LONDON: Brent edged higher above $109 a barrel yesterday as export disruptions in Libya cut supplies to Europe and Asia, while the benchmark US contract fell towards $97 after a bigger-than-expected increase in inventories in the United States.
The divergent courses of North American and international oil markets boosted Brent’s premium over the US benchmark to more than $12 a barrel.
Traders were also looking ahead to comments from a US Federal Reserve policy meeting that ends later in the day, but any impact on oil prices may be limited.
Brent crude for December delivery was up 9 cents at $109.10 a barrel by 1302 GMT, after falling 60 cents on Tuesday. It touched an intraday high of $109.64 yesterday.
US crude, also known as West Texas Intermediate (WTI), was 86 cents lower at $97.34, having hit an intraday low of $97.10.
DOHA: Commercial Bank of Qatar yesterday announced its intention to raise QR2bn in Additional Tier 1 Perpetual Capital Notes to enhance the Bank’s capital adequacy ratios and to support future growth across the Commercial Bank Group.
The proposed issue will be a local Private Placement by Commercial Bank and is expected to be completed during December 2013. Following placement of the Notes, the Bank’s capital ratios will increase by approximately 2.20 percent, the bank said yesterday.
The issue is subject to regulatory and shareholder approval and an Extraordinary General Assembly will be convened in November 2013 for shareholders to receive and vote upon the recommendation for the issue of the Additional Tier 1 Notes.
Reuters/The Peninsula
