An oil pump is seen operating in the Permian Basin near Midland, Texas. Ernest Scheyder/Reuters
An oil pump is seen operating in the Permian Basin near Midland, Texas. Ernest Scheyder/Reuters

Oil slides on increased output from Opec and US



Oil markets dipped on Friday, with US crude remaining below US$50 per barrel, restrained by rising output from the United States as well as producer club OPEC.

US. West Texas Intermediate (WTI) crude futures were at $48.95 per barrel in early morning trading, down 8 cents or 0.2 per cent, from their last close and around 90 cents for the week.

Brent crude futures, the international benchmark for oil prices, were at $51.93 a barrel, down 8 cents or 0.15 per cent, from their last close and around 70 cents for the week.

Traders said prices were being pulled down by rising output, although strong demand prevented bigger drops.

"Developments this week have seen some pessimism return to markets," National Australia Bank said in its August outlook.

"We forecast Brent to trade at around $53 per barrel in Q4 2017," it said.

British bank Barclays said "we expect a downward (price) correction during this quarter," but see Brent at an average of $54 per barrel during the fourth quarter.

Crude oil exports by Opec rose to a record high in July, driven largely by soaring exports from the group's African members, according to a report by Thomson Reuters Oil Research this week.

July's 26.11 million barrels per day (bpd) in exports marked a rise of 370,000 bpd, most of which came from Nigeria, which posted a rise of 260,000 bpd in shipments.

In the US, oil production has hit 9.43 million bpd, the highest since August 2015 and up 12 per cent from its most recent low in June last year.

"Quarterly reporting season has seen a swathe of (US.) shale producers announce aggressive production targets, despite weak prices as they cut costs and become more efficient," ANZ bank said on Friday.

Strong demand is still preventing prices from falling.

US gasoline demand rose to 9.842 million bpd last week, the highest since the US Energy Information Administration began collecting the data in 1991, the federal agency reported this week.

"Gasoline demand is now +0.1 percent (year-on-year). This is reasonably encouraging given it had been flat or negative since late November 2016," US. investment bank Jefferies said.

"Gasoline inventories in the US. fell for the seventh consecutive week ... and are now only 6.3 million barrels above the 5-year average," it said.

*Reuters

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20profile
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Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

Series result

1st ODI Zimbabwe won by 6 wickets

2nd ODI Sri Lanka won by 7 wickets

3rd ODI Sri Lanka won by 8 wickets

4th ODI Zimbabwe won by 4 wickets

5th ODI Zimbabwe won by 3 wickets

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

ACC 2019: The winners in full

Best Actress Maha Alemi, Sofia

Best Actor Mohamed Dhrif, Weldi  

Best Screenplay Meryem Benm’Barek, Sofia  

Best Documentary Of Fathers and Sons by Talal Derki

Best Film Yomeddine by Abu Bakr Shawky

Best Director Nadine Labaki, Capernaum
 

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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
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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Scoreline

Liverpool 3
Mane (7'), Salah (69'), Firmino (90')

Bournemouth 0

Virtuzone GCC Sixes

Date and venue Friday and Saturday, ICC Academy, Dubai Sports City

Time Matches start at 9am

Groups

A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs

Company%20Profile
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MATCH INFO

Barcelona 2
Suarez (10'), Messi (52')

Real Madrid 2
Ronaldo (14'), Bale (72')

PAST 10 BRITISH GRAND PRIX WINNERS

2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)

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

Sri Lanka-India Test series schedule
  • 1st Test India won by 304 runs at Galle
  • 2nd Test Thursday-Monday at Colombo
  • 3rd Test August 12-16 at Pallekele

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