Oil fell for a third day as the horror show for crude investors continued on Friday amid panic about evaporating demand from the coronavirus pandemic, with Brent set for its biggest weekly loss since 1991 and US crude heading for its worst week since 2008.
Brent crude was down 1.4 per cent at $32.75 a barrel after falling more than 7 per cent. For the week, Brent is set to fall nearly 28 per cent, the biggest weekly decline since the week of January 18, 1991, when it fell 29 per cent at the outbreak of the first Gulf War.
US West Texas Intermediate crude was down 1.7 per cent at $30.96 a barrel. It is set to drop 25 per cent this week, the most since the week of December 19, 2008, when it fell 27 per cent at the height of the global financial crisis.
As travel bans, cancelled events and other economic disruptions eat into crude demand, major oil producers are announcing plans to add more crude to an oversupplied market.
Earlier this week, Saudi Arabia - the world's largest oil exporter - announced that it will increase its production capacity by 8.3 per cent to 13 million barrels per day following the collapse of the Opec+ alliance, led by the kingdom and Russia. The UAE has also announced it will raise its crude supply to more than 4m bpd starting next month.
Oil prices were also hurt by record declines in equity markets with Japan's Nikkei 225 falling by 10 per cent on Friday after US markets fell by the most since Black Monday in 1987 on Thursday.
President Donald Trump announced a ban on travel to the US from Europe that sent the markets swooning as everything from sporting events to weddings were cancelled across many parts of the world with coronavirus spreading to more countries.
"With the coronavirus triggering the first global oil demand drop in years, the surge of Saudi Arabian and Russian oil production could lead to a supply overhang of 4m bpd," Eurasia Group said.
Four million barrels is about 4 per cent of daily global consumption before the coronavirus outbreak that started in China.
US energy historian Daniel Yergin said it may be some time before oil markets are relieved as coronavirus courses through the world and disrupts daily life.
However, the price slump may be doing the work needed to reduce supply. Energy companies in the US, the world biggest crude producer, are preparing to cut investment and drilling plans because of the plunging prices.
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Rankings
ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)
WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)
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Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
Top%2010%20most%20competitive%20economies
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