Emirati Jiu-Jitsu stars win 23 medals, athletes grab 11 medals, and People of Determination excel with 14 medals
Oil prices rose on Monday, with Brent reaching $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer.
Brent crude futures for May were steady at $69.21, down one cent a barrel by 1150GMT while US West Texas Intermediate crude for April was at $65.62 a barrel, up one cent.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15 per cent from the same period a year earlier, data showed.
“There is increasing confidence that global oil demand is rebounding as US Covid-19 death toll is decreasing while China’s apparent oil demand rebounded”,
Market structure which encourages prompt consumption of oil, a pact by top producers to keep output largely reined in and a rebound to demand due to vaccine roll-outs will keep pushing prices upwards despite any temporary setbacks, analysts said.
“Futures spreads remain in backwardation, and dips in prices remain shallow and short-lived,” said senior market analyst at Oanda Jeffrey Halley,
“Both (benchmarks) will find a procession of willing buyers if those regions are visited.”
The supply cuts come as the Organisation of the Petroleum Exporting Countries (Opec) and its allies, a group known as Opec+, decided earlier this month to extend most of its supply cuts into April.
Further supporting prices, top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15 per cent, while meeting the normal monthly requirements of Indian refiners, refinery sources told Reuters on Friday.
Earlier in February, the United States overtook Saudi Arabia to be India’s second-largest supplier, data from trade sources showed.
Separately, US energy firms have cut the number of oil and natural gas rigs operating by one in the first weekly drop since November, according to Baker Hughes Co. — Reuters
Emirati Jiu-Jitsu stars win 23 medals, athletes grab 11 medals, and People of Determination excel with 14 medals
The first of seven phases, Friday's vote covered 166 million voters in 102 constituencies across 21 states and territories
The unique showcase brings together a diverse lineup of comedians from India and Pakistan, promising an hour of non-stop entertainment
Work teams across all customs centres continued to process cargo clearance and inspections
The UN chief urges international community to work together to prevent any actions that could push the entire Middle East over the edge
This punishment sent out a message to all teams of the importance of maintaining a healthy pace throughout a match
Only 10 of Gaza's 36 hospitals are currently even partially functioning
The updated Meta AI assistant will be given more prominent billing within Meta's Facebook, Instagram, WhatsApp and Messenger apps