Oil prices opened higher for a second consecutive day on Tuesday as China, the world's biggest importer of crude, continued to ease stringent Covid-19 measures despite a rise in infections.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.5 per cent higher at $83.05 a barrel at 9.07am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.4 per cent at $77.27 a barrel.
Brent crude rose more than 3 per cent on yesterday after the Opec+ alliance decided to extend its output oil policy as sanctions on Russian crude came into effect on Monday.
Oil futures gave up nearly all of their gains later in the session.
“Risk appetite on Wall Street is fading away and that might prevent crude prices from pushing much higher right now,” said Edward Moya, a senior market analyst at Oanda.
“The fear that the US economy is headed towards a recession will be a drag on all the pent-up demand that will be released on the China reopening.”
China, the world’s second-largest economy, is lifting lockdowns and easing testing requirements in major cities, including Beijing and Shanghai, even as it faces record high infection numbers.
About three years after the start of the pandemic, China has persisted with its zero-Covid policy, which has dampened the country’s short-term growth prospects.
Investors are keenly awaiting Russia’s response to the price cap on exports of the country’s crude.
After months of negotiations, the EU and the Group of Seven (G7) advanced countries have placed a $60 price cap on Russian crude to limit Moscow’s ability to fund its military offensive in Ukraine.
Russia, which has been selling discounted barrels of crude to India and China, said it would not sell its oil under the price ceiling.
Russian oil exports rose to 7.7 million bpd in October — up 165,000 bpd from the previous month — on higher shipments to the EU, China and India, the International Energy Agency said in its latest oil market report.
“Energy traders are waiting to see how Russia responds,” said Mr Moya. “The crude demand outlook will remain volatile, and concerns that the economic downturn across Europe is about to get worse.”
On Sunday, the Opec+ alliance of 23 oil-producing countries said it would stick to current output cuts of 2 million bpd.
The group said it was ready to address “market developments” and support the “balance of the oil market and its stability if necessary”.
All decisions taken by the Opec+ alliance are based on the “needs of the global oil market in a bid to ensure stability”, Kuwait's Oil Minister Bader Al Mulla was quoted as saying by official news agency Kuna.
The group will continue to “monitor” global market developments to determine appropriate measures, Mr Al Mulla said.
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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