Oil prices plunged more than four dollars today, as reports indicated Hurricane Gustav has not proved as damaging to US oil facilities as initially feared.
Prices for West Texas Intermediate crude for October delivery reached a four-month low of US$110.63. Prices for Brent crude also fell sharply, reaching $109.20.
The fall in price reflected confidence among traders that US offshore platforms and coastal refineries had not been seriously damaged by Gustav, which swept into the Gulf of Mexico last week and pounded the Louisiana coast with winds up to 177 kilometres per hour yesterday.
The fall in prices also marked the conclusion of a sharp run-up in oil prices that began in early May amid a fall in the value of the US dollar, an inflow of speculative investment, concerns about surging Asian demand and a belief that the US, Iran and Israel were at the brink of an armed confrontation.
Now, the spotlight has turned to concerns among some exporters that the oil price may fall too far, too fast.
Gholamhossein Nozari, the Iranian oil minister, said this morning that Opec should move to "control" an "excess" of oil supplies on the market when it meets next week in Vienna.
"Oil supply must be well-proportioned with demand and control over Opec's excess oil supply is an issue that must be discussed at the organisation's upcoming meeting," Mr Nozari said, according to the Iranian state news agency, Irna.
@Email:cstanton@thenational.ae
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
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SHAITTAN
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UAE currency: the story behind the money in your pockets
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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