Oil held around $44 a barrel on Friday and was heading for its biggest weekly decline since June, as weak demand figures added to concerns of a slow recovery from the Covid-19 pandemic.
A US government report showed domestic petrol demand fell in the latest week. Middle distillates inventories at Asia's oil hub Singapore have soared above a nine-year high, official data showed.
Brent crude, the international benchmark, was up 0.1 per cent to $44.12 a barrel, heading for a 2.3 per cent drop this week. Whereas, the US West Texas Intermediate fell to $41.34, set for the first weekly drop in five weeks.
“Demand concerns are firmly front and centre of traders' minds," said Stephen Brennock of oil broker PVM.
FGE analysts said rising coronavirus cases worldwide and renewed lockdowns would dash hopes of a drawdown in oil inventories for some time. The pressure remains on refiners to keep operating rates low, FGE said.
Oil has recovered from April, when Brent slumped to a 21-year low below $16 and US crude briefly went into negative territory.
A record supply cut since May by the Opec and allies, a grouping known as Opec+, has supported prices.
Opec began in August to ease the volume of the cutback, raising output by almost 1 million barrels per day according to a Reuters survey.
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Rawat Al Reef, Adrie de Vries (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m; Winner: Noof KB, Richard Mullen, Ernst Oertel
6pm: Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Seven Skies, Bernardo Pinheiro, Qaiss Aboud
6.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Jabalini, Szczepan Mazur, Ibrahim Al Hadhrami
7pm: UAE Arabian Derby – Prestige (PA) Dh150,000 (T) 2,200m; Winner: Dergham Athbah, Richard Mullen, Mohamed Daggash
7.30pm: Emirates Championship – Group 1 (PA) Dh1,000,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle
8pm: Abu Dhabi Championship – Group 3 (TB) Dh380,000 (T) 2,200m; Winner: Irish Freedom, Antonio Fresu, Satish Seemar
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
