An oil derrick pumps oil near a chemical plant outside New Orleans, Louisiana, U.S. Tuesday, Sept. 18, 2007. JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and BNP Paribas SA say oil, wheat and metals traders are Wall Street's hottest commodities. Photographer: JB Reed/Bloomberg News
A higher than expected US fuel inventory has weighed on the price of crude.

Crude oil price slips towards $67



Crude slid towards US$67 per barrel, following stock markets lower as traders worried about unseasonably large stockpiles at the end of the US summer holiday season. Schools in the US reopened this week, signalling an expected seasonal dip in car travel by American families. US demand for crude is also expected to soften in the next few weeks due to the approach of the autumn refinery maintenance season.

"The downwards pressure from still-high overall oil inventories and poor refining margins is expected to continue," Mike Wittner, the global head of oil research at Société Générale in London, told Dow Jones. On the New York Mercantile Exchange, the US futures contract for oil for October delivery fell as low as $67.05 in early trading yesterday, dropping more than 3 per cent from the previous day.

Oil prices, which started falling on Tuesday despite industry data showing US manufacturing activity was growing again after an 18-month decline, continued to slide yesterday even after the US government reported a sharp drop in petrol inventories. The latest figures from the US department of energy showed that petrol stocks shrank by 3 million barrels last week, while crude inventories fell by 400,000 barrels to 343.4 million barrels. The drop in crude inventories was slightly smaller than analysts had forecast.

"The market seems to react on negative news, but not on positive news," Carsten Fritsch, an oil analyst at Commerzbank, told Reuters. The price of crude is falling ahead of next Wednesday's OPEC meeting in Vienna. OPEC is likely to keep its production targets unchanged, the group's president, Jose Maria Botelho de Vasconcelos, said yesterday in Luanda, the Angolan capital. "We have been seeing slowly a much reduced variation of oil prices. This is a sign that the world economy is recovering," said Mr Botelho de Vasconcelos, who is also the oil minister of Angola.

A Kuwaiti OPEC delegate agreed that the group would probably keep output unchanged as long as crude remained at above $60. "The apparent truth remains the success of OPEC to get the prices to the organisation's targeted level," Mohammed al Shatti wrote in Kuwait's Al Rai newspaper. "Accordingly, the circumstances indicate that OPEC will continue to act as per the previous cuts agreed upon, without a change at its meeting in September."

OPEC pledged record production cuts of 4.2 million barrels per day (bpd) last year, in a series of decisions as crude tumbled from a record $147 per barrel to below $35 a barrel. In November, the Saudi King Abdullah said $75 per barrel would be a "fair" price for both oil producers and consumers. US crude touched $75 last week, as stock markets rose amid signs that oil demand was improving in Asia.

But Mr al Shatti said the outlook for oil demand in the US, the world's biggest energy consumer, remained unclear. "The rise in unemployment remains a threat to any increase in consumption, in addition to fears that a rise in prices and other factors could threaten the recovery of the US economy." ADP Employer Services yesterday reported a larger than expected 298,000 decline in US employment last month.

On the supply side, Russia reported a 5.9 per cent increase in crude exports to 5.42 million bpd last month, due to crude prices rising faster than Russia's export duty. A Reuters survey showed OPEC oil output rising last month as members relaxed their compliance with the promised cuts. @Email:tcarlisle@thenational.ae

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

Common symptoms of MS
  • Fatigue
  • numbness and tingling
  • Loss of balance and dizziness
  • Stiffness or spasms
  • Tremor
  • Pain
  • Bladder problems
  • Bowel trouble
  • Vision problems
  • Problems with memory and thinking
Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Top 10 most competitive economies

1. Singapore
2. Switzerland
3. Denmark
4. Ireland
5. Hong Kong
6. Sweden
7. UAE
8. Taiwan
9. Netherlands
10. Norway

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

FIXTURES

All kick-off times UAE (+4 GMT)

Friday
Sevilla v Levante (midnight)

Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)

Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)

Monday
Malaga v Real Betis (midnight)

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

The specs: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

Switching sides

Mahika Gaur is the latest Dubai-raised athlete to attain top honours with another country.

Velimir Stjepanovic (Serbia, swimming)
Born in Abu Dhabi and raised in Dubai, he finished sixth in the final of the 2012 Olympic Games in London in the 200m butterfly final.

Jonny Macdonald (Scotland, rugby union)
Brought up in Abu Dhabi and represented the region in international rugby. When the Arabian Gulf team was broken up into its constituent nations, he opted to play for Scotland instead, and went to the Hong Kong Sevens.

Sophie Shams (England, rugby union)
The daughter of an English mother and Emirati father, Shams excelled at rugby in Dubai, then after attending university in the UK played for England at sevens.

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

WHY AAYAN IS 'PERFECT EXAMPLE'

David White might be new to the country, but he has clearly already built up an affinity with the place.

After the UAE shocked Pakistan in the semi-final of the Under 19 Asia Cup last month, White was hugged on the field by Aayan Khan, the team’s captain.

White suggests that was more a sign of Aayan’s amiability than anything else. But he believes the young all-rounder, who was part of the winning Gulf Giants team last year, is just the sort of player the country should be seeking to produce via the ILT20.

“He is a delightful young man,” White said. “He played in the competition last year at 17, and look at his development from there till now, and where he is representing the UAE.

“He was influential in the U19 team which beat Pakistan. He is the perfect example of what we are all trying to achieve here.

“It is about the development of players who are going to represent the UAE and go on to help make UAE a force in world cricket.” 

RoboCop: Rogue City

Developer: Teyon
Publisher: Nacon
Console: PlayStation 5, Xbox Series X/S and PC
Rating: 3/5

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars