Crude-oil futures rallied Thursday, ending at their highest since mid-May to cap a seventh day of gains as traders reacted to a flare-up in Middle East strife.
Crude for August delivery gained $2.79, or 3.1%, to settle at $92.66 a barrel on the New York Mercantile Exchange. That was oil’s highest since May 16.
Oil has gained 10% over the past seven sessions, matching a winning run in February.
The Iran premium, largely absent from the oil market two weeks ago, has returned and several investors caught short on oil have returned, said Bill O’Neill, a principal with Logic Advisors in New Jersey.
Qatar Chamber gets ‘nod’ for QR2bn venture
Qatar Chamber (QC) received preliminary approval from concerned authorities to establish its ambitious QR2bn private company. Expected to emerge as a key driver in the transformation of Qatar’s indus
QE index inches up
Qatari stocks showed marginal gains last week as the country’s main index inched up 14.04 points (0.14 percent) to 10,389.10.
The trading value (of over QR1.58bn), though, declined over t
Dubai World arm sells Atlantis
A unit of Dubai World has sold its Atlantis resort, which sits on a palm tree-shaped island in the Gulf, in an asset shuffle between state entities to help the group meet huge debt repayments after