The Abu Dhabi fuel port authorities have lessened their restriction on oil tankers going to and from Qatar, this is despite the current political turmoil in the Persian Gulf; in addition, Abu Dhabi Petroleum Ports Authority have issued a new circulars on Wednesday which removes previous restrictions on non-Qatar owned, flagged or operated vessels sailing to and from Qatar.
In addition, there had been no official notification on halting the co-loading of crude cargoes, as what a Middle-East industry source said; this effectively allows-co-loading of crude cargoes. In relevance to this, the ban on vessels carrying the Qatari flag and vessels owned and operated by Qatar is still in place; however, given that there are few Qatari-flagged or owned vessels, this is unlikely to have a big impact on the market.
With investors progressively taking the view that the British Prime Minister Theresa May’s Conservative party will win a majority in Britain’s general election on Thursday. As a result, the Sterling climbed to a two-week high against the U.S. dollar on Wednesday evening.
The Sterling was traded at $1.2970 by 1445 GMT and was up 0.4% throughout the day closing at $1.2960. The pound has gained as much as 4% since Prime Minister May called a snap election seven weeks ago, as polls showed a possibility of a landslide victory for her Conservative party that would give May a stronger hand in Britain’s negotiations on leaving the European Union.
Versus the European currency, the pound went higher by 0.6% closing at 86.80 pence per euro, the currency’s highest point since May 30.
The Britain’s Conservative Party is generally seen by investors to be business-friendly.