Oil prices fell at the start of trading on Monday as traders weighed demand growth prospects, following China’s economic reopening, against broader global economic headwinds.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.84 per cent lower at $84.56 a barrel at 10am UAE time, while West Texas Intermediate, the gauge that tracks US crude, was down 0.80 per cent to $79.22 a barrel.
Oil prices have eased after closing strong on Friday to mark the biggest weekly gain since October as inflation in the US cooled, sending the dollar to a seven-month low, and the outlook of growing demand from China, the world's biggest crude importer, improved.
Brent futures added 8.5 per cent while WTI rallied 8.3 per cent to recoup most of the losses from the previous week.
“Improving sentiment around China’s demand recovery, along with hope that central banks will be able to move to a slower pace of monetary tightening, will help oil prices in the near term,” Khatija Haque, chief economist at Emirates NBD, said in a research note on Monday.
Inflation in the US continued to slow in December, easing pressure on households and businesses.
The consumer price index increased by 6.5 per cent annually last month, from 7.1 per cent in November, the US Bureau of Labour Statistics said on Thursday.
It was the smallest 12-month gain since October 2021. On a monthly basis, the CPI decreased by 0.1 per cent in December.
Meanwhile, core CPI, which excludes food and energy, fell to 5.7 per cent annually, from 6 per cent in the previous month.
“The slowdown in US inflation helped to reinforce expectations that the Federal Reserve can move down a gear in tightening policy,” Ms Haque said.
China, the world’s second-largest economy, reopened its borders earlier this month as it almost reversed all border controls introduced to stem the spread of Covid-19.
The easing of restrictions by Beijing ended about three years of strict entry requirements that had hampered its economic growth.
On Monday, Emirates, the world's biggest long-haul airline, said it was ramping up its operations in China ahead of the New Lunar Year and in response to strong travel demand.
The Dubai airline will boost flights to Guangzhou, Shanghai and Beijing as the country reopens its borders and eases its coronavirus-related entry restrictions.
China’s crude imports are set to increase by 1.1 million barrels per day in 2023, compared with last year, with the country reopening and issuing new product export and crude import quotas, Energy Aspects said in a report earlier this week.
While prospects for the further oil market recovery remain bright in the sort terms, investors will look for clues for broader crude demand this week when Opec releases its monthly oil market outlook.
The International Energy Agency will also release its data, which is expected to underpin consumption trends.
Meanwhile, the US oil drilling rig count increased by five last week, taking the total to 623.
Oil companies would prefer having WTI prices closer to $90 a barrel before a “substantial increase in drilling”, the Emirates NBD note said, citing a survey from the Kansas City Federal Reserve.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Mohammed bin Zayed Majlis
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Killing of Qassem Suleimani
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
Killing of Qassem Suleimani
MATCH INFO
Manchester United v Brighton, Sunday, 6pm UAE
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
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.
Killing of Qassem Suleimani
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
