The UAE kicks off oil exports to Europe

News of the day, Wednesday, 25 May

Asian stocks rose today despite central banks’ intent to increase interest rates and global worries about slower economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.72%, while Japan’s Nikkei 225 slipped 0.04%.

The dollar index strengthened after achieving the lowest level in a month in the previous sessions, leading spot gold prices (XAU) to a decrease of 0.5%.

Brent crude futures for July rose by 0.4% today, and WTI crude increased by 0.5%, as tight supply worries and the anticipation of summer driving season in the USA, the biggest oil consumer.

The UAE has started shipping rare cargoes of oil to Europe first time since 2020 when COVID-19 shifted the global oil market. The supposed volume of the first shipment is 1 million barrels of Emirati crude.

The price of Brent crude is $111.80, WTI — $110.90, GBP/USD — 1.2546, EUR/USD — 1.0688, and gold costs $1858.60 per ounce.