Oil soared past fiscal breakeven prices for the Middle East’s four biggest producers after OPEC+ kept output largely unchanged and an attack on a highly protected Saudi Arabian oil facility.
Crude prices achieve budget-balancing levels for Middle East economies By Abeer Abu Omar on 3/7/2021
(Bloomberg) Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged.
The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. Thatâs higher than annual average levels needed for the cartelâs largest producers, including Saudi Arabia, to balance their budgets this year.
If oil prices stay at current levels, âwe would see fiscal surpluses for the larger Gulf Cooperation Council economies,â said Monica Malik, chief economist at Abu Dhabi Commercial Bank. âThis provides more fiscal space to support economic activity and recovery.â
OPEC+ Surprise Sees Oil Soar Past Gulf s Budget-Balancing Levels bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Investors Consider Next Move as Signs of a Bubble Mount
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Despite some classic signs of froth, investors are uncertain whether a downfall looms
published : 2 Feb 2021 at 08:35 EMIL LENDOF/THE WALL STREET JOURNAL
For once, everyone seems to agree: Much of the market looks like it s in a bubble.
Shares of unprofitable companies like GameStop Corp. and AMC Entertainment Holdings Inc. are rising at a breakneck pace, propelled by a growing army of individual investors.
Options activity is surging, bitcoin prices are near records and businesses are rushing to opportunistically sell stock through a flurry of initial public offerings, listings of blank-check companies and follow-on share sales.
Provided by Dow Jones
By Michael Wursthorn and Akane Otani For once, everyone seems to agree: Much of the market looks like it s in a bubble. Shares of unprofitable companies like GameStop Corp. and AMC Entertainment Holdings Inc. are rising at a breakneck pace, propelled by a growing army of individual investors. Options activity is surging, bitcoin prices are near records and businesses are rushing to opportunistically sell stock through a flurry of initial public offerings, listings of blank-check companies and follow-on share sales. To many, valuations look stretched as they hover at levels similar to the highflying days of 2000. That said, high valuations alone don t necessarily mean the rally is near its end, investors say. History has shown that markets have often been able to climb far longer than thought possible, be it the dot-com boom in the late 1990s or the dizzying rise in Japanese stocks in the 1980s.