Oil prices fell to their lowest level since August on Tuesday as concerns about demand offset supply cuts by Saudi Arabia and Russia.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.77 per cent lower at $83.67 a barrel at 3.28pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was down 1.66 per cent at $79.48 a barrel.
“Weaker economic expectations have weighed on crude prices recently, which has contributed to prices pulling off their highs and, arguably, once again justified the positions of Opec+ nations in cutting supply,” said Craig Erlam, a senior market analyst at Oanda.
“It is not a question of whether the two countries keep to end-of-year targets, but whether they extend them.”
Saudi Arabia and Russia have announced that they would continue voluntary supply cuts of a combined 1.3 million barrels per day until the end of the year amid oil market volatility caused by the Israel-Gaza war.
The supply cuts will probably be extended into the first quarter of 2024, given seasonally weaker demand, economic growth concerns and Opec+’s goal to support the oil market’s stability, said UBS strategist Giovanni Staunovo.
“We expect the group to continue to closely monitor China’s incoming data and the impact aggressive monetary policy tightening may have on economic activity in Europe and the US,” he said.
Opec+’s next ministerial meeting is scheduled to take place on November 26 in Vienna.
The Swiss lender has forecast Brent moving back to the $90 to $100 a barrel range, supported by lower oil stocks.
Brent is lower than where it was before October 7, when the Israel-Gaza war broke out.
Supply concerns remain despite China’s crude imports rising by about 14 per cent in October from a year earlier amid higher domestic demand, according to the General Administration of Customs.
However, overall exports from the world’s second-largest economy shrank by 6.4 per cent annually last month, the data showed.
In the US, a less tight labour market and signs of weaker-than-expected services activity have boosted confidence that the US Federal Reserve has completed its interest rate-increase cycle, said David Kohl, chief economist at Julius Baer.
“The general normalisation of the labour market following the exceptional tightening is, therefore, continuing and is helping to reduce the upward pressure on wages,” he said.
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Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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