Dubai: Oil extended a rally after US stockpiles fell and investors applauded reopening drives in the US and Europe that will aid demand.
West Texas Intermediate surged 1.2% at the open, the most since Nov. 4, Brent neared $70 a barrel, and gasoline futures hit the highest since July 2018. The American Petroleum Institute reported crude supplies fell by 7.69 million barrels last week, according to people familiar with the data. If confirmed by government figures on Wednesday, that would be the largest drop since late January. The API report also showed lower gasoline and distillate inventories.
Aiding the outlook for improved oil consumption, the U.S. is setting a new target of 70% of U.S. adults receiving at least one Covid-19 vaccine shot by July 4, while British Prime Minister Boris Johnson said his country s lockdown rules are will be scrapped in seven weeks. That s offsetting concerns about weaker demand in parts of virus-hit Asia, including key importer India.
How did the NAB (ASX:NAB) share price move today after landmark loan?
Brooke Cooper | May 4, 2021 6:04pm |
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National Australian Bank Ltd(ASX: NAB) shares were fairly flat in trading today, as news circled of the bank providing the world’s largest coal export terminal with a “sustainability-linked” loan.
The NAB share price spent most of the day bouncing around in the red before closing just 0.07% higher at $27.25.
Let’s take a closer look at the Port of Newcastle’s new $515 million loan and the conditions NAB has imposed upon it.
Port of Newcastle’s loan
The loan, termed “landmark” by NAB, is marked with incentives for the port if it meets environmental and social metrics imposed by the bank.
Targets A$8 bln cost base by 2024, smaller head office, branches Result and cost target better thane expected - analysts (Recasts and updates throughout with detail, CEO & analyst comment, share price open)
SYDNEY, May 3 (Reuters) - Australia’s Westpac Banking Corp will close some branches and shift focus to digital banking under a cost-cutting plan unveiled on Monday as it reported that first half cash earnings more than tripled from a year ago.
The country’s second largest bank said costs will initially increase this fiscal year as it sells non-core businesses and beefs up its digital offering, before starting to fall from fiscal 2022.
By Reuters Staff
2 Min Read
April 20 (Reuters) - Australian shares slipped from 14-month highs on Tuesday, tracking losses on Wall Street, with technology and financial stocks weighing the most on the local benchmark.
The S&P/ASX 200 index fell 0.5% to 7,030.10 by 0030 GMT, down after rising for five straight sessions to hit its highest level since Feb. 24, 2020 on Monday. It is off more than 2% from a record high scaled in February last year.
Overnight, all three major U.S. indexes settled lower, slipping from last week’s record levels as investors awaited direction from corporate earnings, while electric carmaker Tesla fell more than 3%.
Australia shares slip from 14-month high as banking and tech stocks weigh reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.