Oil erased earlier gains to trade near US$44 a barrel in New York as Goldman Sachs warned Opec that it is not doing enough to clear a surplus.
Futures slid 0.5 per cent after advancing 1.2 per cent earlier. Oil may slip below $40 unless there are sustained inventory declines and a drop in the rig count, according to Goldman Sachs. US crude stockpiles probably fell by 2.85 million barrels last week, a Bloomberg survey showed before an Energy Information Administration report Wednesday.
Oil is in a bear market amid concern that rising global supply will offset curbs by Opec and its partners including Russia. US crude inventories remain more than 100 million barrels above the five-year average. The nation’s shale output can expand further with prices in the mid-$40s, according to JPMorgan Chase.
“The market is still searching for a new equilibrium, and in particular for a lower band for the oil-price range,” said Jan Edelmann, an analyst at HSH Nordbank in Hamburg. Investor sentiment is “close to its lows”, which may cause a “renewed downswing in prices to sub-$40”.
West Texas Intermediate for August delivery was at $44.18 a barrel on the New York Mercantile Exchange, down 22 cents, at 12:37am UAE time. Total volume traded was about 31 per cent above the 100-day average. The contract climbed 17 cents to $44.40 on Monday, advancing after a weekly loss.
Brent for September settlement was down 26 cents at $46.62 a barrel on the London-based ICE Futures Europe exchange, after rising 17 cents to $46.88 on Monday. The global benchmark crude traded at a premium of $2.24 to September WTI.
Evidence of further Opec actions could also help prices rally, Damien Courvalin, an analyst at Goldman, said in a note dated July 10. There is another opportunity for the group to increase output cuts, but this should be done in a “shock and awe” manner, with little public announcement, he said.
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
EU's 20-point migration plan
1. Send EU border guards to Balkans
2. €40 million for training and surveillance
3. Review EU border protection
4. Reward countries that fund Balkans
5. Help Balkans improve asylum system
6. Improve migrant reception facilities
7. Close gaps in EU registration system
8. Run pilots of faster asylum system
9. Improve relocation of migrants within EU
10. Bolster migration unit in Greece
11. Tackle smuggling at Serbia/Hungary border
12. Implement €30 million anti-smuggling plan
13. Sanctions on transport linked to smuggling
14. Expand pilot deportation scheme in Bosnia
15. Training for Balkans to deport migrants
16. Joint task forces with Balkans and countries of origin
17. Close loopholes in Balkan visa policy
18. Monitor migration laws passed in Balkans
19. Use visa-free travel as leverage over Balkans
20. Joint EU messages to Balkans and countries of origin
How I connect with my kids when working or travelling
Little notes: My girls often find a letter from me, with a joke, task or some instructions for the afternoon, and saying what I’m excited for when I get home.
Phone call check-in: My kids know that at 3.30pm I’ll be free for a quick chat.
Highs and lows: Instead of a “how was your day?”, at dinner or at bathtime we share three highlights; one thing that didn’t go so well; and something we’re looking forward to.
I start, you next: In the morning, I often start a little Lego project or drawing, and ask them to work on it while I’m gone, then we’ll finish it together.
Bedtime connection: Wake up and sleep time are important moments. A snuggle, some proud words, listening, a story. I can’t be there every night, but I can start the day with them.
Undivided attention: Putting the phone away when I get home often means sitting in the car to send a last email, but leaving it out of sight between home time and bedtime means you can connect properly.
Demystify, don’t demonise your job: Help them understand what you do, where and why. Show them your workplace if you can, then it’s not so abstract when you’re away - they’ll picture you there. Invite them into your “other” world so they know more about the different roles you have.
Tips for travelling while needing dialysis
- Inform your doctor about your plans.
- Ask about your treatment so you know how it works.
- Pay attention to your health if you travel to a hot destination.
- Plan your trip well.
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
The US Congress, explained
- US Congress is divided into two chambers: the House of Representatives and Senate
- 435 members make up the House, and 100 in the Senate
- A party needs control of 218 seats to have a majority in the House
- In the Senate, a party needs to hold 51 seats for control
- In the event of a 50-50 split, the vice president's party retains power in the Senate
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
In The Heights
Directed by: Jon M. Chu
Stars: Anthony Ramos, Lin-Manual Miranda
Rating: ****
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
SWEET TOOTH
Created by: Jim Mickle, Beth Schwartz
Stars: Nonso Anozie, Christian Convery, Adeel Akhtar, Stefania LaVie Owen
Rating: 3.5/5
Company profile
Company name: Leap
Started: March 2021
Founders: Ziad Toqan and Jamil Khammu
Based: Dubai
Sector: FinTech
Investment stage: Pre-seed
Funds raised: Undisclosed
Current number of staff: Seven
