Oil slips on US growth worries, ample crude supply

Oil prices fell in early trade on Thursday, as investors digested that the U.S. Federal Reserve had likely pushed back a possible interest rate cut to December, while ample U.S. crude and fuel stocks also weighed on the market, Reuters reported.

Brent crude futures lost 23 cents, or 0.3%, to $82.37 a barrel, as of 0415 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to $78.30. Both benchmarks had gained about 0.8% in the previous session.

The Fed held rates steady on Wednesday and pushed out the start of policy easing to perhaps as late as December.

Higher borrowing costs tend to dampen economic growth, and can by extension, limit oil demand.

Fed Chair Jerome Powell said in a press conference after the U.S. central bank’s two-day policy meeting ended that inflation had fallen without a major blow to the economy, adding that there was no reason to think that can’t go on.

On the supply side, U.S. crude stockpiles rose more than expected last week, driven largely by a jump in imports, while fuel inventories also increased more than anticipated, data from the Energy Information Administration showed on Wednesday.

Also weighing on prices was a bearish report by the International Energy Agency, which warned of excess supply in the near future.

“This is in stark contrast to the bullish report from OPEC+ earlier this week. The oil group maintained its forecasts for strengthening demand,” analysts at ANZ Research said.

Traders are also watching ongoing talks for a ceasefire in Gaza, which, if resolved, would reduce fears of potential supply disruptions from the oil producing region.

[08:47, 13/06/2024] Mr. Yasser: CMA Approves Registration and Offering shares of Al-Fakhera Men’s Tailoring Company in Parallel Market

The Capital Market Authority “CMA” Board has issued its resolution dated on 06/12/1445H corresponding to 12/06/2024G approving of Al-Fakhera Men’s Tailoring Company’s “the Company” application for the registration and offering of (6,000,000) shares representing (16.67%) of the Company’s share capital in the Parallel Market. The offer will be confined to Qualified Investors stipulated in the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority. The prospectus will be published within sufficient time prior to the start of the offering.

Prospective Qualified Investors should conduct their own due diligence on the information disclosed in the prospectus. If the prospectus proves difficult to understand, it is recommended to consult with an authorized financial advisor prior to making any investment decision.

The CMA’s approval on the application should never be considered as a recommendation to invest in the offering or shares of the company. The CMA’s approval on the application merely means that the legal requirements as per the Capital Market Law and its Implementing Regulations have been met.

The CMA’s approval on the application shall be valid for (6) months from the CMA Board resolution date. The approval shall be deemed cancelled if the offering and listing of the Company’s shares are not completed within this period.