Oil prices settled lower on Friday but recorded a fourth straight week of gains, on strong fuel demand and tightening supply.
Brent, the benchmark for two thirds of the world’s oil, dropped 1.02 per cent to $86.54 a barrel at the close of trading on Friday. West Texas Intermediate, the gauge that tracks US crude, was down 0.86 per cent at $83.16 a barrel on Friday.
The US benchmark gained about 2 per cent this week, while global benchmark Brent was up 0.15 per cent.
“Crude oil prices have seen a decent recovery in recent weeks, with Brent now trading at a two-month high,” said Giovanni Staunovo, strategist at UBS.
“With oil inventories beginning to decline as a result of solid demand and constrained supply growth, investors have started to build oil exposure again."
US crude stocks, an indicator of fuel demand in the world’s largest economy, fell by 12.2 million barrels in the week that ended on June 28, according to the US Energy Information Administration.
Analysts polled by Reuters were expecting a draw-down of 680,000 barrels.
Total petroleum inventories decreased by 2.2 million barrels last week, while distillate fuel stocks fell by 1.5 million barrels, the EIA data showed.
Opec crude exports fell to 18.1 million barrels per day in June, a decrease of more than 1.6 million bpd month-over-month, marking the lowest crude export level since June 2021, UBS said, citing estimates from tanker tracking company Petro-Logistics.
Nearly all Opec members saw exports fall in the month, with large declines in Saudi Arabia, Iran, the UAE, and Kuwait, the Swiss lender said.
“Warm temperatures in the Middle East and the Hajj pilgrimage likely supported strong domestic demand, resulting in less crude available for exports,” Mr Staunovo said.
Growing power demand in the Middle East, coupled with a warm summer in the Northern Hemisphere and Opec+ supply cuts, will keep Opec exports low in July as well, he added.
Oil prices have gained about 7 per cent since the producer alliance’s meeting on June 2.
Opec+ agreed to extend output cuts of 3.66 million bpd, which were initially planned to end this year, until the end of 2025.
Meanwhile, the additional 2.2 million bpd voluntary production cuts of eight Opec+ member states were extended by three months until the end of September.
The group also released a plan for gradually unwinding the voluntary curbs on a monthly basis from October 2024 until September 2025.
UBS expects oil demand to grow by 1.5 million bpd this year, higher than the International Energy Agency’s growth projection of 1.1 million bpd.
“As a result of Opec+ keeping their production cuts in place this quarter, we expect to see larger oil inventory declines over the coming weeks,” Mr Staunovo said.
“We have already seen oil in transit declining as result of lower global crude exports and solid global crude imports."
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The five pillars of Islam
RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
The years Ramadan fell in May
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Zayed Sustainability Prize
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
New schools in Dubai
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
More on animal trafficking
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: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
UAE currency: the story behind the money in your pockets
