Oil Updates — Crude up; ADNOC set to raise $2bn from gas unit IPO

Oil Updates — Crude up; ADNOC set to raise $2bn from gas unit IPO

RIYADH: Oil prices rose slightly in thin Asian trade on Thursday, pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand. Brent crude futures rose 32 cents or 40 percent to $80.92 per barrel at 08.15 a.m. Saudi time. West Texas Intermediate crude futures rose 35 cents, or 0.47 percent, to $74.30 a barrel. Abu Dhabi National Oil Co. said on Thursday it has set a price range for an initial public offering of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion. The price range for the unit it created in November by combining its gas processing arm and its liquefied natural gas subsidiary was set at 2.25 dirhams ($0.6126) to 2.43 dirhams per share, the company said in a statement. Cornerstone investors Abu Dhabi Pension Fund, Alpha Wave Ventures II, IHC Capital Holding, OneIM Fund I, and entities ultimately controlled by ADQ and the Emirates Investment Authority have made a combined commitment of around $850 million, it added. ADNOC is selling roughly 3 billion shares in its gas