Oil prices closed higher on Friday but recorded their third straight weekly decline as concerns about demand continued to outweigh tighter supply prospects.
Brent, the benchmark for two thirds of the world’s oil, settled 1.77 per cent higher at $81.43 a barrel on Friday, while West Texas Intermediate, the gauge that tracks US crude, closed up 1.89 per cent at $77.17 a barrel.
On Thursday, Brent settled 0.59 per cent higher at $80.01 a barrel while WTI closed 0.54 per cent up at $75.74 a barrel.
“As supply-side concerns ebb, demand fears are retaking hold,” BMI, a Fitch solutions company, said in a research note on Thursday.
“The global economy is slowing and disappointing data releases out of China and the US this week have fuelled bearish sentiment in the oil market,” the market intelligence company said.
Concerns over potential disruption of Iran oil exports as a result of the war appears to be fading.
Less than a week ago, the US passed the Stop Harbouring Iranian Petroleum bill, intended to clamp down on Tehran’s illicit exports.
Consensus opinion is that the bill – which must still pass the Senate and be signed into law by President Joe Biden – will probably have “little impact” on the ground, BMI said.
Iran’s oil production recently grew to 3.4 million barrels per day, its Oil Minister said.
The country’s output reached about 3.1 million bpd in September, compared with 2.55 million bpd in 2022, Opec data showed.
Meanwhile, oil market fundamentals remain “remarkably stable” despite the uncertainty and potential for volatility, S&P Global Commodity Insights said.
Growth in non-Opec+ supply, decelerating demand growth in China and sizeable Opec spare capacity point to a well-supplied market in coming months, S&P Global said.
“Oil prices have remained below where they were in late September – a week before the Hamas attack,” said Jim Burkhard, vice president and head of research for oil markets, energy and mobility at S&P Global Commodity Insights.
“Strong oil market fundamentals are prevailing over any fears at the moment.”
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Thursday that oil demand was healthy and that speculators were to blame for the recent drop in crude prices.
“It’s not weak,” Prince Abdulaziz was quoted as saying by Bloomberg on the sidelines of an event in Riyadh. “People are pretending it’s weak. It’s all a ploy.”
The minister said some oil market participants had been misunderstanding increases in oil exports in recent months from Opec and their correlation with those countries’ production.
Shipments are seasonal and should not be viewed as reflecting fluctuations in output, he said.
The Opec+ group of oil producers is set to meet in Vienna on November 26 to set output targets for the first half of 2024.
Saudi Arabia and Russia are expected to extend their voluntary production cuts of a combined 1.3 million bpd into the new year if the downward pressure on oil prices continues, according to MUFG.
“Russian seaborne crude oil exports have grown in recent months and data shows that it is currently close to the highest seen in more than four months, suggesting that Russia may be shirking, somewhat, on its voluntary production cuts,” the Japanese lender said.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
The specs
Engine: 3.9-litre twin-turbo V8
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Transmission: Eight-speed dual-clutch auto
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Fight card
- Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
- Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
- Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
- Michael Lawal (UK) beat Tamas Kozma (Hungary) KO
- Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
- Darren Surtees (UK) beat Kane Baker (UK) KO
- Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
- Callum Smith (UK) beat George Groves (UK) KO
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
