Oil prices fluctuated on Thursday after their sharp decline from the previous day due to growing fears of a slump in crude demand, triggered by lockdowns in China to contain rising Covid-19 infections, amid rising interest rates and a strong dollar.
Brent, the benchmark for two thirds of the world's oil, which fell more than 5 per cent on Wednesday, was trading 1.47 per cent higher at $89.29 a barrel at 10.32pm UAE time.
West Texas Intermediate, the gauge that tracks US crude, which slid about 6 per cent on Wednesday, was up 2.21 per cent, at $83.75 a barrel.
Oil recovered some lost territory in early trading on Thursday against a backdrop of rising geopolitical risks and Russian President Vladimir Putin warning that his country would not supply energy to countries that back a proposed price cap by the US and Europe on Moscow's crude in response for its military offensive in Ukraine.
However, lockdowns across China affecting about 65 million people across dozens of cities and monetary tightening by central banks of developed economies are also weighing on energy markets.
That led the market to give up earlier gains after the US Energy Information Administration issued its short-term outlook report, in which it raised its projections for global oil demand.
Global oil demand growth will rise by an average of 2.1 million barrels per day throughout 2022 and by an average of 2 million bpd in 2023, the EIA said.
It estimates that 99.4 million bpd of petroleum and liquid fuels were consumed globally in August 2022, up 1.6 million bpd from August 2021.
“As a result of high natural gas prices globally, we increased our forecast for oil consumption in the fourth quarter of 2022 and the first quarter of 2023 as electricity providers, particularly in Europe, may switch to oil-based generating fuels,” the EIA said.
“The possibility of petroleum supply disruptions and slower-than-expected crude oil production growth continues to create the potential for higher oil prices, while the possibility of slower-than-forecast economic growth creates the potential for lower prices.”
It expects Brent to average $98 a barrel in the fourth quarter of 2022 and $97 a barrel in 2023.
US crude oil production is projected to average 11.8 million bpd in 2022 and 12.6 million bpd in 2023, which would set an annual record for American crude production. The current record is 12.3 million bpd, which was set in 2019.
In a report on Thursday, Emirates NBD economists described the sell-off in oil on Wednesday as “disorderly” and said market moves were “exaggerated”, given the scale of news and data flow.
“The scale of moves will likely be making Opec+ officials anxious and prompt more intervention to support markets,” the Emirates NBD economists said.
The 23-member alliance of Opec+ agreed on Monday to cut its October output by 100,000 bpd, reverting to August production levels.
The move was largely in response to a slowing global economy, demand headwinds and a potential Iran nuclear deal that could bring more crude to the market.
“Given the volatility in the market, coupled with ample uncertainty, Opec+ has not ruled out further action — either at an emergency meeting or when they next meet on October 5,” said Ehsan Khoman, head of emerging markets research at MUFG Bank.
“What is clear is that whether dubbed an Opec+ price floor, the return of the Opec+ put or a line in the sand, recent rhetoric from Opec+ ministers highlighting of the disconnect between oil’s financial and physical markets may force it to continue to act.”
Last month, the International Energy Agency forecast higher oil demand growth this year as Europe switches to oil to generate power, shunning natural gas, which is becoming pricier.
The Paris-based agency expects global oil demand growth to jump 380,000 bpd to 2.1 million bpd this year.
The US dollar, in which oil is priced, also hit a record high on Wednesday against major currencies, amplifying inflationary pressures and putting more pressure on the euro, sterling, yen and yuan.
The European Central Bank raised interest rates by a record 75 basis points on Thursday in a bid to tame surging inflation.
And the US Federal Reserve could make a third consecutive 75-basis-point interest rate increase when it meets on September 21 as inflation is running beyond its target rate at a 40-year high.
“With central banks jacking up rates to quell inflation, investors are increasingly apprehensive of the quantum of recession that may transpire in the months ahead,” Mr Khoman said.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Company%20profile
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
box
COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
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
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
MEDIEVIL%20(1998)
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Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
COMPANY%20PROFILE
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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.
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
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Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
HOW TO WATCH
Facebook: TheNationalNews
Twitter: @thenationalnews
Instagram: @thenationalnews.com
TikTok: @thenationalnews
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The Kingfisher Secret
Anonymous, Penguin Books
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
