Oil prices extended gains on Monday on fears that an escalation in the Middle East could disrupt regional oil supplies, while imminent US interest rate cuts lifted the global economic and fuel demand outlook. Brent crude futures climbed 37 cents, or 0.5%, to $79.39 a barrel, while US crude futures were up 36 cents, or 0.5%, to $75.19 a barrel. Both oil benchmarks gained more than 2% on Friday after US Federal Reserve Chair Jerome Powell endorsed an imminent start to interest rate cuts. Still, oil prices were down last week as a poor outlook for major economies weighed on fuel demand. The US Energy Department said on Friday it bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve. Source: Qatar News Agency
Related Articles
Non-Energy Private Sector Continues to Expand in July
Doha: Qatar’s non-energy private sector continued to expand at the start of the second half of 2024, according to the latest Purchasing Managers’ Index (PMI ) survey data from Qatar Financial Centre (QFC) compiled by S and P Global.
Output and new or…
Minister of Planning Discusses With Japanese Ambassador Joint Cooperation and Attracting Investment Companies
Deputy Prime Minister, Minister of Planning, Mohammed Ali Tamim, met today, Thursday, with the Japanese Ambassador to Iraq, Futoshi Matsumoto, and his accompanying delegation, which included a number of embassy staff, and representatives of the Japan …
German Exports, Imports Decline in H1 2024
The Federal Statistical Office of Germany revealed Monday that its country’s exports and imports declined in the first half (H1) of 2024 on an annual basis.
The office stated that exports decreased by 1.6 percent to EUR 801.7 billion, while imports d…