Oil prices were steady in morning trading on Thursday after falling by nearly 3 per cent the previous day amid concerns of more aggressive interest rate increases, which could lower fuel demand by hurting economic growth.
Brent, the benchmark for two thirds of the world’s oil, was 0.30 per cent higher at $80.84 a barrel at 11.56am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.82 per cent at $74.16 a barrel.
On Wednesday, Brent settled 2.95 per cent lower at $80.60 a barrel while WTI fell 3.16 per cent to $73.95.
Minutes released by the US Federal Reserve from its latest meeting showed that policymakers expect continuing interest rate increases to bring inflation back down to their long-term goal of 2 per cent.
Most officials agreed to reduce the pace of rate increases to 25 basis points, but a few recommended an increase of 50 bps to bring the Fed Funds rate to a level they consider “sufficiently restrictive”.
This month’s US economic data pointed to stubborn inflation in the world’s largest economy, making a case for larger interest rate raises.
After its February meeting, the Fed raised interest rates by 25 bps — the eighth increase since March 2022. The Fed's next meeting is scheduled for March 21 to March 22.
The current target range for interest rates set by the Fed is 4.5 per cent to 4.75 per cent, which is about 50 bps below the end-of-year projection of 5.1 per cent.
“Energy traders not only have to keep up with all the latest supply and demand drivers, but also on how much the dollar might rebound, given the Fed’s tightening path,” said Edward Moya, a senior market analyst at Oanda.
The US Dollar Index — a measure of its value against a weighted basket of major currencies — slipped 0.2 per cent to 104.38 on Thursday.
An increase in interest rates can result in a rise in the value of the dollar, causing oil priced in dollars to become costlier for those holding other currencies.
“Oil will likely remain heavy here as inventories are up, refinery maintenance is here and on global growth concerns,” said Mr Moya.
US crude stocks — an indicator of petroleum demand — rose by 9.9 million barrels last week, according to the American Petroleum Institute.
Meanwhile, analysts polled by Reuters were expecting an increase of 2.1 million barrels in US crude stocks.
Moscow plans to cut oil exports from its western ports by up to 25 per cent in March, compared with February, Reuters reported on Thursday, citing Russian oil sources.
Russia, the world’s second-largest oil producer after Saudi Arabia, had previously said it would cut production by 500,000 bpd, or about 5 per cent of output, next month after the West imposed price caps on its crude and refined products on February 5.
UBS on Thursday lowered its oil price forecasts on falling demand and increasing crude supplies.
The Swiss lender slashed its Brent price estimate for June by $10 to $100 a barrel. It now expects the global benchmark to average $105 a barrel in December, $5 lower than its previous estimate.
“A mild winter in the Northern Hemisphere weighed on gas to oil switching, particularly in Europe,” UBS strategists said in a research note.
“Together with Russian production holding up, this translated into a less-tight oil market.”
While a stronger dollar remains a "headwind" for crude in the near term, lower Russian output and China's reopening will tighten the oil markets and support prices, UBS said.
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One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
Killing of Qassem Suleimani
SPECS
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Killing of Qassem Suleimani
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
More on animal trafficking
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
