Oil prices rallied on Monday after top crude exporter Saudi Arabia said it would extend its voluntary output cut of 1 million barrels per day until August.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.91 per cent higher at $76.10 a barrel at 4.16pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was up 1.10 per cent at $71.42 a barrel.
The kingdom will extend the production cut, which was initially announced for July, for another month, the Saudi Press Agency reported on Monday, citing an official source from the Ministry of Energy.
Saudi Arabia's production for August will be about 9 million bpd and "this additional voluntary cut comes to reinforce the precautionary efforts made by Opec+ countries with the aim of supporting the stability and balance of oil markets", the source said.
The kingdom will likely choose to prolong its additional cuts over "much of the rest of 2023", Emirates NBD economists said in a research note on Monday.
The Opec+ alliance of 23 oil-producing countries plans to stick to its existing output cuts until the end of 2024.
The group has total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand, in place, including a 2 million bpd reduction agreed last year and voluntary cuts of 1.66 million bpd announced in April.
Last Friday, oil prices posted their fourth straight quarterly loss on a weakening fuel demand outlook and as Russian crude supply remains steady despite Western sanctions.
The US Department of Energy plans to solicit more oil purchases this week as part of a drive to refill the Strategic Petroleum Reserve, according to a Bloomberg report.
The US previously said it would buy 12 million barrels to help replenish the reserve following the largest ever drawdown from the emergency stockpiles last year amid the turmoil from Russia’s invasion of Ukraine.
Separately, a key inflation measure monitored by the US Federal Reserve showed prices cooling in May, in a sign that the central bank's interest rate increases are easing pressures.
The price consumption expenditures index increased 3.8 per cent on an annual basis in May, down from 4.3 per cent a month in April.
The core PCE index, which excludes food and energy, rose 4.6 per cent on an annual basis, after a 4.7 per cent yearly increase the month before.
“The focus this week will be on the release of the minutes of the June [Federal Open Market Committee] meeting on Wednesday and then the non-farm payrolls data on Friday,” Emirates NBD said.
US employers likely added 225,000 jobs last month, lower than the 339,000 recorded in May, with the unemployment rate expected to ease back to 3.6 per cent from 3.7 per cent, the UAE-based lender said.
Earlier this month, the Fed hit pause on raising interest rates for the first time since it started its monetary tightening cycle in March 2022 as it assesses the impact on the economy.
However, the central bank signalled it would resume raising rates again this year if needed. Its next meeting will be on July 25 and July 26.
Meanwhile, factory activity growth in China, the world’s second largest economy and top crude importer, slowed in June.
The Caixin/S&P Global manufacturing purchasing managers' index (PMI) eased to 50.5 last month from 50.9 in May. The 50-point index mark separates expansion from contraction.
After rising at the quickest rate in 11 months in May, Chinese manufacturing output expanded only slightly in June.
However, a back-to-back rise in total new order volumes led companies to expand their purchasing activity again last month, the survey found.
“This in turn contributed to a further increase in inventories of inputs, though the rate of accumulation was only marginal," it said.
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
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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.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
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Fuel economy combined 12.2L / 100km
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Malin Cilic (CRO) v Benoit Paire (FRA) [8]
Not before 4pm:
Dan Evans (GBR) v Fabio Fogini (ITA) [4]
Not before 7pm:
Pablo Carreno Busta (SPA) v Stefanos Tsitsipas (GRE) [2]
Roberto Bautista Agut (SPA) [5] v Jan-Lennard Struff (GER)
Court One
Starting at 2pm
Prajnesh Gunneswaran (IND) v Dennis Novak (AUT)
Joao Sousa (POR) v Filip Krajinovic (SRB)
Not before 5pm:
Rajeev Ram (USA) and Joe Salisbury (GBR) [1] v Marin Cilic v Novak Djokovic (SRB)
Nikoloz Basilashvili v Ricardas Berankis (LTU)
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
KILLING OF QASSEM SULEIMANI
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
