US oil prices slid from fourth-month highs after inventories at the physical delivery point of West Texas Intermediate at Cushing in Oklahoma registered their biggest increase since May.
WTI, which tracks US crude, was down 1 per cent to trade at $41.50 per barrel at 1.59pm UAE time, while Brent, the most widely-traded oil benchmark, was down 0.81 per cent at $43.96 per barrel.
The industry-funded American Petroleum Institute reported an increase in US crude stockpiles by 7.5 million barrels, the biggest increase in nearly two months. Analysts had anticipated a decline of 2.1 million barrels.
Deliveries to Cushing also rose by 716,000 barrels last week, while gasoline inventories declined for the third consecutive week, API said.
The federal Energy Information Administration is expected to release data on Wednesday, with analysts expecting a withdrawal of around 2.2 million barrels of inventory, according to Bloomberg.
Meanwhile, global cases of coronavirus neared the 15 million mark on Wednesday, according to the Johns Hopkins University tracker. The US, the world’s largest economy, accounts for more than a quarter of the cases. The global death toll from the pandemic surged past 600,000 earlier this week, with the US, Brazil and the UK accounting for the highest number of fatalities. Concerns have mounted over the growing number of cases in several emerging economies such as Brazil, India, Russia and South Africa, which follow the US in case numbers.
The high rate of infections in the developing world has dampened demand for crude at a time when economies, particularly in Europe, are cautiously easing lockdowns.
Oil producers who are part of the Opec+ group also plan to ease output curbs following positive indications of a pick-up in demand.
The producers, led by Saudi Arabia and Russia, are expected to lower the restrictions to 7.7 million barrels per day from August 1, from an earlier 9.7m bpd cut.
JBC Energy expects the near-term momentum in the recovery of oil demand to slow amid strong headwinds from developing economies.
The consultancy expects demand recovery to waver 3 per cent month-on-month over July and August, compared with 6 per cent in May and June.
"Over [the second half of 2020], we expect oil products demand to average some 6m bpd lower year-on-year and, while jet/kerosene remains the key contributor to weakness, providing close of half to the downside, gasoline and gasoil/diesel are looking increasingly unlikely to see a full recovery later this year, with economic uncertainty trumping vaccine hopes.”
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
SHAITTAN
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UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Chelsea 2 Burnley 3
Chelsea Morata (69'), Luiz (88')
Burnley Vokes (24', 43'), Ward (39')
Red cards Cahill, Fabregas (Chelsea)