Oil falls below $50


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Oil skidded to $48 a barrel on Thursday, losing ground for the fifth successive day as fallout from the world financial and economic crises continued to weigh on fuel demand. In electronic trading on the New York Mercantile Exchange (Nymex), crude oil for January delivery dipped below $52 a barrel, touching $51.97, while the Brent crude near-month contract fell to $50.30 on London's ICE Futures Exchange. The basket price for Opec crudes stood at $45.89 a barrel on Wednesday, down from $46.55 the previous day. On the Dubai Futures Exchange yesterday, the January Oman crude futures contract closed at $44.85, the first time it has settled below $45 a barrel since the contract was launched in June last year. Today's slide in oil prices to the lowest levels seen in nearly two years follows the release of US data showing that the country's crude inventories rose by 1.6 million barrels last week to 313.5 million barrels, due to declining fuel demand in the world's biggest energy consuming economy. The increase was about twice what analysts had forecast. Petrol stocks climbed 539,000 barrels to 198.6 million barrels. US fuel demand fell 5.2 per cent in the first 10 months of this year in the biggest drop since 1981, the American Petroleum Institute reported. Investors have fled securities and commodities markets as worsening economic turmoil has lifted the allure of cash. Stocks declined worldwide after the Dow Jones Industrial Average dropped to a five-year low on Wednesday, with prices for most commodities following suit. Oil has dropped 65 per cent from its July peak of $147.27 a barrel. On London's European Climate Exchange yesterday, EU carbon dioxide emission permits followed crude's decline, falling for the fifth consecutive day as the weakened economic outlook reduced the likelihood of power plants and industrial installations exceeding their existing emissions allowances for the greenhouse gas. EU allowances for December fell nearly 4 per cent to ?15.69 (Dh71.96) per tonne, their lowest level since April last year. In the latest evidence that the global economy is worsening, Japanese exports last month showed their biggest monthly drop in the past seven years. The world's biggest oil importer fell into a recession during the third quarter. In further gloomy economic news, the US Federal Reserve forecast a US recession, predicting the economy would contract in the first half of next year. However, some analysts are predicting that oil prices will rebound within the next few months. Prices may rise to $70 a barrel early next year as Opec production cuts take effect, said Michael Lynch, the president of Strategic Energy and Economic Research, a US consulting firm. Opec, which supplies about 40 per cent of the world's crude oil, said at an Oct 24 emergency meeting in Vienna that it would cut output by 1.5 million barrels per day (bpd). The group is due to meet informally in Cairo on Nov 29 and will hold a regularly scheduled meeting in Oran, Algeria, on Dec 17. Mr Lynch said a decision by Opec to cut production by at least another 1 million bpd would help to reverse the steep oil price decline. He said he did not expect a significant recovery in US fuel demand until next year's third quarter. tcarlisle@thenational.ae

RESULT

RS Leipzig 3 

Marcel Sabitzer 10', 21'

Emil Forsberg 87'

Tottenham 0

 

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Tesalam Aleik

Abdullah Al Ruwaished

(Rotana)

Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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
Juvenile arthritis

Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
Mountain%20Boy
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The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

THREE
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Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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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

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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.

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)