Oil prices edged slightly higher on Monday after a sharp drop last week on rising crude supplies and prospects of further interest rate increases.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.53 per cent higher at $83.44 a barrel at 4.01pm UAE time.
West Texas Intermediate, the gauge that tracks US crude, was up 0.50 per cent at $76.72 a barrel.
Brent fell 3.9 per cent last week and WTI lost 4.2 per cent.
“Near-term anxiety over the strength of demand amid tighter monetary policy is weighing on oil even as major forecasting agencies continue to flag the risks to fundamentals in the second half of 2023,” Khatija Haque, head of research and chief economist at Emirates NBD, said in a note.
US economic data pointed to stubborn inflation in the world’s largest economy, making the case for larger interest rate increases by the Federal Reserve.
Earlier this month, the Fed raised interest rates by 25 basis points, the eighth rise since March last year. It indicated that there would be more increases to come.
The Fed’s target range now stands at 4.5 to 4.75 per cent — about 50 bps away from its end-of-year projection of 5.1 per cent.
Markets are awaiting the minutes of the Fed’s February policy meeting, due on Wednesday.
Futures fell more than 1 per cent last week after the US Department of Energy said it would sell 26 million barrels of crude from the strategic petroleum reserve.
A record 180 million barrels of oil were released from America’s emergency reserves last year after Russia’s invasion of Ukraine resulted in Brent crude closing in on a 14-year high of $140 a barrel.
US crude stocks jumped by 16.3 million barrels to 471.4 million barrels in the week that ended on February 10, their highest level since June 2021, the US Energy Information Administration said.
The large build was mainly due to an upwards “adjustment” of 1.97 million barrels per day to last week’s crude supplies, which can be seen as a “balancing item”, the EIA said in its weekly report.
Meanwhile, energy traders are waiting for more concrete signals of an economic recovery in China, the world's second-largest economy and top crude importer.
China, which is reopening its economy after following a zero-Covid policy for nearly three years, is expected to be the biggest driver of oil markets this year, according to analysts and industry bodies.
The International Energy Agency expects 2023 global oil demand to grow by 2 million bpd, with China set to consume 900,000 bpd.
Last week, Opec raised its oil demand forecast by 100,000 bpd on expectations of an economic rebound there.
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Killing of Qassem Suleimani
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
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
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
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.
Mohammed bin Zayed Majlis
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
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
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
