Oil prices steadied on Wednesday after touching a near five-month low on Tuesday over concerns of slow demand growth in China and a stronger US dollar despite the Opec+ cuts announced last week.
Brent, the global benchmark for two thirds of the world's oil, was trading 0.25 per cent higher at $77.39 a barrel at 11.41am UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was up 0.7 per cent at $72.37 a barrel.
On Tuesday, Brent ended down 1.1 per cent at $77.20 a barrel, while WTI settled 1 per cent lower at $72.32, with both benchmarks hitting their lowest level since July 6. Brent has fallen by more than 7 per cent over the previous four sessions.
“The Opec+ deal did little to support prices and given the three days of declines that followed it, traders are clearly very unimpressed,” said Craig Erlam, senior market analyst at Oanda.
Last week, Opec+ members extended their voluntary oil output reductions until the end of the first quarter of next year amid concerns over future fuel demand.
Saudi Arabia, the world's largest oil exporter, will keep its voluntary output cut of one million barrels per day until the end of March.
“The kingdom’s production will be approximately nine million bpd … and to support market stability, these additional reduction quantities will be restored gradually, according to market conditions,” the Saudi Press Agency reported, citing an energy ministry source.
Russia said it would deepen its voluntary oil production cut to 500,000 bpd and extend it until the end of the first quarter of next year.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday said the Opec+ oil production cuts can “absolutely” continue past the first quarter if needed, and that the curbs would be delivered in full.
“Markets remain sceptical over the commitment of Opec+ members to the voluntary cuts extension announced last week, despite assurances from the Saudi Arabian Oil Minister. Supply still appears strong, with the weekly API report showing that US crude stockpiles rose by 594,000 barrels,” said Daniel Richards, Mena economist at Emirates NBD.
Oil prices are also weighed down by a strong US dollar.
A stronger dollar makes crude oil more expensive for buyers paying in non-dollar currencies, which, in turn, can reduce oil demand.
The US dollar rose to a two-week high after latest employment data showed job openings fell in October to the lowest level since early 2021.
On Tuesday, Moody's cut China's outlook to negative, flagging weakening growth prospects, adding to mounting global concerns over a slowdown in the world’s second biggest economy.
“Crude oil remains sold in a lower-highs-lower-lows pattern that paves the way for a further fall to the $70 per barrel target, and China is not happy because Moody’s cut its outlook for the Chinese sovereign bonds to negative warning that the country’s usage of fiscal stimulus to support local governments and its spiraling property downturn pose risks to its economy, “said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Oil prices, which briefly touched $98 in September, have since fallen by nearly 21 per cent, despite predictions of a tight crude market in the fourth quarter by the International Energy Agency and Opec.
Crude prices rose following the start of the Israel-Gaza war but fell in the subsequent weeks on easing concerns pertaining to the disruption of Middle East supplies.
In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Kandahar%20
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Company%20profile
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UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 3.6-litre V6
Transmission: nine-speed automatic
Power: 310hp
Torque: 366Nm
Price: Dh200,000
Company%C2%A0profile
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