SINGAPORE // Oil prices crept toward $46 a barrel today in Asia after the US Energy Department cut its 2009 crude demand forecast, stalling a two-week rally.
Benchmark crude for April delivery rose 2 cents to $45.73 a barrel by midday in Singapore on the New York Mercantile Exchange. Oil prices fell $1.36 on Tuesday to settle at $45.71.
The department's Energy Information Administration (EIA) said yesterday it lowered its forecast for global oil demand for this year by 200,000 barrels a day from last month and now projects a decline of almost 1.4 million barrel a day in 2009.
Its projection for global oil consumption this year is now three million barrels a day below its forecast from September. The EIA report cut its estimate for the average oil price to $42 per barrel for 2009 and $53 in 2010 from $43 and $55 last month.
Today, the Paris-based International Energy Agency will release its forecast for global demand.
"The EIA report took the wind out of the sails of the rally and we saw people taking profits," said Gerard Rigby, an energy analyst at First Fuel Consulting in Sydney.
"It highlighted the fact that products demand has been decreasing, not increasing."
Oil prices have risen from below $35 a barrel last month as US crude inventories fell two of the last three weeks.
The EIA is scheduled to released the latest inventory figures for the week ended March 6 on Wednesday. Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos, expect that the government will report that inventories of both crude and gasoline declined last week.
"If the reports come in with a drop in crude levels, I think the market will bounce back," Mr Rigby said. "If there's an increase, it could go the other way and we sell off a bit more."
Investors are also anticipating Opec will announce another production cut at the group's next meeting on Sunday in Vienna.
The Organisation of Petroleum Exporting Countries has already announced output quota reductions of 4.2 million barrels a day, and analysts expect the 12-member cartel will cut at least 500,000 barrels a day more.
"It could be argued that the market has already priced in a production cut," Mr Rigby said. "But I think a cut of 500,000 barrels will probably add $1 or $2 while a 1 million barrel cut would increase prices by $2 to $3."
*AP
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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UAE’s revised Cricket World Cup League Two schedule
August, 2021: Host - United States; Teams - UAE, United States and Scotland
Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE
December, 2021: Host - UAE; Teams - UAE, Namibia, Oman
February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG
June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland
September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal
February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
More from Rashmee Roshan Lall
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
