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US: EIA Crude Oil Stocks decrease by 0.4 million barrels, WTI clings to gains above $66NEWS |
5/12/2021 2:41:31 PM GMT | By Eren Sengezer
Crude Oil Stocks Change in the US was -0.4 million barrels in the week ending May 7, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts estimate was for a decrease of 2.8 million barrels.
Market reaction
Crude oil prices continue to edge higher after this report and the barrel of West Texas Intermediate was lat seen gaining 1.65% on the day at $66.50.
Additional takeaways US crude oil refinery inputs averaged 15.0 million barrels per day during the week ending May 7, 2021, which was 223,000 barrels per day less than the previous week’s average.
RIYADH: King Salman said Saudi Arabia condemned Israel’s actions in Jerusalem and the acts of violence committed by Israeli forces at Al-Aqsa mosque.
His comments came during a phone call with Pakistani Prime Minister Imran Khan on Wednesday to discuss the Israeli attacks in Jerusalem, Saudi Press Agency (SPA) reported.
King Salman said the Kingdom stands by the Palestinian people in order to obtain their legitimate rights.
During the call, Khan extended greetings to the king on the advent of Eid Al-Fitr, which starts on Thursday. The king thanked the premier and reciprocated the sentiments.
They also discussed the “distinguished relations between their two countries, and reviewed the latest regional and international developments.”
Migration policy renewal can bolster region’s competitiveness
Sara Al-Mulla
Dubai is home to workers from many different countries. (AP Photo)
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Many nations today credit their success partly to the contributions of foreign workers. History is replete with migrant luminaries who have made stellar achievements in diverse fields, such as economics, entrepreneurship, medicine, science, sports, journalism, and the arts.
For example, German-born physicist Albert Einstein immigrated to the US during the Nazi Party’s rise to power in the 1930s. There, he took up a position at the newly established Institute for Advanced Study at Princeton, New Jersey, and ultimately became acknowledged as one of the most prominent physicists in history. Sergey Brin, a co-founder of Google, emigrated from Russia to America in 1979 before establishing one of the world’s most successful, game-changing technology companies. And Greek-born journalist Arianna Huffington
The 3D printing sector also saw a rapid surge in demand.
Dubai-headquartered Immensa Technology Labs reported that its business grew by nearly 400 percent in 2020, as global supply chains were disrupted, and operators scrambled to find an alternative.
“The pandemic was probably one of the biggest propellers for this technology, the year of COVID-19 is the year that 3D printing grew up and became mainstream,” CEO and founder of Immensa, Fahmi Al-Shawwa, told Arab News.
“3D printing saved the day,” he said, adding: “Whether it was in the medical sector, where we started producing components for hospitals to utilize, or things as big as old refineries, where there had been components that failed, and they could not resource the spare parts, we produced them.”
LOD/ISRAEL: Jews cleared Torah scrolls from a torched synagogue on Wednesday and burnt-out cars lined nearby streets in an ethnically mixed Israeli town hit by violence denounced by the president as “unforgivable” acts by Arabs incensed at air strikes on Gaza.
Moving to head off further violence in Lod, which has also seen assaults by Jews on Arab passersby, police declared a night-time curfew and deployed heavily armed reinforcements.
In several other areas populated by Israel’s 21 percent Arab minority, Palestinian flags adorned electricity poles and hundreds of residents have turned out for protests, sometimes clashing with police or Jewish residents.