Oil prices fell on Friday after oil and gas operations in the Gulf of Mexico resumed following Hurricane Francine.
Brent, the benchmark for two thirds of the world’s oil, settled at $71.61 a barrel, down 0.5 per cent, while West Texas Intermediate, the gauge that tracks US crude, closed at $68.65 a barrel, down 0.5 per cent.
Francine swept through the key US oil and gas production zones of the Gulf of Mexico and made landfall on the Louisiana coast as a Category 2 hurricane on Wednesday night. About 42 per cent of the current oil production and 53 per cent of the natural gas output in the region has been shut in, the US Bureau of Safety and Environmental Enforcement said in a report on Thursday.
“After the storm has passed, facilities will be inspected,” the regulator said. “Once all standard checks have been completed, production from undamaged facilities will be brought back online immediately. Facilities sustaining damage may take longer to bring back online.”
Gulf of Mexico production makes up around 15 per cent of total US crude oil output, or nearly 2 million barrels of oil per day.
Oil prices have rebounded after falling below $70 a barrel earlier this week, a level not seen in more than two years, amid concerns about demand in the US and China.
On Thursday, the International Energy Agency slashed its 2024 oil demand growth forecast, citing a “rapidly slowing” Chinese economy. Global oil demand growth is now expected to expand by 900,000 bpd this year, 70,000 bpd less than its previous estimate, the IEA said in its monthly oil market report.
The agency also said the oil market could face a surplus next year even if the Opec+ alliance keeps its voluntary oil output cuts in place.
Last week, Opec+ producers extended supply curbs of 2.2 million bpd until the end of November amid concerns of slumping demand. Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman agreed to pause scheduled increases of 180,000 bpd in October and November.
“The market is discounting the impact of such compensation cuts, in our view,” UBS strategists said in a research note on Thursday. “Market participants seem to believe that at lower price levels, compliance is deteriorating, and some countries are producing more than they should.”
However, initial data on oil exports for this month indicates that countries such as Iraq, Kazakhstan and Russia, which were previously producing more oil than their quotas allowed, have reduced their exports in line with their commitments, the Swiss lender said.
“Economic growth concerns, the impact of restrictive central bank policies, and shifts in risk sentiment are driving prices more than fundamentals,” it said.
An indicator of core inflation in the US unexpectedly increased last month, dampening expectations for a large rate cut from the Federal Reserve at its meeting next week. The US consumer price index rose 2.5 per cent in August from a year earlier and 0.2 per cent from the previous month, the Labour Department said on Wednesday.
The Fed has maintained the benchmark borrowing rate at 5.25 per cent to 5.50 per cent since July last year. As of Friday, about 61 per cent of traders anticipated a 25-basis point decrease, while 39 per cent predicted a 50-basis point cut, according to CME Group data.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Company%20profile
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The%20Crown%20season%205
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Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
box
COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
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
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
MEDIEVIL%20(1998)
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Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
COMPANY%20PROFILE
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
