BUSINESS | Oil Slips Below $45 On Demand Doubts, Rising Supply

Oil Refinery, Chemical & Petrochemical plant abstract at night.

NEW YORK – Oil slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the novel coronavirus pandemic rising supply.

Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. OPEC and its allies are increasing output this month.

‘Pessimism about this year’s oil demand growth prospects is due to the weakening outlook in the coming months’, said Stephen Brennock of oil broker PVM.

‘To make matter worse, global oil supply is on the upswing’.

Brent crude LCOcl was 37 cents, or 0.8%, lower at $44.59 by 0940GMT, heading for a flat week. U.S. West Texas intermediate CLc1 slipped 41 cents, or 1% to $41.83.

‘Although both contracts continue to consolidate at the upper end of their two-month trading ranges, they lack the momentum to stage meaningful rallies at this stage’, said Jeffrey Halley of brokerage OANDA.

Prices had been bolstered this week by U.S. government data showing crude oil, gasoline and distillated inventories all fell last week as refiners ramped up production and demand for oil products rose.

Oil has recovered from lows touched in April, when WTI briefly turned negative. Still, a rise in the number of coronavirus infections has limited gains. India reported another record daily rise in cases on Thursday.

OPEC and allies including Russia, a group known as OPEC+, have cut output since May by around 10% of pre=pandemic global demand to support the market. The deal calls for an increase in output this month as demand recovers.

AN OPEC+ panel meets next week to review the market and is not expected to tweak the agreement.

BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

There’s a scene in a new documentary about Paris Hilton, where the so-called socialite is speaking with former classmates from a Utah boarding school. They joke about how on her reality series ‘The Simple Life’, Hilton pretended to be clueless over many things – including how to perform any sort of manual labor. One bluntly … Continue reading ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

Meghan Markle and Prince Harry’s royal titles were ditched for the first time in a promo video for their upcoming television appearance, The Duke and Duchess will be honored for TIME Magazine’s annual list of 100 of the world’s most influential people. ABC will air the special on Sept.22, the first time the magazine is … Continue reading ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

MILAN | ITALY – Saudi Arabia’s crude oil exports bounced back to 5.73 million barrels per day (bpd) in July from 4.98 million bpd in June, official data showed on Thursday. June’s exports were the weakest recorded in data stretching back to 2002. Monthly export figures are provided by Riyadh and other members of the … Continue reading BUSINESS | Saudi Arabia’s July Crude Exports Tick Up From Historic Lows – JODI

TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

ABU DHABI – International passengers arriving at Abu Dhabi airport will now have to wear a tracking device while they complete a mandatory 14-day home quarantine due to COVID-19, according to state-owned Eithad Airways. Daily infections in the United Arab Emirates rose this month to their highest since the outbreak started, which officials have largely … Continue reading TRAVEL | International Arrivals To Abu Dhabi Must Wear Covid-19 Tracking Device

BUSINESS | Israel, Dubai Diamond Exchanges Begin Strategic Collaboration

DUBAI – The Israel and Dubai diamond exchanges have signed an  agreement to promote cooperation in a deal certain to boost direct trade between the Middle East’s main diamond hubs. The agreement was announced on Thursday two days after Israel and the United Arab Emirates signed an historic agreement to normalize ties and marks a … Continue reading BUSINESS | Israel, Dubai Diamond Exchanges Begin Strategic Collaboration

Experts: Rainy Season To Further Threaten Beirut Heritage

BEIRUT – Restoring Beirut’s damaged architectural heritage following the devastating August explosion will take hundreds of millions of dollars and costs will quickly rise if no action is taken ahead of the onset of the rainy season in less than two months, international experts warned Tuesday. An international coalition of museums and heritage protection groups … Continue reading Experts: Rainy Season To Further Threaten Beirut Heritage

TRAVEL ALERT | Saudi Arabia Gradually Lifts Travel Restrictions

Saudi Arabia is gradually lifting the travel ban, by allowing a specific group of people to enter and exit the Kingdom before January 1, the expected date of the complete reopening of the land, maritime and air borders. The exact date for lifting the suspension of travel and allowing the land, sea and air transport … Continue reading TRAVEL ALERT | Saudi Arabia Gradually Lifts Travel Restrictions

NEWS ALERT | Saudi Arabia Says Rejects Any Threat To Regional Stability

RIYADH | SAUDI ARABIA  – The Saudi government stressed on Tuesday its keenness on the unity, sovereignty and safety of Arab territories, saying it rejects and threat to the region. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held via videoconference in Neom due to the ongoing … Continue reading NEWS ALERT | Saudi Arabia Says Rejects Any Threat To Regional Stability

Loading…

Something went wrong. Please refresh the page and/or try again.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s