Oil prices fell for a third straight day on Thursday as rising Covid-19 cases in China, the world’s largest crude importer, continue to raise concerns about fuel demand.
Brent, the benchmark for two thirds of the world’s oil, was trading 1.21 per cent lower at $82.25 a barrel at 9pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was down 0.99 per cent at $78.18 a barrel.
Countries are imposing new Covid-19 measures on travellers coming from China, which has had a surge in infections following the easing of pandemic restrictions earlier this month.
The US has become the latest country to require all travellers from China to show a negative Covid-19 test result before flying to the country.
Italy will begin to test all passengers arriving from China for the coronavirus after about half of the passengers on two flights to Milan were found to have the virus, Bloomberg reported.
China’s reopening "will not only boost global growth, but also energy and commodity prices - hence inflation, the interest rate hikes from central banks and potentially the global Covid cases", Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
Oil prices have recorded two straight weeks of gains, in part due to rising optimism over the recovery of oil demand in China, the world’s second-largest economy.
On Monday, China's National Health Commission said it would end its quarantine requirements for inbound travellers from January 8. The measures have been in place since the start of the pandemic.
“China's success in pivoting away from zero-Covid could be key to all of this … we may have to wait some time to fully understand the implications for the economy and therefore oil demand,” said Craig Erlam, a senior market analyst at Oanda.
“The outlook remains highly uncertain for the oil market and recent sanctions by the G7 and countermeasures by the Kremlin do little to change that at the moment."
Rising Covid cases in China, global political tensions and economic headwinds dented investor confidence sending markets in Europe lower on Thursday.
The UK's FTSE 100 Index was dragged down 0.6 per cent, while France's CAC 40 fell 0.5 per cent and Germany's DAX slipped 0.23 per cent.
On Tuesday, Russian President Vladimir Putin signed a decree that bans the supply of oil and related products from February 1 for five months to nations that abide by a price cap on its exports.
On December 5, the EU, Australia and the Group of Seven advanced economies agreed to place a price cap of $60 on global purchases of seaborne Russian crude.
The ceiling aims to reduce Moscow’s oil and gas revenue while maintaining adequate supplies of crude on the global energy market.
Deputy Prime Minister Alexander Novak was quoted as saying by the RIA news agency last week that Russia may cut its oil output by 500,000 barrels per day to 700,000 bpd in early 2023 as it responds to the price cap on its oil and related products.
US crude stocks fell less than expected by about 1.3 million barrels in the week ending on December 23, according to media reports citing data from the American Petroleum Institute.
Analysts on average were expecting a drawdown of 1.5 million barrels, Reuters reported.
The indicator, which shows the level of oil and product stored, gives an overview of US petroleum demand. If the increase in crude stocks is more than expected, it implies weaker demand and is bearish for crude prices.
Futures gained earlier this week in response to the blizzard that has battered the US and led to refinery closures in the oil-rich Texas Gulf Coast area and the cancellation of thousands of flights.
More than 1.8 million bpd of Texas’s oil-processing capacity had been disrupted by the freezing conditions, according to Bloomberg estimates.
The severe storm that hit North America disrupted the power supply in some areas, with about 250 million American and Canadian residents affected by the storm.
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
Killing of Qassem Suleimani
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Meydan card
6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m
Read more about the coronavirus
Mohammed bin Zayed Majlis
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Killing of Qassem Suleimani
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
More on animal trafficking
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Coal Black Mornings
Brett Anderson
Little Brown Book Group
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
