LONDON // Oil rose towards $80 per barrel after an industry report showed US crude oil stocks fell steeply last week, but gains were limited by doubts over the outlook for economic growth and energy demand.
Weekly data from the American Petroleum Institute late on Tuesday showed US crude inventories fell much more sharply than expected last week, dropping 4.4 million after storms in the Gulf of Mexico disrupted supplies.
Investors awaited a report from the Energy Information Administration, considered the most reliable data on the US oil industry, to confirm the API figures.
"If the EIAs confirm the big drawdown, and I think they probably will, the market could move up sharply ? probably to above $80 per barrel," said Eugen Weinberg, head of commodity research at Commerzbank.
US light crude oil futures for December delivery rose 60 cents to $79.74 a barrel, adding to Tuesday's gains of 24 cents.
London Brent crude gained 58 cents to $79.55.
Financial market will scrutinise US economic data due on Wednesday to gauge the health of the economy, after reports this week painted a picture of a slow recovery from recession with ample slack to cool inflation.
Indicators on Wednesday include US consumer prices, real weekly earnings and housing starts for October.
The US is the world's biggest oil consumer and recession there over the past 18 months has helped keep a lid on global demand for fuel. Expectations of economic recovery have helped propel oil prices higher this year but several analysts argue that the market may have moved too far too fast.
"Commodities, including oil, have seemed to defy gravity over the last few weeks, partly supported by the dollar, but also on a false assumption that economic recovery will lead to a further rise in prices," said Mr Weinberg.
"That is probably wrong because the economic recovery is already reflected adequately in the current prices," he said.
The US currency, which fell to 15-month lows against other major currencies this week, has been helping drive commodities higher for most of this year as investors have sought hard assets to hedge against the depreciating currency.
The dollar slipped on Wednesday, after its biggest rise in three weeks on Tuesday, as traders awaited US inflation data.
The US currency had rallied following rare comments on the dollar by U.S. Federal Reserve Chairman Ben Bernanke, comments later echoed by other Fed officials and European Central Bank President Jean-Claude Trichet.
The dollar has declined steadily since March against a basket of other currencies, a decline that has also helped spurt buying of other commodities.
Gold hit a record high of $1,146.95 an ounce in Europe on Wednesday, as a dip in the dollar index fuelled momentum buying of the precious metal.
Oil has rallied from below $33 last December even though global demand fell year-on-year for the first nine months of 2009, according to the International Energy Agency.
*Reuters
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The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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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.
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.
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
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Price: From Dh2,099