Oil capped the biggest two-day gain since 2009, sustaining a rebound above $40 a barrel amid signs of a strengthening economy in the US, the world’s biggest crude-consuming country.
Futures climbed 6.3 per cent on Friday, extending a 10 per cent gain on Thursday that was the biggest in more than six years. US consumer purchases climbed in July as incomes grew, showing the biggest part of the nation’s economy was off to a good start in the second half of the year. This comes on the heels of data showing spending and the overall economy did better than previously estimated in the second quarter.
The rebound follows the lowest close since February 2009 on Monday after a slump in Chinese stocks sent ripples through global financial markets. Crude is still down 15 per cent this year on concern a supply glut will persist. The Chicago Board Options Exchange Crude Oil Volatility Index climbed to the highest level since April 1 on Friday.
“Risk appetite has returned,” Mike Wittner, head of oil-market research at Societe Generale in New York, said. “We’re flushing China out of the system. The last $5-to-$10 of the decline was due to worries about the Chinese economy and now it’s stabilised enough that we’ve moved on.”
West Texas Intermediate for October delivery surged $2.66 to $45.22 a barrel on the New York Mercantile Exchange. It was the highest settlement since August 4. The 17 per cent two-day gain was the most since January 2009. Prices climbed 12 per cent this week, the biggest weekly advance since February 2011.
Brent for October settlement rose $2.49, or 5.2 per cent, to end the session at $50.05 a barrel on the London-based ICE Futures Europe exchange. It increased 10 per cent in the week. The European benchmark crude closed at a $4.83 premium to WTI.
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Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
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UAE currency: the story behind the money in your pockets
Background: Chemical Weapons
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
MATCH INFO
Norwich City 0 Southampton 3 (Ings 49', Armstrong 54', Redmond 79')
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
more from Janine di Giovanni
Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
Results
2pm: Maiden (PA) Dh 40,000 (Dirt) 1,200m, Winner: AF Thayer, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
2.30pm: Maiden (PA) Dh 40,000 (D) 1,200m, Winner: AF Sahwa, Nathan Crosse, Mohamed Ramadan.
3pm: Handicap (PA) Dh 40,000 (D) 1,000m, Winner: AF Thobor, Szczepan Mazur, Ernst Oertel.
3.30pm: Handicap (PA) Dh 40,000 (D) 2,000m, Winner: AF Mezmar, Szczepan Mazur, Ernst Oertel.
4pm: Sheikh Hamdan bin Rashid Al Maktoum Cup presented by Longines (TB) Dh 200,000 (D) 1,700m, Winner: Galvanize, Nathan Cross, Doug Watson.
4.30pm: Handicap (PA) Dh 40,000 (D) 1,700m, Winner: Ajaj, Bernardo Pinheiro, Mohamed Daggash.
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
Race card
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
SQUAD
Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Mohammed Al Shamsi, Bandar Al Ahbabi, Mohammed Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Saeed Ahmed, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoun Al Zaabi, Ali Saleh, Caio Canedo, Muhammed Jumah, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
