Crude prices increased sharply on Wednesday after a report stated that an oil tanker was struck in an exploding drone attack off Oman.
Brent, the benchmark for two-thirds of the world’s oil, was trading 1 per cent higher at $94.78 a barrel at 12.46pm GST time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was up 0.6 per cent at $87.48.
The attack happened on Tuesday off the coast of Oman, the news agency reported, quoting a Middle East defence official.
Oil futures gained on Tuesday night on geopolitical concerns after a rocket suspected to be made in Russia fell on a Polish village and killed two people.
It is the first time that a Nato country has been struck by a missile since the start of Russia's invasion of Ukraine in February.
US President Joe Biden and German Chancellor Olaf Scholz said an investigation would have to be carried out before any conclusions were drawn about who was responsible for the attack.
The International Energy Agency lowered its global oil demand growth estimate for next year again on weak economic growth in China, Europe’s energy crisis and a strong dollar.
The Paris-based agency now expects oil demand to grow by 1.6 million barrels per day in 2023, down from its previous estimate of 1.7 million.
Global demand for diesel and gas oil is estimated to fall to 400,000 bpd in 2022, from 1.5 million bpd last year, before declining slightly in 2023, said the IEA, which blamed the reduction on “persistently high” prices and a slowing economy.
Diesel is the backbone of global economic activity and markets were already in deficit before the invasion of Ukraine in February.
UAE currency: the story behind the money in your pockets
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
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.
