Oil is trading near its two year high as cold weather and snow flurries fuel demand for the commodity.
Weather forecaster AccuWeather warned that New York City may get as much as 20 inches of snow by tonight and temperature dropping to as low as 6 degrees celsius.
"The near term catalyst is the cold weather we're seeing in the northern hemisphere," said Giyas Gokkent, the chief economist for the National Bank of Abu Dhabi. "There is some seasonality in oil prices."
Crude prices initially came under pressure when China increased its interest rates over the weekend, fuelling fears on The People's Bank of China increased its benchmark one-year lending and deposit rates on December 25 for the second time since October.
Crude futures for February traded at US$91.52 a barrel, up 1 per cent trading on the New York Mercantile Exchange at 8am in London. The contract rose almost half a per cent to $91.88 a barrel, the highest price since October 07, 2008. Brent Crude for February delivery gained 31 cents at US$94.08 a barrel on the ICE Futures Europe exchange in London.
"The view right now from OPEC is mostly focusing on inventories and they seem high at the moment, but if prices continue to increase there will be incentive to produce more," Mr Gokkent said. "If prices increase to $100 a barrel, the expectation is that it would be negative for global market activity."
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The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Mohammed bin Zayed Majlis
KILLING OF QASSEM SULEIMANI
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Killing of Qassem Suleimani
Killing of Qassem Suleimani
