Commodities

London, Dec. 7, 2022 (Reuters/GBN) Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply. Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets. Brent crude fell $1.05, or 1.3%, to $78.30 a barrel by 1020 GMT. It touched …

SINGAPORE, Dec. 5, 2022 (Reuters/GBN) – Oil prices edged up on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. At the same time, in a positive sign for fuel demand, more Chinese cities eased COVID-19 curbs over the weekend, though the partial easing in policies sowed confusion across the country on Monday. While prices rose as much as 2 percent earlier in the day, both the Brent and U.S. West Texas Intermediate (WTI) contracts have since pared some …

DUBAI, Dec. 4, 2022 – Saudi oil giant, Aramco’s,base oil subsidiary,Luberef, expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 and 99 riyals each, the company said in a statement. State-led IPO programmes in Saudi Arabia, Abu Dhabi and Dubai have helped equity capital markets in the oil-rich Gulf, in sharp contrast …