NEW YORK: Oil prices rose more than 2 percent on Monday, a second straight day of gains, as polls showing a lower likelihood of Britain leaving the European Union weakened the dollar, boosting commodities priced in the US currency.
Data from market intelligence firm Genscape pointing to a drawdown of 568,213 barrels at the Cushing, Oklahoma delivery base for US crude futures in the week to June 17 also helped sentiment, said traders who saw the numbers.
Brent crude futures’ front-month contract, August, rose $1.13, up 2.3 percent, to $50.30 a barrel by 11:25 a.m. EDT (1525 GMT). The contract has risen more than 6 percent since Thursday’s settlement, after falling 10 percent in six previous sessions.
US crude’s West Texas Intermediate (WTI) futures gained $1.25, or 2.6 percent, at $49.23 a barrel in its July front-month. But the contract, which expires on Tuesday, was barely traded, with volume flocking to nearby August, which will be the next front-month for WTI.
Three opinion polls ahead of Thursday’s vote on Britain’s future in the EU showed the ‘Remain’ camp recovering some momentum, although the overall picture was of an evenly split electorate. Traders said Britain’s exit, or “Brexit,” would cause economic turmoil to Europe and beyond.
The pound climbed 2.3 percent to $1.4682 against the dollar. A weaker dollar makes commodities denominated in the greenback more attractive for other currency holders.
Analysts said oil prices should stay firm as long as a Brexit looked unlikely, although a strong rally may be difficult absent more supply outages like those out of Nigeria and Canada that boosted the market to the 11-month highs of over $50 earlier this month.
“We are not expecting sustained crude price strength back to above the $50-51 area in either WTI or Brent as fundamentals appear to be undergoing a very gradual shift back toward the bearish side,” said Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates.
Scott Shelton, energy futures broker with ICAP in Durham, North Carolina, said he was not impressed by the four weeks of continuous US crude stock draws, considering Nigerian outages, Canada outages and subtracting the French strike effect.
“I guess I am still not ready to join the bulls at this point and I am somewhere between bearish and no view and waiting for some clarity,” Shelton said.
Brent, WTI rise more than 2% each, up 2nd day in row
Brent, WTI rise more than 2% each, up 2nd day in row
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.
