Oil prices rose on Monday on a weaker US dollar, despite signs that China would most probably continue with its zero-Covid policy, which has battered global supply chains.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.65 per cent higher at $92.23 a barrel at 6.59pm UAE time.
West Texas Intermediate, the gauge that tracks US crude, was up 0.62 per cent at $86.14 a barrel.
The US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was down more than 1 per cent at 112.17. A weaker dollar makes oil cheaper for holders of other currencies.
On Sunday, China’s President Xi Jinping hailed the country’s zero-Covid policy as a major achievement during an opening address to the Chinese Communist Party Congress.
The policy had “protected the people’s health and safety to the greatest extent possible”, Mr Xi said.
Frequent pandemic lockdowns in major cities in China have slowed down the world’s second-largest economy and biggest crude oil importer.
Services activity in China contracted in September after three straight months of expansion, amid new coronavirus outbreaks and stricter containment measures, an industry survey showed last week.
The Caixin China General Services Business Activity Index fell to 49.3 in September, from 55 in the previous month. A figure above 50 indicates an expansion in activity.
“China’s persistence in maintaining a zero-Covid policy won’t win much love in the oil and broader commodity markets, though there may be a downside limit on how much worse Chinese oil demand could get,” Emirates NBD economists said in a research note on Monday.
“Worries over global demand overran concern that supply will fall flat in coming months as oil prices dropped last week.”
Demand concerns resulted in a sell-off in oil markets last week, with Brent losing about 6 per cent of its value.
Earlier this month, oil prices rallied after the 23-member Opec+ group of oil producers announced an output cut of 2 million barrels per day.
The move led to criticism from the White House, which said it would “review” its relationship with Opec leader Saudi Arabia.
Saudi Arabia aims to support the stability of global oil markets, King Salman bin Abdulaziz said during a speech, the Saudi Press Agency reported on Sunday.
“Our country is working hard, within its energy strategy, to support the stability and balance of global oil markets, as petroleum is an important element in supporting the growth of the global economy,” King Salman said.
Several other Opec-member countries have also supported the group’s decision, including Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure.
“I would like to clarify that the latest Opec+ decision, which was unanimously approved, was a pure technical decision, with no political intentions whatsoever,” Mr Al Mazrouei said in a tweet on Monday.
On Sunday, Oman’s Energy Ministry said that Opec+ decisions were based on purely economic considerations and the realities of supply and demand in the market.
“The recent decision of Opec+ to cut production is in line with its previous decisions in terms of its reliance on market data and its variables, which was important and necessary to reassure the market and support its stability,” the Omani ministry tweeted.
“The working mechanisms of the Opec+ group require that its decisions be taken by consensus and unanimity of all member states.”
Bahrain's Minister of Oil and Environment, and Special Envoy for Climate Affairs, Mohamed bin Dainah, also endorsed the decision, saying it came after a consensus among all member states of the alliance.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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
Barbie
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Draw:
Group A: Egypt, DR Congo, Uganda, Zimbabwe
Group B: Nigeria, Guinea, Madagascar, Burundi
Group C: Senegal, Algeria, Kenya, Tanzania
Group D: Morocco, Ivory Coast, South Africa, Namibia
Group E: Tunisia, Mali, Mauritania, Angola
Group F: Cameroon, Ghana, Benin, Guinea-Bissau
Sunday's games
Liverpool v West Ham United, 4.30pm (UAE)
Southampton v Burnley, 4.30pm
Arsenal v Manchester City, 7pm
