Oil prices continued to trade higher amid growing concerns about supply disruptions as a result of intensifying geopolitical tensions in eastern Europe and falling oil inventories due to robust demand.
Brent was down 1.05 per cent to $92.29 per barrel at 1.51pm UAE time on Monday. The global benchmark for two thirds of the world's oil touched a seven-year high of $94 per barrel in early trading on Monday.
Meanwhile, West Texas Intermediate, the gauge that tracks US crude, was trading at $90.93 per barrel.
“Oil prices remain on an upward trajectory with both WTI and Brent futures gaining for the seventh week in a row last week,” said Daniel Richards, Mena economist at Emirates NBD.
“Brent settled at $93.27 per barrel, up 3.6 per cent, while WTI added more than 6.3 per cent to settle at $92.31 per barrel.”
Crude has remained buoyant in the past few weeks as geopolitical tensions continue to rise in eastern Europe.
Russia has moved at least 70 per cent of the military hardware and troops it needs to launch a full-scale invasion of Ukraine, US officials said last week. Russian President Vladimir Putin could order an invasion imminently, US National Security Adviser Jake Sullivan said on Sunday.
Russia is one of the world's top oil producers and an integral part of the Opec+ alliance that is co-ordinating the supply of oil in global markets.
“Demand for oil is likely to rise as economies continue to expand, and geopolitical tensions in the Middle East and Ukraine may also drag oil supply down in coming months, making the case for $100 per barrel a realistic scenario for 2022,” said Naeem Aslam, chief market analyst at Ava Trade.
Oil prices have rallied more than 18 per cent this year, while crude gained more than 67 per cent in the past year.
The inability of some Opec member countries to quickly increase production is also supporting oil prices.
“Oil's outlook remains bullish....in light of robust global demand, falling inventories globally, and persisting supply constraints,” Han Tan, chief market analyst at Exinity Group told The National. "Any escalation in tensions is bound to spur further advances in crude prices.”
The Opec+ group has decided to add 400,000 barrels of oil per day to the market in March as demand continues to pick up amid the global economic recovery.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
UAE currency: the story behind the money in your pockets
All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
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Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
