In total, 94 nationalities invested in Sharjah during the first quarter of 2024
Oil prices jumped by about $4 on Monday as Opec+ considers reducing output by more than one million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic.
Brent crude futures rebounded by $3.77, or 4.4 per cent, to $88.91 a barrel by 1226GMT. US West Texas Intermediate crude was up $3.95, or five per cent, at $83.44.
Oil prices have tumbled for four straight months since June, as Covid-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging US dollar weighed on global financial markets.
To support prices, the Organization of the Petroleum Exporting Countries (Opec) and its allies, known collectively as Opec+, is considering an output cut of more than 1 million bpd ahead of Wednesday's meeting, Opec+ sources have told Reuters.
That figure does not include additional voluntary cuts by individual members, one Opec source added.
If agreed, it will be the group's second consecutive monthly cut after reducing output by 100,000bpd last month.
"The backdrop for this week’s meeting is precarious, but the fundamentals of oil are relatively healthy," said Peter McNally, global lead for energy at investment research firm Third Bridge.
"The two biggest question marks are the demand outlook (especially in China) and what happens to Russian supply after the EU ban goes into effect on December 5."
Opec+ missed its production targets by nearly three million bpd in July, two sources from the producer group said, as sanctions on some members and low investment by others stymied its ability to raise output.
While prompt Brent prices could strengthen further in the immediate short term, concerns over a global recession are likely to limit the upside, consultancy FGE said.
"If Opec+ does decide to cut output in the near term, the resultant increase in Opec+ spare capacity will likely put more downward pressure on long-dated prices," it said in a note on Friday.
The dollar index fell for a fourth consecutive day on Monday after touching its highest in two decades. A cheaper dollar could bolster oil demand and support prices. — Reuters
In total, 94 nationalities invested in Sharjah during the first quarter of 2024
The Parisians are on 69 points with four games left with Monaco trailing by 11 points
The health ministry has ensured the safety of 'a very limited number' of people who showed some symptoms of being affected by 'the mixed water'
The evening was a resounding success, boasting delectable cuisine, a lively ambiance, and impeccable service
Reds defeat at Everton extinguishes their last hopes of winning the Premier League
The destination was to originally close on April 28
The cashback is valid until May 12
Both BJP and Congress raised allegations of causing hatred and division based on religion, caste, community, or language