US crude prices rose above $43 per barrel during trading on Wednesday as inventories in the world’s largest oil producer continued to fall.
West Texas Intermediate, which tracks key US crude grades was up 0.58 per cent to trade at $43.01 per barrel at 3.09pm UAE time. Brent, the international benchmark was up 0.66 per cent trading at $45.88 per barrel.
The American Petroleum Institute, an industry-funded group that publishes weekly inventory data, is likely to report a withdrawal of oil stocks by 6.36 million barrels last week, according to analyst forecasts. The withdrawal, if confirmed, would mark the longest streak of inventory declines this year.
Prices also gained from tightness in the markets last week after two tropical storms shut in around 1 million barrels per day of oil and 1.2 billion cubic feet of gas per day from the Gulf of Mexico.
WTI gained 5.8 per cent in August, while Brent rose 4.6 per cent, according to MUFG Bank. Oil’s rally comes amid "tightening fundamentals, a weaker US dollar and the risk-on macro backdrop”, said Ehsan Khoman, head of Mena research and strategy at the bank.
The bank forecasts prices will range on the upside.
“The front-end is racing ahead of our initial expectations as we had anticipated some pullback during the summer months, given the pace of the demand recovery is easing and the large inventory overhang still requires time and patience to clear,” he said in a note on Wednesday.
US crude prices, which plunged below zero in April over concerns of a storage shortage as the benchmark’s May contract was expiring, have since made a decent recovery. Cuts by the Opec+ alliance of producers and reviving consumer demand for crude as lockdown measures have eased helped to steady prices.
“Opec's August production numbers showed a more modest increase than was expected as both Iraq and Nigeria delivered cuts to make up for failing to hit targets earlier in the year,” Emirates NBD said in a note on Wednesday.
The group scaled back an historic 9.7m bpd of cuts in place for three months to 7.7m bpd from August onwards.
Under the new terms, total output was up by 550,000 bpd month-on-month, with production from Saudi Arabia rising by 410,000 bpd and the UAE by 200,000 bpd.
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Indika
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
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On sale: Now
Dubai Rugby Sevens
November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures
Thursday, November 30:
10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders
Friday, December 1:
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The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
