Oil prices see-sawed on Tuesday between a weaker dollar and China pushing ahead with its zero-Covid policy, which raises concerns about lower fuel demand from the world's second-largest economy and the US reportedly considering a release of as much as 15 million barrels of crude from its emergency stockpile.
Oil edged lower as the prospect of additional supply from strategic reserves eased concerns of a tight market heading into the winter season.
Brent, the benchmark for two-thirds of the world’s oil, was trading 1.80 per cent lower at $89.97 a barrel at 11.27pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 3.10 per cent at $82.81 a barrel.
Oil prices had climbed in the morning trading as the US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was at a near one and half week low on the UK’s reversal of its tax cuts, which resulted in the British pound rising by as much as 1.4 per cent against the dollar on Monday.
But concerns about an economic slowdown and media reports that the Biden administration is considering releasing between 10 million to 15 million barrels of oil from US strategic reserves weighed on the market with prices slipping mid-day before reversing course again.
“The sentiment from the Communist Party Congress in China seems to support still-restrained activity, and thus weaker oil demand in the short-run,” Edward Bell, senior director of market economics at Emirates NBD, said in a research note on Tuesday.
On Sunday, China’s President Xi Jinping hailed the country’s zero-Covid policy as a major achievement during his 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.
Meanwhile, Opec+ members have stepped up their defence of the oil supergroup’s 2 million-barrel-per-day output cut. The production cut by the 23-member alliance that is led by Saudi Arabia and Russia, drew criticism from the White House earlier this month.
Algerian Energy Minister Mohamed Arkab called the decision a “purely technical” response to the international economic situation.
“The October 5 agreement, which was unanimously ratified by the countries of the Declaration of Cooperation in Vienna, is a purely technical response based on purely economic considerations,” Mr Arkab said in a statement to the Algerian Press Service.
Bahrain's ministry of foreign affairs expressed absolute solidarity with Saudi Arabia and “its refusal to politicise the Opec+ decision” on oil production cuts.
Several other Opec-member countries have also supported the group’s decision, including the UAE's Suhail Al Mazrouei, 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.
Both Opec and the International Energy Agency (IEA) have slashed their 2022 and 2023 oil demand forecasts, citing rising inflation, Covid-19 curbs in China and the possibility of a recession in some countries.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Zayed Sustainability Prize
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Helen Cullen, Graydon House
Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Fire and Fury
By Michael Wolff,
Henry Holt
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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
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)
COMPANY%20PROFILE
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Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
UAE currency: the story behind the money in your pockets
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
COMPANY%20PROFILE
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