Oil headed to its lowest level in three months, driven down by a build-up of US crude inventories and worries about potential economic losses from the spread of the coronavirus, as Opec indicated it would convene an emergency meeting to help contain the fallout.
Brent, the benchmark for more than half of the world's crude, dropped 2.4 per cent in trading to $58.37 per barrel at 4.04pm UAE time, while West Texas Intermediate was down 2.3 per cent at $52.13 per barrel. The London-traded Brent has fallen nearly 8 per cent over the 10 days due to rising concerns over potential impact of the outbreak on crude demand in China.
The US Energy Information Administration reported a rise of 3.55 million barrels in US inventories, the highest level level since November, beating analyst estimates. The rise in stockpile softened the brief rally in the markets on Wednesday over supply concerns following reports of attack on a Saudi Aramco refinery in Jazan by Yemen's Houthi rebels.
Aramco declined to comment on the attack and its possible impact on the company's operations.
Separately, a vessel moored off the coast of Sharjah caught fire around 4pm on Wednesday. The cause of the fire is not known and the vessel was not "loaded with any oil shipments," according to the UAE's Federal Transport Authority.
Meanwhile, more than 170 people have succumbed to the deadly coronavirus, which has brought China, the world's largest oil buyer to a standstill. Confirmed cases of the virus have exceeded 7,700 – a figure higher than the official number of infections during the Sars epidemic in 2003. The outbreak of the latest strain of coronavirus has spread to 15 countries. On Wednesday, authorities in the UAE confirmed a family of four from Wuhan, the epicentre of the outbreak, as the first case in the country.
"The spreading coronavirus, or more the measures to prevent it, keep dominating the markets with the provinces Zhejiang and Guangdong extending public holidays to February 9 yesterday," said JBC Energy in a note on Thursday.
"While the market’s attention is on the demand side, which will be difficult to assess for months to come, repercussions may be more discernible or even more relevant on the oil industry’s operational side," it added.
The coronavirus could dent jet fuel demand further, said the consultancy, noting that the Sars outbreak curtailed demand by 25 per cent.
Meanwhile, Opec+ could convene for an emergency meeting as early as mid-February, according to Algerian Energy Minister Mohamed Arkab, who holds the presidency of the exporters' group.
An Opec source told The National earlier in the week that discussions were ongoing regarding a possible meeting. The group, which is undertaking a drawdown of 1.7 million barrels per day since January, along with non-members led by Russia had earlier planned to meet on March 5 and 6 in Vienna.
Beijing has tightened restrictions on the movements of around 60 million people in a bid to contain the spread of the virus. Flights to mainland China have been grounded with domestic transportation within the country also grinding to a halt as the government urged people to observe a self-imposed quarantine.
Domestic travel within China may have declined 40 per cent year-on-year at the beginning of the current holiday period, according to JBC Energy. Swiss bank Julius Baer estimated a 20 per cent disruption to air traffic for a month could reduce Chinese demand for fuel by less than 0.2 per cent.
The World Health Organisation is set for an emergency meeting later today to tackle the virus epidemic.
The WHO "could rub salt into the wound if it issues a global alarm at today’s emergency meeting," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Hence, energy and travel stocks will likely remain on the chopping block in London on Thursday."
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
The%20specs
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Muguruza's singles career in stats
WTA titles 3
Prize money US$11,128,219 (Dh40,873,133.82)
Wins / losses 293 / 149
Ireland (15-1):
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
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
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
COMPANY%20PROFILE
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more from Janine di Giovanni
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Maestro
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More from Rashmee Roshan Lall
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now