Brent crude oil rose 3.7% in sterling terms over the week to 11 May, according to our exclusive Accumulator table (link below).
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The commodity’s rally helped emerging markets.
Oil enjoyed a strong week, buoyed by a report that showed US stocks of crude were lower than expected.
The MSCI Emerging Markets index rose by 2.4%.
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Understanding recent oil price swings
Perhaps oil prices fell through technical price support levels causing hedge funds that hold large commodity futures positions to sell?
Crude oil prices fell from $52.65 bbl.
We could offer more explanations, but the message hidden in these disparate theories is that no one truly knows why oil prices fell.
Could there be a more sinister explanation for why oil prices fell?
He said that for the first quarter, the country’s economy was driven more by non-oil businesses than crude oil income.
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Higher oil price allowed Saudi to stop selling foreign assets
Saudi Arabia´s net foreign assets have continued to fall, shrinking 102.3 billion riyals in the first quarter, according to central bank data.
Oil brought in revenues of 112 billion riyals in the first quarter, up from only 52 billion riyals last year.
RIYADH: A strengthening in Saudi Arabia´s government finances has allowed the kingdom to stop drawing down its foreign assets to cover a budget deficit caused by low oil prices, finance ministry data showed on Thursday.
Net foreign assets, which peaked at $737 billion in August 2014, shrank to $501 billion in March this year, raising concern in financial markets about Riyadh´s long-term ability to manage its finances.
But data released on Thursday showed the government had financed its deficit in the first quarter of 2017 entirely with money from its current deposits at the central bank, rather than by selling more foreign assets.