhams. Its shares were sold in last month's initial public offer at 6.03 dirhams.
Abu Dhabi's index climbed 1.4 percent.
Egypt's index edged up 0.1 percent.
In currencies, the dollar held firm near two-week highs versus a basket of major currencies on Tuesday, with traders awaiting the U.S. Federal Reserve’s policy meeting this week for fresh catalysts.
The dollar index, which tracks the greenback against a basket of six major peers, inched up 0.1 percent to 93.931. That was within sight of Friday’s peak of 94.087, the highest since November 21.
Gold was slightly higher on Tuesday, just up from its lowest in nearly five months in the previous session, and ahead of the start of a two-day U.S. Federal Reserve meeting.
In other news, the average yield on Egypt's three-year and seven-year treasury bonds fell at an auction on Monday, central bank data showed.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here© ZAWYA 2017
Brent crude futures, the international benchmark for oil prices, were at $65.29 a barrel at 0253 GMT, up 60 cents, or 0.9 percent, from their last close.
That marks the first time Brent has risen above $65 since June, 2015.
U.S. West Texas Intermediate (WTI) crude futures were at $58.30 a barrel, up 31 cents, or 0.5 percent, from their last settlement.
In stocks, Asian shares took a breather on Tuesday after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. borrowing costs this week.
MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of flat having bounced 2 percent in the past three sessions.
In the Middle East, Saudi Arabia's stock market pulled back on Monday as a bubble in shares of real estate firm Dar Al Arkan burst.
The Saudi index retreated 0.6 percent as Dar Al Arkan, which had gained as much as 3.4 percent in early trade, closed 9.9 percent lower at 12.60 riyals. It was by far the market's most heavily traded stock.
In Dubai, the index rose 0.6 percent as real estate firm Emaar Development, which hit a record closing low of 5.34 dirhams last week, rebounded 2.6 percent to 5.49 dirhams. Its shares were sold in last month's initial public offer at 6.03 dirhams.
Abu Dhabi's index climbed 1.4 percent.
Egypt's index edged up 0.1 percent.
In currencies, the dollar held firm near two-week highs versus a basket of major currencies on Tuesday, with traders awaiting the U.S. Federal Reserve’s policy meeting this week for fresh catalysts.
The dollar index, which tracks the greenback against a basket of six major peers, inched up 0.1 percent to 93.931. That was within sight of Friday’s peak of 94.087, the highest since November 21.
Gold was slightly higher on Tuesday, just up from its lowest in nearly five months in the previous session, and ahead of the start of a two-day U.S. Federal Reserve meeting.
In other news, the average yield on Egypt's three-year and seven-year treasury bonds fell at an auction on Monday, central bank data showed.
For access to market moving insight, subscribe to the Trading Middle East newsletter by clicking here© ZAWYA 2017
