Oil prices rose on Wednesday as a large drop in US crude oil stocks helped offset demand concerns.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.13 per cent higher at $83.97 a barrel at 10.57am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.86 per cent at $78.87 a barrel.
US crude oil inventories fell by about 7.8 million barrels last week, sources said, citing data from the American Petroleum Institute.
The indicator, which shows the level of oil and product stored, gives an overview of US petroleum demand. If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices.
The US Energy Information Administration is expected to release its weekly crude inventory data later on Wednesday.
Oil prices rose more than 3 per cent in Tuesday’s session but closed 0.2 per cent lower as the EU struggles to agree on a price cap for Russian oil, with just days to go for the December 5 deadline.
The Opec+ supergroup of oil producers has reportedly changed its plans for the December 4 meeting to be an online event now. The gathering had been scheduled to be conducted in person in Vienna.
This has “prompted speculation that no major decision will be taken and that output targets will be rolled over”, Emirates NBD said in a research note.
“Opec+ may include language suggesting that the meeting remains ‘open’, however, giving themselves leeway to intervene on short notice,” Emirates NBD said.
In October, the 23-member alliance decided to reduce its collective output by 2 million barrels per day in response to a slowing global economy.
It has not ruled out the possibility of further production cuts as demand concerns continue to weigh on crude prices.
Last week, Saudi Energy Minister Prince Abdulaziz bin Salman reaffirmed that the group’s current output cut would continue until the end of 2023.
“If there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene,” Prince Abdulaziz was quoted as saying by the Saudi Press Agency.
His comments came in response to a Wall Street Journal report stating that Saudi Arabia, the world’s largest crude exporter, was considering raising output targets by 500,000 bpd at this week's meeting.
“Also influencing the group's analysis will be Russian sanctions, most notably the price cap which is yet to be fully agreed upon,” Craig Erlam, senior market analyst at Oanda, said.
Last week, a Group of Seven (G7) advanced economies' proposal to set the price cap in the $65 to $70 range was rejected by some members, as it is close to prices Russia is already receiving for its crude.
“Russia itself is a key member of the Opec+ alliance, just to complicate matters further and could throw its weight around in those discussions and make an agreement harder and more uncertain,” said Mr Erlam.
An EU embargo on seaborne Russian crude exports is also expected to come into effect on December 5.
The bloc “does have a tendency to make full use of deadlines … not that the [Opec+] alliance always comes to quick agreements and on this occasion, you could easily forgive them for not”, Mr Erlam said.
“Needless to say, this is certainly a recipe for volatile trading conditions.”
Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
Company%20Profile
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
The%20Genius%20of%20Their%20Age
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Results
Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).
Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.
Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.
Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.
Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.
Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)
Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)
Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.
Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.
Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.
Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.
Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.
Chris%20Jordan%20on%20Sanchit
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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)
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Company%20profile
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Indika
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If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
Naga
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SPECS
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