Oil fell from the highest close in three days in New York, trimming its second quarterly advance, before a government report forecast to show U.S. crude stockpiles rose to a six-month high
Futures slid as much as 0.3 percent after rising for a second day yesterday. U.S. supplies gained 2.8 million barrels, or 0.8 percent, to 349.1 million in the seven days ended March 23, according to the median of six analyst estimates before an Energy Department report tomorrow. That would bring supplies to the highest level since Sept. 2.
Oil for May delivery dropped as much as 32 cents to $106.71 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.77 at 12:51 pm. Singapore time. It gained 16 cents yesterday to $107.03, the highest close since March 21. Prices are 8 percent higher this year and headed for a second quarterly gain.
Sukuk bills catch on as IDB plans 30-day issues
Short-dated sukuk are gaining in popularity, with Saudi Arabia’s Islamic Development Bank poised to be the second multinational Shariah-compliant lender to issue the debt by selling securities maturi
Qatar shares bounce back with 2.3% jump
A resilient Qatar Exchange yesterday appreciated more than 2% to settle above the 11,600 mark, especially on foreign institutions’ buying support, a day after it fell sharply after the recall of envo
Joint venture in heavy equipment
The Abdul Latif Jameel Group (ALJG) has formed a joint venture with Japan’s Sumimoto Corp. to distribute Komatsu heavy equipment brands in the Kingdom, ALJG said on Thursday.