Oil prices were steady on Wednesday, after falling more than 2 per cent in the previous session on concerns of a global economic slowdown and a large build-up in US crude stocks.
Brent, the benchmark for two thirds of the world’s oil, was 0.02 per cent lower at $86.11 a barrel at 2.42pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.04 per cent at $80.16 a barrel.
Brent closed 2.3 per cent lower at $2.06 on Wednesday, while WTI was down 1.8 per cent at $1.49 at session's end.
"Oil prices continue to remain interesting as bulls are still in town and continue to support the prices," said Naeem Aslam, chief market analyst at AvaTrade.
"Investors continue to bet on the most important factor — the Chinese demand and its recovery."
US crude oil stocks rose by about 3.4 million barrels last week, Emirates NBD analysts said, citing data from the American Petroleum Institute. Analysts were expecting a growth of 1 million barrels.
The indicator, which shows the level of oil and product 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.
Futures also came under pressure from growing signs of a recession in the world’s largest economy.
The US Conference Board leading economic index, a basket of 10 indicators of economic activity, fell by 1 per cent in December, steeper than analysts' estimates of a 0.7 per cent drop.
The index is now down 4.2 per cent between June and December 2022.
Oil futures have gained for two straight weeks after China — the world’s second-largest economy and top crude importer — reopened its borders for the first time in three years, triggering a sharp rise in airline bookings.
China's economy, which grew 3 per cent in 2022, is set to improve and is highly likely to reach a normal growth rate in 2023, Vice Premier Liu He told the World Economic Forum in Davos last week.
Global oil demand will surge to a “record” this year, following the end of coronavirus restrictions in China, the International Energy Agency said in a report last week.
Oil demand will rise by 1.9 million barrels per day to 101.7 million bpd in 2023, said the IEA, which had previously estimated a growth of 1.7 million bpd.
“Two wild cards dominate the 2023 oil market outlook: Russia and China,” the Paris-based agency said.
“The well-supplied oil balance at the start of 2023 could quickly tighten, however, as western sanctions impact Russian exports.”
Meanwhile, Opec has stuck to its global oil demand forecast for this year, despite an improving economic outlook in China.
The group still expects oil demand to grow by 2.2 million bpd this year, which is lower than its estimate of 2.5 million bpd growth for 2022, it said last week.
Global growth is projected to decline to 1.7 per cent this year from the 3 per cent forecast six months ago, the World Bank said in its latest Global Economic Prospects report, released this month.
This is the third weakest pace of growth in about three decades, reflecting global monetary tightening, the effects of Russia's war in Ukraine, high inflation levels, worsening financial conditions and weaker growth in the US, China and the euro area.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Killing of Qassem Suleimani
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COMPANY%20PROFILE
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
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Bahrain%20GP
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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UAE currency: the story behind the money in your pockets
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%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
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SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
UAE%20athletes%20heading%20to%20Paris%202024
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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.
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Killing of Qassem Suleimani
Race card
1.45pm: Maiden Dh75,000 1,200m.
2.15pm: Maiden Dh75,000 1,200m.
2.45pm: Handicap Dh95,000 1,200m.
3.15pm: Handicap Dh120,000 1,400m.
3.45pm: Handicap Dh80,000 1,400m.
4.15pm: Handicap Dh90,000 1,800m.
4.45pm: Handicap Dh80,000 1,950m.
The National selections:
1.45pm: Galaxy Road – So Hi Speed
2.15pm: Majestic Thunder – Daltrey
2.45pm: Call To War – Taamol
3.15pm: Eqtiraan - Bochart
3.45pm: Kidd Malibu – Initial
4.15pm: Arroway – Arch Gold
4.35pm: Compliance - Muqaatil
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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