Oil prices rose on Monday as lower Russian crude exports and Houthi attacks on ships in the Red Sea stoked fears of supply disruptions.
Brent, the global benchmark for two thirds of the world's oil, was trading 0.89 per cent higher at $77.23 a barrel at 11.25am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.94 per cent at $72.10 a barrel.
Russia may increase oil production cuts in December by 50,000 barrels per day or higher, beyond its existing cut of 300,000 bpd, state news agency Tass quoted Deputy Prime Minister Alexander Novak as saying.
Meanwhile, four of the world's five biggest shipping companies have suspended their operations in the Red Sea after missile attacks by Yemeni Houthi rebels, risking disruption to trade.
The Bab Al Mandeb strait, situated at the southern edge of the Red Sea and the western part of the Gulf of Aden, is 32km wide.
The maritime passage serves as a vital route for oil tankers and vessels traveling between the Arabian Gulf and Asia, as well to Europe by way of the Suez Canal.
About 12 per cent of the seaborne oil trade and 8 per cent of liquefied natural gas pass through the strait.
Oil prices recorded a small gain last week after the US Federal Reserve left interest rates unchanged at the year’s last policy meeting and hinted at rate cuts in 2024.
“The successful alleviation of inflation can be attributed to the decline in oil prices,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
“Even though the base-case scenario is a limited upside potential in oil prices, any reversal in oil price dynamics could tame the Fed cut expectations.”
Last week, Opec stuck to its oil demand growth forecast for 2023 and 2024 and said it expected “resilient” gross domestic product growth globally to support crude demand next year.
The group raised its forecast for world economic growth to 2.9 per cent for 2023, but left its growth estimate for the coming year unchanged at 2.6 per cent.
“Continuous improvements in economic activity, steady manufacturing and transportation activity mostly in China, other Asia and the Middle East, as well as in India and Latin America, are expected to account for the bulk of oil consumption,” Opec said.
The International Energy Agency expects world oil demand to rise by 1.1 million bpd next year, which is about half of the agency's 2023 growth estimate of 2.3 million bpd.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
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Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
More from Rashmee Roshan Lall
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
SPEC%20SHEET
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
