Oil has posted the longest run of gains in six months after US shale explorers paused a record drilling expansion in a sign the boom may be slowing down.
Futures added as much as 2.7 per cent in New York on Friday, advancing for a seventh session. Shale explorers broke the longest stretch of uninterrupted growth in three decades as rigs targeting crude fell by two last week, bringing the total to 756, according to Baker Hughes data reported on Friday. The rig count has more than doubled from a low of 316 in May.
While prices surged last week, oil in New York and London posted a loss in June -- a month in which prices typically gain. Crude futures tumbled into a bear market last week on concerns that rising global supply is offsetting cuts from Opec and its partners. Bank of America became the latest in a string of banks to cut its outlook for prices this year and next.
"I don’t think everyone’s quite ready to write off the Opec/non-Opec accord just yet," said John Kilduff, a partner at Again Capital, a New York-based hedge fund. "And given how far we’ve fallen, you’re seeing bargain hunting by some."
West Texas Intermediate for August delivery gained $1.11 to settle at $46.04 on the New York Mercantile Exchange. Oil is down about 9 per cent this quarter.
Brent for August settlement, which expires Friday, closed 50 cents higher at $47.92 per barrel on the London-based ICE Futures Europe exchange. The global benchmark is down about 9 per cent this quarter and traded at a premium of $1.85 to WTI.
The rig count drop follows a report that US crude output fell by the most in almost a year last week amid field maintenance in Alaska and tropical storm Cindy, while petrol inventories fell for a second week. Opec and its partners are not worried about the market recovery and don't plan to discuss deeper cuts, said the UAE energy minister Suhail Al Mazrouei.
“There is cause to be confident that the long-awaited oil market rebalancing is fast approaching,” said Stephen Brennock, an analyst at PVM Oil Associates in London. “Doubts will linger over the staying power of this rally” and “several stumbling blocks still lie ahead of the price recovery”.
Bank of America lowered its 2017 WTI forecast to $47 and 2018 to $50, citing a continuing rise in oil output and disappointing demand. Prices will remain in contango, where near-term contracts are cheaper than long-dated ones, until year-end. Futures will only move into backwardation -- the inverse market structure that’s desired by Opec -- by next summer, the bank said.
* Bloomberg
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The Gentlemen
Director: Guy Ritchie
Stars: Colin Farrell, Hugh Grant
Three out of five stars
The%20specs
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KILLING OF QASSEM SULEIMANI
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company%20Profile
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COMPANY%20PROFILE
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Stage result
1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
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
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
COMPANY%20PROFILE
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Company%20Profile
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The Baghdad Clock
Shahad Al Rawi, Oneworld
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Dengue%20fever%20symptoms
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BlacKkKlansman
Director: Spike Lee
Starring: John David Washington; Adam Driver
Five stars
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.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Look%20Both%20Ways
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
Company%20Profile
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Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
COMPANY%20PROFILE%20
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'Nope'
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