Oil prices were steady in Thursday morning trade after a smaller-than-expected rise in US crude stocks and a weaker dollar.
Brent, the benchmark for two thirds of the world’s oil, was 0.72 per cent higher at $86.74 a barrel at 4.01pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.80 per cent at $80.79 a barrel.
“Crude prices are rising after the stockpiles posted a modest gain and a decent improvement with demand,” said Edward Moya, senior market analyst at Oanda.
US crude inventories rose by about 533,000 barrels last week, according to the US Energy Information Administration (EIA).
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.
US petroleum stocks increased by 1.8 million barrels last week, while distillate fuel inventories rose by about 500,000 in the same period, the statistical arm of the US department of energy said.
Meanwhile, US crude exports surged nearly 22 per cent to 4.71 million barrels per day in the week ending January 20, their highest since November, the EIA said.
Earlier, data from the American Petroleum Institute showed that US crude stocks rose by about 3.4 million barrels last week.
“Lately, it seems this oil market has a tendency to lean towards a bullish spin after any major oil event,” Mr Moya said.
“If risk appetite continues to take a big hit from the tech-driven sell-off, that should also weigh on crude prices.”
Futures were also supported by a weaker dollar, which makes oil cheaper for holders of other currencies.
The US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was down 0.06 per cent at 101.58.
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 increase in airline bookings.
The market has "underpriced" China's recovery, according to Japanese bank MUFG.
"China is a dominant driver of commodities demand — consuming anything from about 10 [per cent] to 15 per cent of global [oil and gas] demand," said Ehsan Khoman, head of research — commodities, ESG and emerging markets at MUFG.
"As such, China’s reopening matters profoundly for commodities balances as well as market pricing. Yet, with China’s activity levels past their trough and mobility rapidly normalising, this does not tally up with the broad commodity positioning."
China's economy, which grew 3 per cent in 2022, is expected 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, after the end of coronavirus restrictions in China, according to the International Energy Agency.
Oil demand will rise by 1.9 million bpd to 101.7 million bpd in 2023, said the IEA, which had previously estimated a growth of 1.7 million bpd.
Opec, meanwhile, 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.
Results
Female 49kg: Mayssa Bastos (BRA) bt Thamires Aquino (BRA); points 0-0 (advantage points points 1-0).
Female 55kg: Bianca Basilio (BRA) bt Amal Amjahid (BEL); points 4-2.
Female 62kg: Beatriz Mesquita (BRA) v Ffion Davies (GBR); 10-2.
Female 70kg: Thamara Silva (BRA) bt Alessandra Moss (AUS); submission.
Female 90kg: Gabreili Passanha (BRA) bt Claire-France Thevenon (FRA); submission.
Male 56kg: Hiago George (BRA) bt Carlos Alberto da Silva (BRA); 2-2 (2-0)
Male 62kg: Gabriel de Sousa (BRA) bt Joao Miyao (BRA); 2-2 (2-1)
Male 69kg: Paulo Miyao (BRA) bt Isaac Doederlein (USA); 2-2 (2-2) Ref decision.
Male 77kg: Tommy Langarkar (NOR) by Oliver Lovell (GBR); submission.
Male 85kg: Rudson Mateus Teles (BRA) bt Faisal Al Ketbi (UAE); 2-2 (1-1) Ref decision.
Male 94kg: Kaynan Duarte (BRA) bt Adam Wardzinski (POL); submission.
Male 110kg: Joao Rocha (BRA) bt Yahia Mansoor Al Hammadi (UAE); submission.
MEDIEVIL%20(1998)
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20SCE%20Studio%20Cambridge%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%2C%20PlayStation%204%20and%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Civil%20War
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Alex%20Garland%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kirsten%20Dunst%2C%20Cailee%20Spaeny%2C%20Wagner%20Moura%2C%20Nick%20Offerman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Score
Third Test, Day 2
New Zealand 274
Pakistan 139-3 (61 ov)
Pakistan trail by 135 runs with 7 wickets remaining in the innings
More from Rashmee Roshan Lall
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
Education reform in Abu Dhabi
The emirate’s public education system has been in a constant state of change since the New School Model was launched in 2010 by the Abu Dhabi Education Council. The NSM, which is also known as the Abu Dhabi School Model, transformed the public school curriculum by introducing bilingual education starting with students from grades one to five. Under this new curriculum, the children spend half the day learning in Arabic and half in English – being taught maths, science and English language by mostly Western educated, native English speakers. The NSM curriculum also moved away from rote learning and required teachers to develop a “child-centered learning environment” that promoted critical thinking and independent learning. The NSM expanded by one grade each year and by the 2017-2018 academic year, it will have reached the high school level. Major reforms to the high school curriculum were announced in 2015. The two-stream curriculum, which allowed pupils to elect to follow a science or humanities course of study, was eliminated. In its place was a singular curriculum in which stem -- science, technology, engineering and maths – accounted for at least 50 per cent of all subjects. In 2016, Adec announced additional changes, including the introduction of two levels of maths and physics – advanced or general – to pupils in Grade 10, and a new core subject, career guidance, for grades 10 to 12; and a digital technology and innovation course for Grade 9. Next year, the focus will be on launching a new moral education subject to teach pupils from grades 1 to 9 character and morality, civic studies, cultural studies and the individual and the community.
Hurricanes 31-31 Lions
Wellington Hurricanes:
Tries: Gibbins, Laumape, Goosen, Fifita tries, Barrett
Conversions: Barrett (4)
Penalties: Barrett
British & Irish Lions:
Tries: Seymour (2), North
Conversions: Biggar (2)
Penalties: Biggar (4)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
More from Neighbourhood Watch:
Griselda
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Andr%C3%A9s%20Baiz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ESof%C3%ADa%20Vergara%2C%20Alberto%20Guerra%2C%20Juliana%20Aiden%20Martinez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
STAGE%201%20RESULTS
%3Cp%3E1)%20Tim%20Merlier%20(Soudal-Quick-Step)%2C%203h%2017%E2%80%99%2035%E2%80%9D%3Cbr%3E2)%20Caleb%20Ewan%20(Lotto%20Dstny)%20same%20time%3Cbr%3E3)%20Mark%20Cavendish%20(Astana%20Qazaqstan%20Team)%20same%20time%3Cbr%3E%3Cstrong%3EGeneral%20Classification%3A%3C%2Fstrong%3E%3Cbr%3E1)%20Tim%20Merlier%20(Soudal%20Quick-Step)%203%3A17%3A25%3Cbr%3E2%20-%20Caleb%20Ewan%20(Lotto%20Dstny)%20%2B4%22%3Cbr%3E3%20-%20Luke%20Plapp%20(Ineos%20Grenadiers)%20%2B5%22%3C%2Fp%3E%0A
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
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
Global state-owned investor ranking by size
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UAE
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Japan
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Norway
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Canada
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RACE CARD
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
Match info:
Real Betis v Sevilla, 10.45pm (UAE)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Without Remorse
Directed by: Stefano Sollima
Starring: Michael B Jordan
4/5
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
RESULT
Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90 4)
MATCH INFO
Europa League final
Marseille 0
Atletico Madrid 3
Greizmann (21', 49'), Gabi (89')
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
