Oil prices jumped on Monday on the back of supply disruption concerns linked to the rise in geopolitical tensions in the Middle East and Eastern Europe, while demand held steady as the impact of the Omicron coronavirus strain eased in some countries.
Brent, the global benchmark for two thirds of the world's oil, surged 0.88 per cent to $88.66 a barrel at 9.26am UAE time on Monday while West Texas Intermediate, the gauge that tracks US crude, was trading 0.78 per cent higher at $85.80 a barrel.
“The pulse continues to sit firmly with oil bulls, given the robust physical market, with optimism over Covid-19 pivoting from pandemic to endemic,” said Ehsan Khoman, head of emerging markets research at MUFG Bank.
“With stockpiles falling, bullish investor positioning rising, spare capacity increasingly scarce and geopolitical tensions lingering, the outlook for oil prices cannot be more positive right now.”
The UAE, Opec's third-largest producer, that it intercepted two ballistic missiles launched by the Houthi terrorist group, the Ministry of Defence said on Monday.
Authorities confirmed "that the attack did not result in any casualties, as the remnants of the destroyed ballistic missiles fell in separate areas around the emirate”, state news agency Wam reported.
Tension is also increasing in Eastern Europe. Britain’s Deputy Prime Minister Dominic Raab issued a warning that there is a “very significant” risk Russia will invade Ukraine imminently. The US also ordered the families of diplomats to leave Ukraine amid rising tensions between Washington and Moscow.
“Brent is up over 10 per cent this month, almost 25 per cent above [the] 2021 average, and back at levels not seen since 2018 and 2014,” said Hasnain Malik, head of equity research at Tellimer Research.
“Drivers are supply risks, lower inventories [and] less Omicron-demand concern.”
Geopolitical risks should fade but low capital expenditure, resulting from a focus on the renewable energy transition, is expected to persist, he said.
The total investment in the upstream sector of the oil and gas sector fell 23 per cent below pre-coronavirus levels to $341 billion in 2021 amid global renewable energy transition efforts, according to a report by the International Energy Forum last month.
Opec+, the producer group led by Saudi Arabia and Russia, is also restraining production to support oil prices.
The group decided to add 400,000 barrels of oil per day next month amid higher demand globally.
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Killing of Qassem Suleimani
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Scoreline
Syria 1-1 Australia
Syria Al Somah 85'
Australia Kruse 40'
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
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Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
Greatest Royal Rumble match listing
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
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World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
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Winner: Azmaam, Jim Crowley, Musabah Al Muhairi.
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
FIXTURES
UAE’s remaining fixtures in World Cup qualification R2
Oct 8: Malaysia (h)
Oct 13: Indonesia (a)
Nov 12: Thailand (h)
Nov 17: Vietnam (h)
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
