SINGAPORE: Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and economic recovery.
Brent crude fell 70 cents, or 1 percent, to $67.86 a barrel by 10.45 a.m. in London, the last day’s trading for the front-month June contract. US West Texas Intermediate crude for June was at $64.23 a barrel, down 78 cents, or 1.2 percent.
Prices also came under pressure after China’s factory activity growth slowed and missed forecasts in April, although a private sector survey showed that Japan’s factory activity expanded in April at the fastest pace since early 2018.
“The post-COVID-19 demand recovery is still uneven and the surge in Indian cases serves as a timely reminder that any rally to $70 is too premature,” Energy Aspects analysts said in a note.
Such a level is likely to be reached only in the third quarter this year, when demand improves materially and destocking ends, they said.
The world’s third largest oil consumer is in deep crisis, with hospitals and morgues overwhelmed, as the number of COVID-19 cases topped 18 million on Thursday.
The surging infection numbers and renewed mobility-restricting measures have “forced us to revise down Indian gasoline and gasoil demand” estimates for 2021, said JBC Energy’s senior analyst Eugene Lindell.
Brent is on track to gain roughly 8 percent in April while WTI could see gains of nearly 10 percent for the month.
That would be their fifth monthly gain in six months as global demand has almost returned to pre-pandemic levels on the back of fiscal stimulus and the easing of virus lockdowns in some countries, while production cuts from OPEC and their allies including Russia eased crude oil oversupply.
The COVID-19 vaccine rollout and the lifting of lockdowns in several cities in the United States and Britain are also restoring confidence in travel, lifting fuel demand, ANZ analysts said.
The upcoming Labour Day holiday in China would also boost fuel demand at the world’s second largest oil consumer.
“This renewed optimism is overshadowing headwinds in India, where a second wave of infections of COVID-19 are resulting in new travel restrictions being put in place,” ANZ analysts said in a note.
Oil prices slip from six-week high as India’s demand worries weigh
https://arab.news/cft99
Oil prices slip from six-week high as India’s demand worries weigh
- India infections top 18 million
- Brent, WTI set to rise about 8-10% in April
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
