Oil prices will continue to rise through the second half of the year as the recent supply cuts from OPEC+ and Saudi Arabia meet rising demand from China and India, International Energy Forum Secretary-General Joseph McMonigle told CNBC last week . “For the second half of this year, we’re going to have serious problems with supply keeping up, and as a result, you’re going to see prices respond to that,” he said. McMonigle points to increasing demand from India and China, saying that it will make up some 2 mn barrels a day of demand.

Oil prices rise: Brent futures rose 1.8% to close above USD 81 per barrel on Friday amid expectations for supply shortages over the coming months.

EGX30

17,579

-0.2% (YTD: +20.4%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,760

0.0% (YTD: +12.2%)

ADX

9,629

-0.4% (YTD: -5.7%)

DFM

3,986

0.0% (YTD: +19.5%)

S&P 500

4,536

0.0% (YTD: +18.6%)

FTSE 100

7,664

+0.2% (YTD: +2.8%)

Euro Stoxx 50

4,391

+0.4% (YTD: +15.8%)

Brent crude

USD 81.07

+1.8%

Natural gas (Nymex)

USD 2.71

-1.6%

Gold

USD 2,005.30

-0.2%

BTC

USD 30,141

+1.0% (YTD: +82.3%)

THE CLOSING BELL-

The EGX30 fell 0.2% at Wednesday’s close on turnover of EGP 1.59 bn (17.5% below the 90-day average). Local investors were net sellers. The index is up 20.4% YTD.

In the green: Orascom Construction (+2.3%), EFG Holding (+1.0%) and Edita (+0.7%).

In the red: Heliopolis Housing (-1.9%), Qalaa Holdings (-1.6%) and Elsewedy Electric (-1.5%).

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