Oil steadied on Monday, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other producers of the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, balanced concern about weakening global growth that may dampen fuel demand.
Crude last week jumped more than 6 percent, a third weekly gain, after OPEC+ surprised the market with a new round of production cuts starting in May.
Brent crude was up 9 cents or 0.11 percent to $85.21 a barrel at 11.00 a.m. Saudi time, while US West Texas Intermediate crude gained 15 cents to $80.85.
Oil and Gas Holding Co. inks deal with Oracle
In an attempt to accelerate its digital transformation journey, Bahrain’s Oil and Gas Holding Co. has signed an agreement with Oracle to use Fusion Cloud applications to automate the company’s core business processes and improve its operations.
The agreement was signed between Mark Thomas, group CEO of Oil and Gas Holding Co. and Rahul Misra, vice president of Cloud applications at Oracle.
“Oracle Fusion applications will accelerate the company’s overall performance and enhance efforts related to the sustainability of the sector’s productivity in accordance with Bahrain’s Economic Vision 2030,” said Thomas.
Misra added: “We are proud to partner with the Oil and Gas Holding Co., which is the main driver of the oil and gas business in Bahrain, and responsible for securing and developing the future of the sector.”
Source:https://www.arabnews.com/node/2284366/business-economy