A US official told Reuters that US President Joe Biden and Republican Congress Leader Kevin McCarthy are close to reaching an agreement to increase the government’s borrowing limit by $31.4 trillion for two years, with a spending limit on most items.
As for oil prices, they tend to register limited weekly gains after today’s rises, in light of the continued anticipation of developments in the debt ceiling negotiations, as well as the upcoming OPEC+ meeting.
Oil prices came under pressure yesterday after agencies cited statements by Russia’s deputy prime minister on the lack of further steps at the OPEC Plus meeting.
Novak returned today to clarify that the quoted statements were partial and that Moscow will work with the rest of the alliance members to determine what is best for the market while respecting all previous rulings.
Brent crude rose 89 cents to $77.12 a barrel at 2:15 p.m. GMT.
Market movements
And the main index of the Abu Dhabi Stock Exchange rose 0.6%, posting a series of losses that lasted three sessions, supported by a 1.6% jump in the telecommunications company’s stock ” E&”.
E& said in a filing to the stock exchange that it has entered into a joint venture with Bespin Global to provide digital services and cloud solutions in the Middle East, Turkey and Pakistan. The company also invested $60 million in Bispin Global for a 10% stake.
First Abu Dhabi Bank, the largest bank in the United Arab Emirates, rose 0.8%.
In Dubai, the main index rose 0.4%, ending a three-session losing streak, with major shares of Emaar Properties rising 0.7% and Mashreq Bank 3.3% .
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