Oil prices edged lower on Friday but held near a five-month high as an easing of coronavirus lockdowns aided a slow recovery in fuel demand while major crude producers seek to limit supply.
Brent crude dropped 0.1 per cent to trade at $44.63 a barrel, heading for a 0.4 per cent weekly decline.
West Texas Intermediate - the key US gauge - fell 0.8 per cent to $42.49 per barrel but was on track for a weekly gain of about 1.1 per cent.
In another sign of the sluggish nature of recovery, India's crude oil imports fell in July to their lowest since March 2010 amid renewed coronavirus lockdowns and refinery maintenance.
"An imminent return to higher crude demand [in India] remains doubtful," Vienna-based consultancy JBC Energy said in a note.
At the same time, the Opec and allies including Russia were focused on ensuring that members who had overproduced against their commitments would reduce their output.
It was reported that the Opec+ group found that some members would need to cut output by 2.31 million barrels per day to offset their recent oversupply.
Among Opec members, Iraq and Nigeria were the least compliant.
The internal report also flagged demand risks, showing that Opec+ expects oil demand in 2020 to fall by 9.1m bpd, up 100,000 bpd from its previous forecast.
If a prolonged second wave of infections hits China, India, Europe and the US in the second half of the year, 2020 demand could fall by 11.2m bpd, the report added.
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
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
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Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
All Blacks line-up for third Test
J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).
Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.
UAE currency: the story behind the money in your pockets
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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
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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
