GULF WEEKLY: Oil drops, Covid cases rise, Bahrain issues, Trump supports MBS
A skimmable summary of key developments overlaid with our analysis and links to further information. Headlines include:
* Oil fell to a three-month low of $39 on demand weakness and rising stocks.
* Coronavirus cases are rising sharply again in Bahrain and UAE.
* Bahrain issued $2bn at lower yields than a year ago but couldn’t sell a 30yr tranche.
* Oman is making preparations for a local sukuk and an international bond.
* Saudi commuted death sentences for Khashoggi's killers, and Trump said he saved MBS from Khashoggi repercussions.
* The Arab League rejected a Palestinian resolution to condemn UAE-Israel normalization.
* Qatar published the first official forecasts in two years, seeing weak growth but a return to fiscal balance by 2022.
* A US official hinted at the prospect of imminent progress on the Gulf dispute, but this is unlikely.
* Kuwait insisted the Emir’s condition was stable amidst unsubstantiated rumors of his death.
* Libyan talks seemed to make some progress, but didn’t involve warlord Khalifa Haftar.
* The US is moving ahead with rapid troop drawdown from Iraq.
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