Live updates: follow the latest news on Russia-Ukraine
Oil prices are expected to remain above the $100 mark next week, with the possibility of further increases if the Russia-Ukraine crisis intensifies.
Prices are up almost 100 per cent since last year and touched 14-year highs after the US and the UK announced bans on Russian crude and gas imports.
They eased after the UAE said last week it was in favour of Opec+ increasing its oil production at a faster pace than its current monthly target.
Brent, the benchmark for two thirds of the world’s oil, closed 3.05 per cent higher on Friday at $112.67 a barrel while West Texas Intermediate, the gauge that tracks US crude, traded 3.34 per cent up at $109.33.
“For the week ahead, oil prices are likely to consolidate on the downside with support seen in the $100-$102 zone for WTI and $104-$105 zone for Brent. Any new conflict news on the Russia-Ukraine geopolitical front could likely see panic buying frenzy in oil prices back in action,” said Vijay Valecha, chief investment officer at Century Financial.
The 10 per cent decline in oil prices last week can be largely attributed to traders reassessing the output supply scenario, with Abu Dhabi recognising the need for the alliance to pump more, he added.
“We’ve seen some positive moves last week and comments from the UAE in respect to pushing for higher output can only be a good thing,” said Craig Erlam, senior market analyst for UK and Europe, the Middle East and Africa at Oanda.
“And the US and others looking to strike agreements with sanctioned countries will also help alleviate some of the pressures that have contributed to oil hitting levels that many consider recessionary if maintained.”
Oil prices have rallied more than 25 per cent since the start of this year, driven by a faster-than-expected economic recovery. The commodity’s rally has also been buoyed by years of underinvestment in the energy industry after prices collapsed in 2014, which has restricted the output capacity of some producers.
The number of rigs drilling for oil and natural gas in the US rose by 13 to 663, energy services company Baker Hughes said on Friday. President Joe Biden has also urged US oil companies to increase production.
“This is positive for the overall supply-side dynamics,” Mr Valecha said.
“While the US has banned imports of Russian energy products, European superpowers are holding their cards close to their chest as they have no other alternative energy source in sight for the near term.”
For the week ahead, oil prices are likely to consolidate on the downside with support seen in the $100-$102 zone for WTI and $104-$105 zone for Brent
Vijay Valecha,
chief investment officer at Century Financial
Russia fulfils almost half of the European nations’ gas import requirements, with countries like Italy and Germany being especially vulnerable.
Germany is aiming to free itself from dependence on Russian coal imports by autumn and almost completely from Russian oil by the end of the year, Economy Minister Robert Habeck said.
The country sources about half of its gas and coal and a third of its oil from Russia .
Meanwhile, Azerbaijan’s Energy Minister Parviz Shahbazov said his country could boost supplies of natural gas to Europe, Turkey’s Anadolu news agency reported.
“The expansion of the Southern Gas Corridor project will definitely begin, and in this direction, we have started dialogue with European countries, Western Balkan countries and other Eastern European countries,” Mr Shahbazov told Anadolu on the sidelines of a conference in Turkey.
Higher energy prices helped Russia produce the highest budget surplus during February, Naeem Aslam, chief market analyst at AvaTrade, said.
“Russia is in a strong position and this means it will continue its war unless a diplomatic solution is achieved. This is going to keep oil and energy prices immensely fragile."
The Ukrainian crisis, the ban on Russian oil and constrained Opec+ supply, both due to the underinvestment during the pandemic and the rapid rise of demand post-pandemic, are all pressuring oil prices higher, said Ipek Ozkardeskaya, senior analyst at Swissquote.
"So the upside risks prevail, however last week also showed us that the topside potential is not infinite as skyrocketing energy prices have serious consequences in growth and demand expectations. Therefore, I believe the upside will remain limited above the $130 per barrel mark, while the $100 per barrel will be an important support to watch," Ms Ozkardeskaya added.
How to volunteer
The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
Tottenham's 10 biggest transfers (according to transfermarkt.com):
1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop
2). Roberto Soldado - Valencia - £25m: Flop
3). Erik Lamela - Roma - £25m: Jury still out
4). Son Heung-min - Bayer Leverkusen - £25m: Success
5). Darren Bent - Charlton Athletic - £21m: Flop
6). Vincent Janssen - AZ Alkmaar - £18m: Flop
7). David Bentley - Blackburn Rovers - £18m: Flop
8). Luka Modric - Dynamo Zagreb - £17m: Success
9). Paulinho - Corinthians - £16m: Flop
10). Mousa Dembele - Fulham - £16m: Success
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Results
2.15pm: Handicap Dh80,000 1,950m
Winner: Hello, Tadhg O’Shea (jockey), Ali Rashid Al Raihi (trainer).
2.45pm: Handicap Dh90,000 1,800m
Winner: Right Flank, Pat Dobbs, Doug Watson.
3.15pm: Handicap Dh115,000 1,000m
Winner: Leading Spirit, Richard Mullen, Satish Seemar.
3.45pm: Jebel Ali Mile Group 3 Dh575,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer.
4.15pm: Handicap Dh105,000 1,400m
Winner: Ode To Autumn, Patrick Cosgrave, Satish Seemar.
4.45pm: Shadwell Farm Conditions Dh125,000 1,200m
Winner: Last Surprise, James Doyle, Simon Crisford.
5.15pm: Handicap Dh85,000 1,200m
Winner: Daltrey, Sandro Paiva, Ali Rashid Al Raihi.
Company%20profile
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Results
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AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Killing of Qassem Suleimani
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Read more about the coronavirus
AIDA%20RETURNS
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COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
