Brent climbed above US$64 as investors closely watch for signals from Opec on the future of its production curbs.
Futures rose 1.6 per cent in London after falling 1.1 per cent in the previous two sessions. Saudi Arabia’s energy minister Khalid Al Falih said Opec and its allies will not discuss a strategy to exit the deal before the middle of next year and Iraq’s Minister Jabbar Al Luaibi said the group will monitor output every three months.
Opec has worked hard to tell traders its job in cutting global inventories is not done yet and a extension of the production deal is essential to continue that work. Ministers gathered in Vienna are ready to extend the curbs to the end of 2018 to ensure global stockpiles keep falling toward the five-year average yet doubts persist on the strength of the group’s continued commitment. Traders will scour the communique following the meeting for signals.
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Read more:
Opec convenes amid a cloud of uncertainty and tepid market recovery
S&P raises 2018 Brent oil price forecast on ongoing cuts and strong demand
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“With the recent comments suggesting a nine-month extension, anything shorter could disappoint market expectations. Hence, we think a nine-month deal extension,” said Giovanni Staunovo, a commodity analyst at UBS. “If they review it mid-year, that would be only be a three-month extension.”
Brent for January settlement, which expires Thursday, climbed $1 to $64.11 a barrel as of 10:40am in London on the ICE Futures Europe exchange. The global benchmark traded at a premium of $6.15 to West Texas Intermediate. The more-active February contract rose 65 cents to $63.18.
WTI for January delivery was at $57.93 a barrel on the New York Mercantile Exchange, up 63 cents. Total volume traded was about 27 per cent below the 100-day average. Prices lost 69 cents to close at $57.30 on Wednesday.
Mr Al Falih prefers a nine-month extension of the deal beyond March. “If something is working, you don’t let go,” and inventories haven’t yet reached “comfortable” levels, he said in Vienna before start of Opec’s ministerial meeting.
For Russia, the biggest and most influential of the cartel’s allies, reassurance about how the curbs would eventually be wound down seemed to be as important as the duration of the extension, according to people involved in closed-door negotiations prior to the ministerial meeting. Mr Al Falih said an exit strategy won’t be discussed before the third quarter of next year.
THE%20SPECS
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UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
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ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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From Zero
Artist: Linkin Park
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Number of tracks: 11
Rating: 4/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
