Oil steadies above $60 after hitting monthly high

Oil prices held steady above $60 a barrel after finishing at the highest level in a month on Wednesday following a bigger than expected drawdown in US inventory.

Brent was trading slightly lower at $60.93, down 0.39 per cent at 12.12pm UAE time, while West Texas Intermediate benchmark was down 0.59 per cent at $55.64 per barrel. Brent settled at $61.17 per barrel on Wednesday after the US Energy Information Administration reported a weekly decline in US stockpiles for the first time in six weeks.

Crude stocks were down 1.7 million barrels for the week ending October 18 while oil supply from the country's Strategic Petroleum Reserve fell by a million barrels during that period.

Data from the industry-funded American Petroleum Institute on Tuesday showed US crude inventory levels rose 4.5 million barrels to 437 million barrels for the week ending October 18, beating analysts' estimates by 2.2 million barrels.

Oil slips as gloomy inventory data indicates a bearish outlook

Putin calls for reduction in global oil inventories to 'reasonable levels'

Crude has languished in largely bearish territory over the past month after hitting $69.02 on September 16, after attacks on Saudi Aramco oil processing facilities took 5.7 million barrels per day of Saudi output offline – the equivalent of 5 per cent of global supply. Aramco's speedy recovery after the attacks, as well as revisions to global crude demand growth by the International Energy Agency, have kept prices depressed.

Markets were also bolstered by a note from investment bank Goldman Sachs which suggested a rally in prices was likely towards the end of the year as US output growth would be stymied by lack of investment.

The bank revised its forecast for the growth of US output to 700,000 bpd in 2020 from a previous estimate of 1 million bpd, citing a slowdown in drilling.

"Initial 2019 productivity data suggests that shale productivity improvements appear to be decelerating across key US oil shale plays and deteriorating in the Eagle Ford Shale," the bank said on Wednesday.

Goldman sees some upside risk to its forecast of $62 per barrel by the end of the year.

“Nevertheless, absent growth or geopolitical tensions escalating into meaningful shocks, we expect that Brent oil prices are likely to continue trading in 2020 around our $60 (a barrel) forecast," it said.

Actions by Opec+, the alliance led by Saudi Arabia and Russia which has been cutting back 1.2 million bpd since the beginning of the year, will also continue to keep the markets tight, Goldman said.

Brent futures were caught in the middle of “worsening growth expectations and rising Middle East tensions", Goldman said.

Opec, set to meet in Vienna in early December to review the current agreement –which is expected to hold until March 2020 – was said to be considering deeper cuts, according to Reuters.

Russian Energy Minister Alexander Novak, however, dismissed the rumours on Wednesday saying no formal proposals were put forward to revise the deal.

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

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• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

The biog

Name: Capt Shadia Khasif

Position: Head of the Criminal Registration Department at Hatta police

Family: Five sons and three daughters

The first female investigator in Hatta.

Role Model: Father

She believes that there is a solution to every problem

West Asia rugby, season 2017/18 - Roll of Honour

Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain

Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons

West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins

UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles

UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins

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