These distinctive destinations provide a mix of retail therapy and creative experiences for visitors
entertainment2 hours ago
Oil prices fell in early trade on Thursday after US crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns.
The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+.
US West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were down 3%, or 97 cents, at $31.84 at 0019 GMT.
Brent crude futures last traded down 2.3%, or 78 cents, at $33.96.
Data from the American Petroleum Institute industry group showed crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts' expectations for a draw of 1.9 million barrels.
Gasoline stocks rose by 1.1 million barrels, more than 10 times the build analysts had expected, and stocks of diesel and heating oil rose by 6.9 million barrels, nearly four times as much as anticipated.
"It just indicates that demand recovery is progressing but it's not strong enough yet to be really self-sustaining," National Australia Bank's head of commodity research, Lachlan Shaw said.
The market will be looking to see if data from the US Energy Information Administration later on Thursday matches API.
Shaw said crude was also weaker amid scepticism about the tightness of Russia's relationship with Saudi Arabia, even after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed on further "close coordination" on oil output cuts.
With WTI holding above $30, OPEC+ will be closely watching to see whether U.S. oil shale oil producers who have breakeven prices in the high $20 and low $30 dollar range step up production.
"There is a risk that we see those wells that have been shut in start to reverse and we see more supply return to the market," Shaw said.
These distinctive destinations provide a mix of retail therapy and creative experiences for visitors
entertainment2 hours ago
Managed by Dubai Culture, these sites represent the legacy of Dubai's historical inhabitants and their interactions with others in the Near East
uae2 hours ago
Rental rate growth has been mixed over the last three months and average apartment and villa rates have remained more or less unchanged
realty2 hours ago
The 'Shure Movemic Two Receiver Kit' is a wireless microphone that can elevate the audio quality of your content to professional levels
gadgets2 hours ago
Put on your apron and try this delicious pizza recipe which is easy to make
recipes3 hours ago
The artificial archipelago will house approximately 35,000 families in the future
uae4 hours ago
Figures showed that 70,000 Emiratis have taken jobs at private companies in the last two and a half years after the launch of Nafis programme
uae4 hours ago
Road and Transport authority completed internal road and street lighting projects in four residential areas covering 35 km
transport4 hours ago