Oil prices fell sharply on Friday to hit an 8-month low as concerns about a potential recession continue to weigh on investors amid monetary tightening measures undertaken by central banks globally to rein in inflation as well as a strong dollar.
Brent, the benchmark for two thirds of the world's oil, slid 4.76 per cent to settle at $86.15. West Texas Intermediate, the gauge that tracks US crude, dropped 5.69 per cent to close at $78.74 a barrel. This is the first time since January that WTI has fallen below $80 per barrel.
Both Brent and WTI recorded a fourth straight week of declines — the first time it has happened since December 2021.
"The threat of a global recession continues to weigh on oil prices, with widespread monetary tightening over the last couple of days fuelling fears of a significant hit to growth," said Craig Erlam, senior market analyst at Oanda.
"Central banks now appear to accept that a recession is the price to pay for getting a grip on inflation, which could weigh on demand next year."
On Wednesday, the US Federal Reserve raised its key interest rate by 75 basis points, its third consecutive three-quarters-of-a-percentage-point increase, to slash surging inflation and restore price stability.
The move came after consumer prices rose by 8.3 per cent in August, exceeding economists' expectations of 8.1 per cent and above the Fed’s 2 per cent target.
The US central bank signalled further rate increases were possible, stating that it “anticipates that ongoing increases in the target range will be appropriate”.
Meanwhile, the Bank of England also raised its base interest rate by 0.5 percentage points to 2.25 per cent on Thursday, vowing to “respond forcefully, as necessary” to soaring inflation.
The shift marks the seventh increase in a row and pushes the base rate to the highest level since the financial crisis in 2008.
The UK's central bank said it now expects a 0.1 per cent fall in gross domestic product over the current quarter, indicating that the economy is already in a recession.
The global economy is expected to slow down this year because of higher inflation, the continuing conflict in Ukraine, and Covid-19 pandemic-related restrictions in China.
In July, the International Monetary Fund lowered its growth forecast for the global economy to 3.2 per cent this year, from its previous projection of 3.6 per cent in April.
The World Bank has also slashed its 2022 growth forecast for the global economy, for the second time this year, to 2.9 per cent, from 3.2 per cent, while the Institute of International Finance lowered its estimate to 2.3 per cent.
The US dollar, in which oil is priced, also hit a record high on Friday against major currencies, amplifying inflationary pressures and putting more pressure on the euro, sterling and the yen.
Last week, the International Energy Agency also cut its estimates for 2022 global oil demand growth during China lockdowns and a continuing slowdown in the Organisation for Economic Co-operation and Development area.
The Paris-based agency estimated global oil demand growth at two million barrels per day, marginally down from its 2.1 million bpd projection in August.
But the oil market remains tight amid supply constraints, with Russian President Vladmir Putin's move of calling up its army reserves in a “partial mobilisation” earlier this week also rattling the market.
The 23-member alliance of Opec+ producers agreed earlier this month to cut their October output by 100,000 bpd to support prices.
The group convenes again on October 5 to review and decide future output levels, but it could hold an emergency meeting if market dynamics changed, requiring it to intervene.
"The market still remains tight and Opec+ is perfectly willing to restrict supply further even as it fails to deliver on quotas it has set itself so far. What's more, a nuclear deal between the US and Iran looks no closer and Russia's mobilisation could pose a risk to its supply," Mr Erlam said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Mohammed bin Zayed Majlis
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Cagliari v AC Milan (6pm)
Lazio v Napoli (9pm)
Inter Milan v Atalanta (11.45pm)
Sunday
Udinese v Sassuolo (3.30pm)
Sampdoria v Brescia (6pm)
Fiorentina v SPAL (6pm)
Torino v Bologna (6pm)
Verona v Genoa (9pm)
Roma V Juventus (11.45pm)
Parma v Lecce (11.45pm)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
More from Neighbourhood Watch:
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh
Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh
Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar
Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel
UAE currency: the story behind the money in your pockets
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
UAE rugby season
FIXTURES
West Asia Premiership
Dubai Hurricanes v Dubai Knights Eagles
Dubai Tigers v Bahrain
Jebel Ali Dragons v Abu Dhabi Harlequins
UAE Division 1
Dubai Sharks v Dubai Hurricanes II
Al Ain Amblers v Dubai Knights Eagles II
Dubai Tigers II v Abu Dhabi Saracens
Jebel Ali Dragons II v Abu Dhabi Harlequins II
Sharjah Wanderers v Dubai Exiles II
LAST SEASON
West Asia Premiership
Winners – Bahrain
Runners-up – Dubai Exiles
UAE Premiership
Winners – Abu Dhabi Harlequins
Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens
Winners – Dubai Hurricanes
Runners-up – Abu Dhabi Harlequins
UAE Conference
Winners – Dubai Tigers
Runners-up – Al Ain Amblers
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
UAE currency: the story behind the money in your pockets
More on Turkey's Syria offence
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Racecard
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m
