Oil prices recorded a weekly loss last week on profit-taking and macroeconomic concerns but rose by about 22 per cent during the third quarter on tight supplies.
Brent, the benchmark for two thirds of the world’s oil, settled 0.97 per cent lower at $92.20 a barrel on Friday. West Texas Intermediate, the gauge that tracks US crude, closed down 1 per cent at $90.79 a barrel.
“After an amazing week, month and quarter, oil was ready for some profit-taking," said Edward Moya, senior market analyst at Oanda.
"Energy traders quickly realised this wasn't the time for oil to rally above the $100 a barrel level, so they are cautiously locking in some profits.
“Oil isn't going to have a major pullback given how tight the market will remain following the Russian fuel curbs and on expectation China's golden week travel will boost jet fuel demand."
Crude futures have been rising on Opec+ production cuts, as well as additional supply reductions by group members Saudi Arabia and Russia.
However, signs of growing US crude supply weighed on futures on Friday.
American oil production grew 0.7 per cent to 12.99 million barrels per day in July, its highest since November 2019, the US Energy Information Administration said.
Meanwhile, US crude and petroleum products supplied fell by 592,000 bpd in July to 20.12 million bpd, the lowest since April.
US crude inventories, an indicator of demand, fell by 2.2 million barrels in the week that ended on September 22, EIA data showed.
Last month, Russia announced a temporary ban on petrol and diesel exports in response to domestic shortages, adding to the tightness in the market.
The International Energy Agency expects a “substantial” crude market deficit in the fourth quarter of this year due to Opec+ output cuts.
The agency expects global oil demand to rise by 1.5 million bpd in the second half of this year, compared with the first half, exceeding supply by 1.24 million bpd during that period.
Opec, which expects a supply shortfall of 3.3 million bpd in the fourth quarter, has said China’s recent stimulus measures would help to revive growth in the world’s second-largest economy.
The Opec+ ministerial panel meeting will take place on October 4, where Saudi Arabia and Russia, with collective supply cuts of 1.3 million bpd, “may reassess whether the full package of restrictions is still necessary”, said Craig Erlam, senior market analyst at Oanda.
“With investors now questioning the resilience of the global economy going into next year against the backdrop of higher interest rates for longer, that bullish bias in oil markets may become more balanced."
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Company%20Profile
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UAE currency: the story behind the money in your pockets
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Our Time Has Come
Alyssa Ayres, Oxford University Press
The%20specs
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Results
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The%C2%A0specs%20
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
