Oil prices opened lower on Monday as demand continued to suffer impacts of a raging second wave of Covid-19 in India, a key consumer.
Brent, the international benchmark, was down 0.43 per cent at $66.47 per barrel at 8.15am UAE time. West Texas Intermediate, the main US gauge, was down 0.47 per cent at $63.28 per barrel.
"The technical picture continues to suggest that oil's price recovery remains intact," said Jeffrey Halley, senior market analyst, Asia Pacific at Oanda.
"A rising" US dollar was behind the setback to both benchmarks, he added.
However, the worsening situation in India, the world's third-largest oil consumer, also weighs heavily on the markets as states impose lockdowns to stop the spread of the virus and cope with a shortage of oxygen.
States including West Bengal in the east, Karnataka in the south and the western Gujarat, imposed shutdowns on Sunday.
Covid-19 infections continue to set fresh daily records in India, which registered 370,059 new cases and 3,422 new deaths on Sunday, according to Worldometer, which tracks the pandemic. The country has nearly 20 million infections ranking it second to the US, which leads the world with over 33 million Covid-19 cases.
Top epidemiologists such as Dr Anthony Fauci, head of the US National Institute of Allergy and Infectious Diseases, have called for a few weeks of lockdown in India to contain the spread.
India’s wealthiest banker, Uday Kotak, called on authorities to limit economic activity to contain the surge in infections.
“At this critical juncture when toll of lives is rising, CII urges the strongest national steps including curtailing economic activity to reduce suffering,” Mr Kotak, president of the Confederation of Indian Industry and chief executive of Kotak Mahindra Bank, India’s third-largest lender by market value, said on Twitter.
The South Asian country, an important source for global air traffic, has imposed a ban on all international flights until May 31.
Oil prices also suffered bearish pressures from increased Opec+ supply and a possible breakthrough in talks between Iran and the US that would remove sanctions on Tehran.
"However, the US has shot that premise down in flames today, saying no agreement is near," said Mr Halley.
"With China and Japan away, and precious little else to go on, oil markets in Asia see both Brent crude and WTI unchanged from Friday's close," he added.
Last week, Opec and its allies kept production curbs at current levels. The group expects demand recovery to pick up "in the second half of the year", supported by large volumes of fiscal and monetary stimulus.
Opec+ plans to incrementally add a total output of 2 million bpd by July, despite the growing surge of Covid-19 infections in India.
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
UNpaid bills:
Countries with largest unpaid bill for UN budget in 2019
USA – $1.055 billion
Brazil – $143 million
Argentina – $52 million
Mexico – $36 million
Iran – $27 million
Israel – $18 million
Venezuela – $17 million
Korea – $10 million
Countries with largest unpaid bill for UN peacekeeping operations in 2019
USA – $2.38 billion
Brazil – $287 million
Spain – $110 million
France – $103 million
Ukraine – $100 million
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
