Oil headed for a back-to-back weekly gain, supported by signs the global crude market is tightening and a weaker US currency.
West Texas Intermediate, which was little changed, is up 1.7 per cent since last Friday. US government data this week showed a larger-than-expected draw in crude inventories in the run-up to the disruption caused by Hurricane Ida. The dollar has eased, making commodities, including crude, cheaper for overseas buyers.
Oil’s climb this week came even as the Organisation of Petroleum Exporting Countries and its allies decided to add supply and concerns lingered about the impact of the Covid-19 pandemic on energy demand. In its move, Opec+ cited lower crude stockpiles in developed countries and an accelerating recovery. There have been positive signs from Asia, too, with revived buying from China’s independent refiners and improved consumption in India.
The Delta wave is on its last legs and unless another nasty variant sweeps in, economic and oil demand sentiment should start looking up
Vandana Hari,
founder, Vanda Insights
“There’s probably some more upside,” said Vandana Hari, founder of Vanda Insights. “The Delta wave is on its last legs and unless another nasty variant sweeps in, economic and oil demand sentiment should start looking up.”
In the US, oil producers in the Gulf of Mexico are still trying to bring output back online after Ida swept through the region last weekend. Among those affected, Royal Dutch Shell found damage at offshore facilities that transfer supply from its Mars assets. Exxon Mobil has tapped the US Strategic Petroleum Reserve to revive production in Louisiana.
Further details on the disruption may come later on Friday when US President Joe Biden visits Louisiana to survey some of the damage. The president will meet with Governor John Bel Edwards and local officials in the state, where hundreds of thousands of homes and businesses remain without electricity .
Investors, including in commodities, are also awaiting key US payrolls data for insights into the strength of the labour market recovery, which may help to influence the Federal Reserve’s plan to taper its asset-purchase programme. A weaker-than-expected reading may aid the dollar, buoying oil.
Company%20Profile
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Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
UAE currency: the story behind the money in your pockets
Race card
6.30pm: Handicap (TB) $68,000 (Dirt) 1,200m
7.05pm: Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
7.40pm: UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
8.15pm: Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
9.50pm: Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
9.25pm: Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
