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.
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
UAE currency: the story behind the money in your pockets
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
'Ashkal'
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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