Oil rebounded from the biggest decline in three months after a report showed crude stockpiles falling in the U.S. Prices dropped yesterday as Saudi Arabia said it may boost supplies.
Futures gained as much as 0.5 percent after sliding 2.3 percent yesterday. U.S. crude supplies shrank by 1.4 million barrels last week, according to the American Petroleum Institute. The Energy Department may say today that inventories climbed by 2.2 million barrels, a Bloomberg News survey showed. Saudi Arabia can increase output by 25 percent immediately if needed, Oil Minister Ali al-Naimi said. Prices have risen this year on concern that tension with Iran threatens supplies.
“When we get big draws or builds the market will take it and move, but then it’ll come back to reality,” said Jonathan Barratt, chief executive of Barratt’s Bulletin, a commodity markets newsletter in Sydney.
Halal centrestage at Gulfood
Dubai — One of the fastest growing segments of the worldwide food industry and currently worth $1.1 trillion globally, the international halal food market occupies an integral part of Gulfood 2015 —
Based in Nagoya, Fatima Al Kharousi will be responsible for overseeing the airline’s operations
OPEC production rises as members stand firm
Organization of the Petroleum Exporting (OPEC) oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey show