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Brent Posts Fourth Weekly Gain with Global Surplus Dwindling

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Brent Posts Fourth Weekly Gain with Global Surplus Dwindling 14 fEBRUARY 2021 | 02 RAJAB 1442 HIJRI | VOLUME NO. 08 | ISSUE 145 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 03 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0355 B r e n t Crude $59.47/bbl buLLION Mario draghi puts italy at grown-ups’ table Abu Dhabi - ADX 5,667.03 EuRo 4.4713 CHF 4.1682 WTI Crude $62.43 /bbl The former European Central Bank chief’s return coincides with a moment of great instability in the continent’s politics, writes GBP 5.1055 CAD 2.9231 N a t u r a l G as $2.91 /MMBtu Dubai - DFM 2,633.48 Ferdinando GiuGliano PRECIOUS METALS bAnkinG PAGE 07 New york - NYA 15,369.60 EXCHANGE RATE Sri Lankan Rs 52.59 Gold $1,823.20/t oz esG finance to become ‘core part’ of strategy: Goldman Indian Rs 19.66 Philippine Peso 12.85 Gold-Dubai AED221.00/gm Buy for London - UKX 6,589.79 Bangladesh Taka 22.32 (AED) 25,777.44 Goldman is joining other top banks that have been issuing ESG bonds Pakistani Rs 42.51 Silver $27.33/t oz amid pressure for the private sector to do more to promote ESG issues Sunday Price UAE: AED 2 UkrAiniAn PresidenT visiTs UAe KU’s DhabiSat all set for launch from aboard Cygnus on Feb 20 Second CubeSat will take off from Wallops Flight Facility in Virginia, on Northrop Grumman Antares rocket, to ISS ABU DHABI / WAM The primary mission of the Khalifa University of Science second CubeSat, and Technology on Saturday previously known as announced DhabiSat, the second CubeSat, designed MYSat-2, is to enable and developed by Khalifa students to design, University students with implement, and test support from Al Yah Satellite software modules for Company (Yahsat) and Northrop Grumman, is get - control systems (ADCS). The attitude determination and ting ready for launch on Feb - work has been conducted at control systems (ADCS) ruary 20 from aboard the the Yahsat Space Lab, which is Cygnus spacecraft. part of the Khalifa University The primary mission of the Space Technology and Innova - ing images using a digital second CubeSat, previously tion Center (KUSTIC). camera onboard pointed in known as MYSat-2, is to enable DhabiSat will assess the specific directions. students to design, implement, accuracy of various ADCS HE Abdulla Bin Touq Al Marri, UAE Minister of Economy, with HE Volodymyr Zelenskyy, President of Ukraine, at the Presidential Airport in Abu Dhabi on Saturday —WAM and test software modules for pointing control strategies nFor full story, read attitude determination and and validate the same by tak - emirates-business.ae oPec is is showing a lot more nimbleness and practicality in their approach, said an analyst Global Council for Tolerance and Peace publishes first book ABU DHABI / WAM and Peace, Ahmed Al Jarwan, stated that this book aims to Brent posts fourth weekly gain A new achievement in fields increase feelings of open - of tolerance and peace has ness and respect towards been recorded for the Global others, solidarity and shar - Council for Tolerance and ing based on a sense of secu - with global surplus dwindling Peace, publication of its first rity in one’s own identity, book, entitled “'Paths to a Cul - and a capacity to recognise ture of Tolerance and Peace”. dimensions of being human Organization of Petroleum Exporting Countries expects a stronger second half of The President of the in different cultural and 2021, indicating that global inventories will face declines unless cartel boosts supply Global Council for Tolerance social contexts. BlooMBerg n Signs of inventories Oil in London climbed for a fourth ByteDance in talks to sell straight week as efforts to clear declining in the US and an oil surplus are seen holding elsewhere point to the market over until demand the success Opec+ its Indian TikTok assets comes back in force. BlooMBerg Global benchmark Brent fu - has had in draining a tures surged the most since early surplus left in the wake ByteDance Ltd is said to be January, while West Texas Inter - of an historic demand exploring a sale of the India mediate crude flirted with $60 a slump due to the operations of TikTok to barrel for the first time in more rival unicorn Glance, in an at - than a year. Signs of inventories pandemic tempt to resuscitate the declining in the US and elsewhere once-thriving short video point to the success Opec+ has n A frigid Arctic blast sharing app that’s been The talks are between had in draining a surplus left in It looks like US shale is going to be a lot more measured and not just completely collapse spreading across banned indefinitely in the the wake of an historic demand South Asian nation. the supply/demand balance, said an analyst America’s largest shale SoftBank, ByteDance and slump due to the pandemic. The discussions have been Glance and any deal will crude stockpiles are at the lowest its strongest level since January oil patch has caused initiated by Japan’s SoftBank need a final seal of approval Global benchmark Brent in nearly a year. 2020. At the same time, brokers crude flowing from Group Corp conglomerate, “Opec is showing a lot more reported a frenzy of bullish wells to slow or halt according to people familiar from Indian authorities futures surged the most since nimbleness and practicality in trading in the key Dated-Front - with the talks, who declined early January, while West their approach,” said Vikas line swap, which is tied to physi - completely to be identified because the Texas Intermediate crude Dwivedi, a global energy strate - cal North Sea markets, flipping talks are private as well as Indian authorities. flirted with $60 a barrel for the gist for Macquarie Group in Hous - to a premium for the first time mian Basin could be impacted by early and complex. India banned thousands of ton. “It looks like US shale is going in a year. well shutdowns that began. SoftBank is a backer of Chinese apps including Tik - first time in more than a year to be a lot more measured and There are further signs of sup - Crude prices “can still go Glance’s parent InMobi Pte Tok last year following not just completely collapse the ply being constrained in the near higher from here,” said Ryan Gor - as well as TikTok’s Chinese intense hostility on the India- Opec expects a stronger second supply/demand balance.” term. A frigid Arctic blast spread - man, market strategist at Blue parent, ByteDance. China border. half of 2021, indicating this week One of the most dramatic ing across America’s largest shale Line Futures LLC in Chicago. The discussions involve SoftBank and ByteDance that global inventories will face moves in the market has been in oil patch has caused crude flow - “With Saudi Arabia’s production four sides, the people said. didn’t respond to emails sharp declines unless the cartel Brent’s futures curve. So-called ing from wells to slow or halt cut and some progress towards The talks are between Soft - seeking comment outside boosts supply. Iraq said Opec+ is backwardation between the first completely. the end of the tunnel here for the Bank, ByteDance and Glance of business hours. unlikely to change its output pol - and third futures contract, which Traders say several hundred virus, there’s still some room for and any deal will need a A Glance spokesman de - icy at a March meeting. In the US, indicates tight supplies, soared to barrels a day of output in the Per - this market to go.” final seal of approval from clined to comment. Dewa gets highest score in HFZA to participate in Dubai unveils electronic platform global customer experience Gulfood 2021 DUBAI / WAM for railway engineering data SHARJAH / WAM The Dubai Electricity and Water Authority (Dewa) an - The Hamriyah Free Zone Au - It contains information about Rail Agency, consultants, nounced that it has been thority (HFZA) has confirmed awarded the highest score its participation in the 26th project contractors, rail operators and impacted bodies worldwide of 99.7 percent edition of the Gulfood 2021 DUBAI / WAM in the updated International Exhibition, which will be held The [electronic] platform ensures Customer Experience Stan - at Dubai World Trade Centre An electronic platform which dard (ICXS2019) for the sec - from February 21-25. contains railway engineering in - the accuracy, speed and ond consecutive year. During Gulfood 2021, the formation, including 800,000 accessibility to information, The certificate, provided Free Zone Authority will documents relating to assets of documentation of engineering changes by the International Cus - highlight the numerous in - the Red and Green Lines of the Despite the challenges in assets, and provides multiple tomer Experience Institute, centives and benefits pro - Dubai Metro, has been launched. options for data management. RTA has is an international standard posed by the vided to investors and Mattar Mohammed Al Tayer, to evaluate the customer global pandemic, companies, and its pivotal Director-General, Chairman of completed the training of beneficiaries of the platform, service experience in large Dewa has continued to role in supporting the food the Board of Executive Directors published technical manuals consistent with top international organisations. trade and industry in the of the Roads and Transport Au - practices, and linked the platform with the maintenance system It aims to help organisa - achieve exceptional scores UAE, as well as its being a thority (RTA), launched the plat - tions manage and in the certification and prominent destination to in - form, also contains data about Mattar Mohammed Al Tayer, Director-General, Chairman of improve their customers’ ex - ensure high levels of troduce the world’s top food the Rail Agency, consultants, the Board of Executive Directors of the RTA periences and upgrade the and beverage companies to project contractors, rail opera - quality of their services.
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