Oil prices rose for a fourth straight day on Thursday after rallying by about 3 per cent in the previous session on a large drop in US crude stocks.
Brent, the benchmark for two thirds of the world’s oil, was 0.72 per cent higher at $82.79 a barrel at 6.44pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.89 per cent at $78.99 a barrel.
Brent was 2.8 per cent higher at $82.20 at the time of closing on Wednesday while WTI was up 2.7 per cent.
US crude stocks fell by 5.9 million barrels last week, about three times more than analysts had estimated, data from the US Energy Information Administration showed.
The indicator, which shows the level of oil stored, gives an overview of US petroleum demand. If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices.
Crude oil in the Strategic Petroleum Reserve dropped 3.7 million barrels from the week before to 378.6 million barrels, its lowest level since December 1983.
“Crude prices are rallying after stockpiles declined more than expected and as Opec+ remains committed to keeping supplies tight,” said Edward Moya, a senior market analyst at Oanda.
“As we approach peak holiday season, jet fuel demand has clearly returned, approaching the highest seasonal levels seen since 2017. The path of least resistance is clearly higher for oil prices and it should continue if China’s reopening doesn’t have major obstacles.”
This week Saudi Arabia’s Energy Minister said the Opec+ alliance of 23 oil producers will remain “pro-active” due to market volatility and concerns of a global recession.
“In face of a wide range of uncertainties, Opec+ has no choice but to be pro-active and pre-emptive, and this is not an easy task, especially since the market has the tendency to overreact to news in both directions,” Prince Abdulaziz bin Salman said in an interview with official news agency SPA.
At its December meeting, Opec+ stuck to existing production targets amid uncertainty over sanctions on Russian crude.
Futures were also supported by a weaker US dollar.
The US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was down more than 0.3 per cent at 103.86. A weaker dollar makes oil cheaper for holders of other currencies.
The index, which hit a two-decade high at 111.80 in September, has fallen about 7 per cent over the last three months amid signs of slowing inflation.
The consumer price index in the US cooled to 7.1 per cent in November, down from 7.7 per cent in October, after soaring to a pandemic high of 9.1 per cent last June.
The moderation in the consumer price growth was lower than the consensus forecast of 7.3 per cent, marking the slowest pace of price growth since December 2021.
Oil prices have gained this week on hopes of a demand rebound in China, the world's second-largest economy and top crude importer.
China will focus on boosting domestic demand by prioritising the recovery and expansion of consumption, officials said at the annual budget-setting Central Economic Work Conference last week, state news agency Xinhua reported.
“We have the confidence, conditions and capacity to turn China's economy for the better as a whole,” Han Wenxiu, executive deputy director of the office of the Central Committee for Financial and Economic Affairs, was quoted as saying by Xinhua.
Last week, the International Energy Agency raised its global oil demand growth estimate for this year and the next on rising crude consumption in India, China and the Middle East.
The Paris-based agency now expects demand to grow by 1.7 million barrels per day in 2023, up from its previous estimate of 1.6 million bpd.
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
SHAITTAN
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COMPANY%20PROFILE
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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More from Rashmee Roshan Lall
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
