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OPEC basket price falls $1 MoM in August - Dotemirates
2 month 3 day

OPEC basket price falls $1 MoM in August

Mubasher: The average price for a basket of crudes from OPEC producers declined by $1.01 month-on-month to $72.26 per barrel (pb) in August. Last month, ICE Brent went down $1.11 to $73.84 pb, compared to the previous month, while NYMEX WTI sank $2.74 month-on-month to $67.85 pb and DME Oman decreased by $0.24 to $72.67 pb versus the month before, according to OPEC monthly oil market report. “Crude oil futures were also down for the month. Price declines were mainly due to worries that the ongoing global trade disputes would lower oil demand, strengthening US dollar, US stock builds and...


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2 minute 54 second

ADNOC reveals new integrated gas strategy

The Abu Dhabi National Oil Company (ADNOC) hosted a Gas, Refining and Petrochemicals Forum during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), presenting details of its recently announced gas strategy and its plans to further develop its refining and petrochemicals’ resources and create new downstream growth opportunities. ADNOC provided further details of how its new integrated gas strategy, recently approved by Abu Dhabi’s Supreme Petroleum Council (SPC), will drive the development and delivery of new gas resources to enable the UAE to achieve gas self-sufficiency, with the ultimate goal of becoming a net gas exporter. At its meeting,...
3 minute 35 second

Cost of imported goods climb 0.5% in October

WASHINGTON (MarketWatch) - The import price index in October rose by 0.5%. Rising gas prices was a big contributor. Excluding fuel, prices of imported goods rose a smaller 0.2%, the government said Thursday. The increase in import prices over the past 12 months moved up to 3.5% from 3.1%. If fuel is omitted, the increase in import prices over the past year was a milder 0.7%. Earlier this week the government said the U.S. consumer price index climbed 0.3% in October, with higher gas prices accounting for more than one-third of the increase. Yet oil prices have tumbled globally, likely...
6 minute 12 second

Saudi’s flyadeal aims to decide on 30-jet order by month-end

Saudi’s flyadeal aims to decide on 30-jet order by month-end Reuters Wednesday 14 November 2018 Saudi Arabian budget airline flyadeal aims to decide whether to order Airbus or Boeing narrow-body jets by the end of this month, its chief executive said on Wednesday. Flyadeal, a subsidiary of state-owned Saudi Arabian Airlines, had been due to decide on the order for 30 Airbus A320neos or Boeing 737 MAXs in the second quarter but held off to further assess the performance of the revamped models. “We want some evidence because we’re committing a huge chunk of capital,” Con Korfiatis told Reuters at...

6 minute 34 second

U.S. retail sales surge in October after first back-to-back declines in five years

The numbers: Sales at U.S. retailers surged in October after the first back-to-back declines in more than five years, though most of the money was spent on gas and new cars and trucks. Retail sales leaped 0.8% last month, the government said Thursday. Economists polled by MarketWatch had predicted a 0.6% increase. The increase follows small declines in September and August. The government initially said sales rose slightly in both of those months, but it revised the figures lower in its latest update. That could also result in the government trimming the initially estimated 3.5% growth in gross domestic product...
7 minute 25 second

Abu Dhabi’s Etihad, Bahrain’s Gulf Air sign cooperation deal

Abu Dhabi’s Etihad, Bahrain’s Gulf Air sign cooperation deal Robert Anderson Wednesday 14 November 2018 Bahrain’s Gulf Air and Abu Dhabi’s Etihad Airways said on Wednesday they would explore greater cooperation after signing an initial memorandum of understanding. The deal, signed at the Bahrain International Airshow covers codeshare flights between Abu Dhabi and Manama and other routes in both airlines’ global networks. Further cooperation could come in cargo traffic, maintenance, repair and engineering operations, guest experience and pilot training, the airlines said. While reciprocal frequent flier benefits are also being explored. “We look forward to the Etihad and Gulf Air...
7 minute 31 second

Mixed directions for Empire State, Philly Fed manufacturing indexes in November

The Empire State manufacturing index in November rose 2.2 points to 23.3 -- above the Econoday-compiled consensus for a 20 reading-- with sizable gains in the indexes for inventories and average workweek. The Philadelphia Fed manufacturing index however declined to a reading of 12.9 vs. 22.2. Economists polled by MarketWatch expected a reading of 20 for the Philly Fed index. Any reading above zero for these indices indicates improving conditions. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.