Oil markets rallied on Monday, continuing the positive momentum from last week amid signs of sustained global demand and growing tension over Ukraine that threatens to disrupt energy supplies.
Brent, the benchmark for two thirds of the world's oil, rose to $91.24 a barrel while West Texas Intermediate, the gauge that tracks US crude, climbed to trade at $88.01 a barrel at 8.24am UAE time.
Crude has remained buoyant in the past few weeks as geopolitical tension continues to rise in Eastern Europe. The Pentagon has placed 8,500 US troops on high alert after Russia stationed thousands of troops along the border with Ukraine.
Russia further boosted its troop presence at the weekend in a sign of a potential escalation that could derail the flow of global energy supplies.
The rise in crude futures comes after an agreement by US politicians to ensure legislation on Russian sanctions is passed by the Senate this week, “racking up tension on Ukraine”, Avtar Sandu, senior manager for commodities at Singapore-based broker Phillip Nova, said in a note to investors.
“World oil markets are widely expected to remain prone to geopolitics in 2022, with ‘sabre-rattling’ over the persistent Russia-Ukraine standoff,” he said.
The Monday rally builds on six consecutive weekly gains. Brent is set for its best January performance in three decades.
Crude prices have already climbed more than 10 per cent this year as global economies continue to recover from the pandemic, pushing demand higher.
Oil rose more than 67 per cent last year as demand was sustained despite coronavirus-driven headwinds.
Restrained production from Opec+ is also shoring up oil prices. The 23-member group, led by Saudi Arabia and Russia, will meet on February 2 to decide future production limits that are in place to support the energy market. Opec+ stuck to its plan to increase production by 400,000 barrels a day for February.
However, top banks and oil companies have forecast that crude may soon pass $100 a barrel, partially driven by oil producers' inability to hit their planned supply output increases in full in recent months.
Underinvestment in oil and gas production over the past few years is also hindering the ability of oil producers to increase output.
Brent may "overshoot" $125 a barrel this year and $150 in 2023, since Opec's spare capacity is below market expectations and impedes its ability to respond to high oil prices, JP Morgan said in December.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
Brief scores:
Manchester City 3
Bernardo Silva 16', Sterling 57', Gundogan 79'
Bournemouth 1
Wilson 44'
Man of the match: Leroy Sane (Manchester City)
