Brent, the international benchmark for crudel, fell below $40 during the second day of trading, for the first time since June 25, as prices remained depressed over a weak demand outlook.
Slow pick-up in demand from Asia as well and higher supply from Opec+ producers from August onwards led to weaker prices.
Brent, under which two-thirds of global crude is traded, was down 4.95 per cent to $39.93 per barrel at 5.57pm UAE time. West Texas Intermediate, which tracks US crude grades, was down 7.37 per cent to $36.84 per barrel.
Oil demand is recovering “sequentially” as lockdown measures in place to contain Covid-19 outbreaks across countries are being eased, Bank of America said in a note on Tuesday.
"Still, it could take a few years until all segments of oil consumption surpass levels seen prior to the Covid-19 shock,” the bank said.
Global demand for crude from road traffic is expected to fully recover and register positive year-on-year growth this year.
However, recovery is harder for air travel, which was hit hard by the grounding of airlines as countries enforced mobility restrictions to limit the transmission of the coronavirus.
Oil demand could rise by 4 million barrels per day to 104m bpd between from 2019 and 2025 but the path to recovery is likely to be “uneven”, Bank of America said.
Air travel still languishes at around 50 per cent of the volume prior to the pandemic.
“Air travel will not recover materially beyond this point until we get a vaccine or an effective cure for Covid-19. Most experts expect it will take 12-18 months to have a safe and effective vaccine that most governments around the world roll out for mass immunisation,” the bank said.
Organisations such as the International Energy Agency expect demand to average 91.9m bpd in 2020, 8.1m bpd less than the previous year.
On Monday, the leaders of Saudi Arabia and Russia reaffirmed their commitment to work together to rebalance oil markets on Monday.
King Salman said Moscow played a "constructive role" in achieving "stability and balance" in oil markets in a statement following a phone call with Russian President Vladimir Putin, according to the Saudi Press Agency.
Saudi Arabia and Russia lead the Opec+ alliance of oil exporters who agreed to cut back an historic 9.7m bpd from May until July, to counter a record decline in demand due to the pandemic. The alliance has since eased cuts and is currently drawing back 7.7m bpd from the markets.
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
RACE CARD
6.30pm: Handicap (Turf) US$175,000 1,000m
7.05pm: Al Bastakiya Trial Conditions (Dirt) $100,000 1,900m
7.40pm: Al Rashidiya Group 2 (T) $250,000 1,800m
8.15pm: Handicap (D) $135,000 2,000m
8.50pm: Al Fahidi Fort Group 2 (T) $250,000 1,400m
9.25pm: Handicap (T) $135,000 2,410m.
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
More on Quran memorisation:
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
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
