Dubai ruler approves new $35bn airport terminal

Dubai ruler approves new $35bn airport terminal
Dubai ruler approves new $35bn airport terminal

Thank you for reading the news about ruler approves new $35bn airport terminal and now with the details

Jeddah - Yasmine El Tohamy - Oil Updates – prices fall 1% on Israel-Hamas ceasefire talks, US inflation concerns

BEIJING/NEW DELHI: Oil prices were down 1 percent on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and US inflation data further dimmed the prospects of interest rate cuts anytime soon, according to Reuters.

Brent crude futures fell by as much as 98 cents, or 1.09 percent, to $88.52 a barrel by 9:44 a.m. Saudi time. West Texas Intermediate futures were down 83 cents, or 0.99 percent, at $83.02 a barrel.

Stepped-up efforts to mediate a ceasefire between Israel and Hamas moderated geopolitical tensions and contributed to the weak opening on Monday, IG market analyst Tony Sycamore said. A Hamas delegation will visit Cairo on Monday for peace talks, a Hamas official told Reuters.

Israel’s foreign minister said on Saturday a planned incursion into Rafah, where more than one million displaced Palestinians are sheltering, could be put off in the event of a deal that involves the release of Israeli hostages.

A White House spokesperson said Israel had agreed to listen to US concerns about the humanitarian effects of the potential invasion.

Markets are also on watch for the US Federal Reserve’s May 1 policy review.

“Also playing a part are some nerves ahead of this week’s Federal Open Market Committee meeting which is expected to come with a more hawkish tone,” Sycamore said.

US inflation rose 2.7 percent in the 12 months through March, data on Friday showed, above the Fed’s target of 2 percent. Lower inflation would have increased the likelihood of interest rate cuts, which would stimulate economic growth and oil demand.

“The sticky US inflation sparks concerns for ‘higher-for-longer’ interest rates,” leading to a stronger US dollar and putting pressure on commodity prices, independent market analyst Tina Teng said.

The dollar strengthened on the prospect of higher-for-longer interest rates. A stronger dollar makes oil more expensive for those holding other currencies.

Further weighing on the outlook for oil demand, China’s industrial profit growth slowed down in March, official data showed on Saturday, in the latest sign of frail domestic demand in the world’s second largest economy.

Cumulative profits of China’s industrial firms rose 4.3 percent to 1.5 trillion yuan ($207 billion) in the first quarter from a year earlier, compared to a 10.2 percent rise in the first two months.

But oil prices could swing higher again if US inventory data and China’s PMI index show improvements this week, Teng said.

Brent had settled up 49 cents and WTI up 28 cents on Friday on concerns about disruptions to supply from events in the Middle East.

The market brushed aside potential supply disruptions stemming from Ukranian drone strikes on the Ilsky and Slavyansk oil refineries in Russia’s Krasnodar region over the weekend. The Slavyansk refinery had to suspend some operations after the attack, a plant executive said. 

These were the details of the news Dubai ruler approves new $35bn airport terminal 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.

PREV Saudi banks’ funding profile changing on rising mortgage demand: S&P Global 
NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

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]