UK-GCC trade deal could be finished in a year: Minister

UK-GCC trade deal could be finished in a year: Minister
UK-GCC trade deal could be finished in a year: Minister

Thank you for reading the news about UK-GCC trade deal could be finished in a year: Minister and now with the details

Jeddah - Yasmine El Tohamy - NEW YORK: Oil prices fell by more than $2 a barrel on Thursday in volatile trading as investors weighed the risk that rising US interest rates could trigger a recession and cut demand for fuel.

Brent crude futures fell $2.26 cents, or 2 percent, to $109.48 by 1:04 p.m. ET (1704 GMT). US West Texas Intermediate (WTI) crude futures were down $2.48, or 2.3%, at $103.71.

US Federal Reserve chief Jerome Powell said the central bank’s focus on curbing inflation was “unconditional” and the labor market was unsustainably strong, comments that stoked fears of more rate hikes.

Investors have been trying to assess whether inflation-fighting central banks could push the world economy into recession as they raise interest rates.

“Recession fears have their grip on markets, but the mood swing is rather one of ebbing optimism than swelling pessimism,” said Julius Baer analyst Norbert Rucker.

Investors were also concerned that high gasoline prices had hit a ceiling and demand destruction would soon set in, said Robert Yawger, director of energy futures at Mizuho in New York.

“That’s definitely worked its way into the conversation,” said Yawger, who added that he thought gasoline still had room to rise. 

US retail prices are currently averaging $4.94 a gallon, down about 10 cents from the peak, according to AAA.

Even off the highs, fuel prices remained feverishly strong and led US officials and oil executives to meet to try to agree on a plan to ease the pain at the pump. Major US oil refiners and Energy Secretary Jennifer Granholm emerged from an emergency meeting over the issue with no concrete solutions, according to a source familiar with the discussions, but the two sides agreed to continue talking.

The most recent estimates by the American Petroleum Institute, according to market sources, showed US crude and gasoline inventories rising last week, which also weighed on prices, Yawger said.

Official weekly estimates for US oil inventories were scheduled to be released on Thursday but technical problems will delay those figures until next week, the US Energy Information Administration said.

Russia continues to find alternative customers for its oil, with China and India among the biggest buyers now as Western countries have sanctioned Moscow's over the invasion of Ukraine.

China’s crude oil imports from Russia in May were up 55 percent from a year earlier and at record highs.

India is providing safety certification for dozens of ships managed by a subsidiary of Russian shipping group Sovcomflot, enabling oil exports to India and elsewhere after Western certifiers withdrew their services. 

These were the details of the news UK-GCC trade deal could be finished in a year: Minister for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Emirates carried over 10m passengers this summer

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]