Oil prices recorded their biggest weekly loss in more than a month on a weakening crude demand outlook and reduced possibility of supply disruption in the Middle East.
Brent, the benchmark for two thirds of the world's oil, settled 1.87 per cent lower at $73.06 a barrel. West Texas Intermediate, the gauge that tracks US crude, closed down 2.05 per cent at $69.22 a barrel.
Brent fell by more than 7 per cent this week, and WTI prices dropped by about 8 per cent. These were the largest weekly declines for both benchmarks since early September.
“Tensions are persisting in the Middle East and the humanitarian toll is climbing,” said Aditya Saraswat, Rystad Energy’s Middle East research director, in a research note on Friday. “Energy market fundamentals have been largely unaffected to date but this could change at a moment’s notice."
No attack on Iran's infrastructure
Oil prices plunged nearly 5 per cent on Tuesday after reports that Israeli Prime Minister Benjamin Netanyahu had told the US his military would not be attacking nuclear or oil facilities in Iran.
A large-scale regional conflict between Iran and Israel could significantly hinder gas exports and delay oil development projects, while attacks on key Iranian oil infrastructure would threaten nearly 1.4 million barrels per day of exports, Mr Saraswat said.
Meanwhile, Libyan oil exports have increased since the resolution of a political stalemate last month between the country's rival governments over the appointment of a central bank governor.
This dispute, which began in late August, resulted in the closure of the country’s major oilfields, with production dropping by more than half.
The National Oil Corporation (NOC) lifted force majeure at all oilfields and terminals on October 3, a few days after the eastern-based parliament approved the nomination of Naji Mohamed Issa Belqasem as the new governor of the country's central bank.
Consultancy FGE said in a research note that Libyan oil production has continued to increase, with October exports now estimated at 888,000 bpd. The country typically produces 1.2 million bpd of crude, of which about 1 million bpd is exported.
This week, the International Energy Agency said it expects a “sizeable” oil supply surplus in 2025 in the absence of major disruption.
“Heightened oil supply security concerns are set against a backdrop of a global market that – as we have been highlighting for some time – looks adequately supplied,” the agency said.
China's fiscal stimulus
Meanwhile, Opec reduced its forecast for global oil demand growth in 2024 and 2025 for the third consecutive month, but is optimistic that China’s stimulus plan to revive its economy will support crude consumption.
China's crude demand has been showing signs of decline, which analysts attribute to both a slowing economy and a long-term shift towards the use of electric vehicles. The country has since last year announced several stimulus measures to address slowing manufacturing, a property market downturn and rising unemployment.
Last month, China’s central bank unveiled its largest economic stimulus package since the Covid-19 pandemic, including a reduction in its key short-term interest rate, a lowering of mortgage rates for existing housing loans and a one trillion yuan ($142.86 billion) liquidity injection.
The country's Finance Ministry held a briefing last Saturday but did not specify the size of the coming fiscal stimulus.
"Commodities are struggling to find direction after China’s briefing on October 12 was long on words but short of a big number for fiscal stimulus," said Ehsan Khoman, head of commodities, ESG and emerging markets at MUFG.
Although the market is awaiting more details from the Finance Ministry and guidance from the Standing Committee of the National People's Congress (NPC) on potential government support measures, the impact on the commodities market has been "nuanced", he added.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
UAE currency: the story behind the money in your pockets
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Packages which the US Secret Service said contained possible explosive devices were sent to:
- Former first lady Hillary Clinton
- Former US president Barack Obama
- Philanthropist and businessman George Soros
- Former CIA director John Brennan at CNN's New York bureau
- Former Attorney General Eric Holder (delivered to former DNC chair Debbie Wasserman Schultz)
- California Congresswoman Maxine Waters (two devices)
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
The lowdown
Badla
Rating: 2.5/5
Produced by: Red Chillies, Azure Entertainment
Director: Sujoy Ghosh
Cast: Amitabh Bachchan, Taapsee Pannu, Amrita Singh, Tony Luke
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
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