Oil prices fell on Tuesday for a fourth consecutive day as macroeconomic worries and signals of an increase in supplies overshadowed the current tight supply and demand dynamics in the market.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.82 per cent lower at $89.97 a barrel on Tuesday at 11.30am. West Texas Intermediate, the gauge that tracks US crude, dropped 0.69 per cent to $88.21 a barrel.
Both benchmarks fell heavily on Monday, with Brent settling 1.6 per cent lower and WTI dropping 2.2 per cent.
“Oil prices dropped heavily overnight as markets responded to rate hiking commentary from Fed [the US Federal Reserve] officials,” Edward Bell, senior director of market economics at Emirates NBD Capital said in a note to investors.
Crude oil's drop below $90 per barrel level was “partly due to the overbought market conditions”, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
The drop in prices is driven by “higher for longer rates expectations [that] increased odds for recession”, she added.
Fed governor Michelle Bowman said monetary policy in the world’s largest economy needs to stay restrictive for “some time” to bring inflation back down to the 2 per cent target.
At a banking conference on Monday, she echoed other Fed officials including chairman Jerome Powell who in August, said the monetary policy in the US will remain tight.
The Fed in September left US interest rates unchanged for the second time this year but kept the door open for further increases. Higher interest rates dampen economic growth and lower crude demand.
Signs of a rise in oil supplies that could partially ease the current tight supply dynamics in the market have also pulled prices back from recent highs.
Iraq's northern oil export route through Turkey will begin operations “this week”, Turkey's Energy Minister said on Monday.
“Within this week, we will start operating the Iraqi-Turkey pipeline … which will be able to supply half a million barrels of oil [per day] to the oil market,” Alparslan Bayraktar said during a panel session at Adipec.
In late March, Turkey halted the flow of oil produced in the region after an arbitration court ruled in favour of Baghdad, saying Ankara had breached a 1973 agreement when it allowed Iraqi Kurdish authorities to pump without Baghdad's consent.
Crude prices have rallied more than 40 per cent since the end of June, driven by Opec+ production caps and the brightening prospects of crude demand as the Chinese economy, the second largest in the world, continues to recover.
The 23 Opec+ member states have implemented total production curbs of 3.66 million bpd, or about 3.7 per cent of global demand. This includes a 2 million bpd reduction agreed last year, and voluntary cuts of 1.66 million bpd, announced in April and extended to December 2024.
The supply dynamic of the market has been further tightened by Russia’s move to temporarily ban petrol and diesel exports in response to domestic shortages.
The International Energy Agency expects a “substantial” crude market deficit in the fourth quarter of this year due to Opec+ output cuts.
The agency expects global oil demand to rise by 1.5 million bpd in the second half of this year, compared with the first half, exceeding supply by 1.24 million bpd during that period.
The Opec+ group is meeting in Vienna on Wednesday to discuss the current market dynamics. It is widely expected to stick to its current output policy.
Ahead of the meeting, Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, said the Opec+ alliance is doing its “best” to maintain a healthy balance of supply and demand in the market.
Speaking at Adipec, Mr Al Mazrouei said the group was monitoring improvements or declines in major export markets particularly in China, the world's second-largest economy and top crude importer.
“Many dynamics are moving on and we hope that the growth in China picks up … because the whole world economy is dependent on China,” Mr Al Mazrouei said.
“My worry is not an undersupplied market in the short term. My worry is an undersupplied market in the longer and midterm.”
BEACH SOCCER WORLD CUP
Group A
Paraguay
Japan
Switzerland
USA
Group B
Uruguay
Mexico
Italy
Tahiti
Group C
Belarus
UAE
Senegal
Russia
Group D
Brazil
Oman
Portugal
Nigeria
COMPANY%20PROFILE
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
Northern Superchargers: Dwayne Bravo, Wahab Riaz
Oval Invincibles: Sunil Narine, Rilee Rossouw
Trent Rockets: Colin Munro
Birmingham Phoenix: Matthew Wade, Kane Richardson
Southern Brave: Quinton de Kock
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
SPECS
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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
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The%C2%A0specs%20
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Zayed Sustainability Prize