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.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE currency: the story behind the money in your pockets
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
Results
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Scorebox
Dubai Sports City Eagles 7 Bahrain 88
Eagles
Try: Penalty
Bahrain
Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley
Cons: Radley 4, Whittingham 5
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
ASIAN%20RUGBY%20CHAMPIONSHIP%202024
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The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
The%20stats%20and%20facts
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Killing of Qassem Suleimani
COMPANY%20PROFILE
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
PREMIER LEAGUE FIXTURES
Saturday (UAE kick-off times)
Watford v Leicester City (3.30pm)
Brighton v Arsenal (6pm)
West Ham v Wolves (8.30pm)
Bournemouth v Crystal Palace (10.45pm)
Sunday
Newcastle United v Sheffield United (5pm)
Aston Villa v Chelsea (7.15pm)
Everton v Liverpool (10pm)
Monday
Manchester City v Burnley (11pm)
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Coming 2 America
Directed by: Craig Brewer
Starring: Eddie Murphy, Arsenio Hall, Jermaine Fowler, Leslie Jones
3/5 stars
