Oil prices on Friday edged lower after hitting a seven-year high during the week, dragged down by reports of a rise in US crude inventories.
Brent, the international crude benchmark under which two thirds of the world's oil trades, closed 0.55 per cent lower at the end of the week to $87.89 a barrel. West Texas Intermediate, which tracks US crude grades, finished the week down 0.48 per cent to $85.14 a barrel.
The global benchmark had touched $89.50 a barrel on Thursday, its highest since 2014, as several economies continued to recover from the coronavirus pandemic, pushing demand higher in parallel to geo=political concerns.
“Crude oil futures fell ... as demand destruction fears crept over supply concerns even as the IEA (International Energy Agency) forecasted higher oil demand in 2022,” said Avtar Sandu, senior manager of commodities at Singapore's Phillip Futures.
A new report released by the US Energy Information Administration on Thursday pointed to an increase in oil inventories in the world’s largest crude consumer. Crude stocks rose by 515,000 barrels last week, while gasoline inventories jumped by 5.9 million barrels, boosting those inventories to their highest in a year.
Paris-based IEA, however, said it expects continued global demand for crude in 2022 and raised its forecast for the year by 200,000 barrels per day to 99.7 million bpd.
The pullback in prices “is not surprising after oil’s boisterous gains this week, the red hot oil market has remained in deep overbought territory for some time and a healthy correction has been on the table,” said Ehsan Khoman, head of emerging markets research at MUFG Bank.
Moving forward, the market narrative is firmly with “oil bulls, centred on depleted inventories, low spare capacity and resilient demand”, he said.
Brent could reach $100 a barrel if "the bullish trend" continues, while $75 would be the near-term downside risk, Emirates NBD said in a research note earlier this week on Tuesday. Goldman Sachs expects oil to rally to $100 in the third quarter this year after previously forecasting prices to hover at $85 in 2022.
The supply-side fundamentals certainly support prices surging to $100 could happen by the summer and the oil market "should remain very tight and if we have any disruptions to productions, that should easily send prices much higher", said Edward Moya, a senior market analyst at Oanda.
Opec+ group, led by Saudi Arabia and Russia, agreed to add more oil to the market in February due to higher demand. The 23 member group will add an additional 400,000 bpd to the market next month.
The drop in investments in the hydrocarbons sector amid green transition efforts by governments is also supporting oil prices.
The total investment in the upstream sector of the oil and gas sector fell 23 per cent below pre-pandemic levels to $341 billion in 2021, according to a report by the International Energy Forum.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
KYLIAN MBAPPE 2016/17 STATS
Ligue 1: Appearances - 29, Goals - 15, Assists - 8
UCL: Appearances - 9, Goals - 6
French Cup: Appearances - 3, Goals - 3
France U19: Appearances - 5, Goals - 5, Assists - 1
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The years Ramadan fell in May
Zayed Sustainability Prize
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Mohammed bin Zayed Majlis
65
%3Cp%3E%3Cstrong%3EDirectors%3A%20%3C%2Fstrong%3EScott%20Beck%2C%20Bryan%20Woods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAdam%20Driver%2C%20Ariana%20Greenblatt%2C%20Chloe%20Coleman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%3C%2Fp%3E%0A
The years Ramadan fell in May
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
