An oil rig in the Gulf of Mexico. Oil prices were flat last week amid an increase in US crude stocks and fears of interest rate increases. AFP
An oil rig in the Gulf of Mexico. Oil prices were flat last week amid an increase in US crude stocks and fears of interest rate increases. AFP
An oil rig in the Gulf of Mexico. Oil prices were flat last week amid an increase in US crude stocks and fears of interest rate increases. AFP
An oil rig in the Gulf of Mexico. Oil prices were flat last week amid an increase in US crude stocks and fears of interest rate increases. AFP

Oil prices steady amid renewed inflation fears and stronger dollar


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Oil prices were steady on Monday after falling earlier on a stronger dollar and as signs of rising inflation in the US stoked concerns of further interest rate raises.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.17 per cent higher at $83.30 at 2.13pm UAE time.

West Texas Intermediate, the gauge that tracks US crude, was up 0.24 per cent at $76.50 a barrel.

A key measure of inflation in the US ticked higher in January, adding to expectations that the Federal Reserve will keep raising interest rates this year.

The personal consumption expenditures (PCE) price index, a measure of consumer spending in the world’s largest economy, rose 0.6 per cent last month, the largest increase since June 2022, the Commerce Department said on Friday.

On a year-on-year basis, the PCE increased to 5.4 per cent in January from 5.3 per cent in December.

Core PCE, which excludes food and energy, climbed 0.6 per cent, after a 0.4 per cent rise in the previous month.

Meanwhile, consumer spending surged to 1.8 per cent last month — the largest increase since March 2021.

“The turnaround in prices will push against the disinflation trend that the headline CPI [consumer price index] is showing and could prompt further re-evaluation in how high policy rates need to go in the US this year,” said Edward Bell, senior director of market economics at Emirates NBD.

Oil prices were flat last week as gains triggered by China’s recovery and supply fears were offset by rising US crude stocks and fears of more aggressive interest rate increases by central banks.

Minutes released by the Fed 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”.

“The risks that the Fed will have to send the economy into a recession are growing,” said Edward Moya, a senior market analyst at Oanda.

“It is getting ugly on Wall Street as risk aversion runs wild and that could keep oil prices heavy.”

Expectations of further interest rate raises have also strengthened the dollar.

The US Dollar Index — a measure of its value against a weighted basket of major currencies — has gained about 3 per cent over the past month. It was marginally up at 105.24 on Friday.

A stronger dollar makes dollar-denominated oil more expensive for holders of other currencies.

"Crude oil continues struggling. Oil bulls never really bought the Chinese reopening story, nor the sharp decline in Russian output," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

"But they might well play the rising recession odds that come along with the tighter central bank policies around the world."

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

THURSDAY'S ORDER OF PLAY

Centre Court

Starting at 10am:

Lucrezia Stefanini v Elena Rybakina (6)

Aryna Sabalenka (4) v Polona Hercog

Sofia Kenin (1) v Zhaoxuan Yan

Kristina Mladenovic v Garbine Muguruza (5)

Sorana Cirstea v Karolina Pliskova (3)

Jessica Pegula v Elina Svitolina (2)

Court 1

Starting at 10am:

Sara Sorribes Tormo v Nadia Podoroska

Marketa Vondrousova v Su-Wei Hsieh

Elise Mertens (7) v Alize Cornet

Tamara Zidansek v Jennifer Brady (11)

Heather Watson v Jodie Burrage

Vera Zvonareva v Amandine Hesse

Court 2

Starting at 10am:

Arantxa Rus v Xiyu Wang

Maria Kostyuk v Lucie Hradecka

Karolina Muchova v Danka Kovinic

Cori Gauff v Ulrikke Eikeri

Mona Barthel v Anastasia Gasanova

Court 3

Starting at 10am:

Kateryna Bondarenko v Yafan Wang

Aliaksandra Sasnovich v Anna Bondar

Bianca Turati v Yaroslava Shvedova

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

The%20Emperor%20and%20the%20Elephant
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A
UAE Tour 2020

Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km​​​​​​​
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km​​​​​​​
Stage 4: Zabeel Park - Dubai City Walk, 173km​​​​​​​
Stage 5: Al Ain - Jebel Hafeet, 162km​​​​​​​
Stage 6: Al Ruwais - Al Mirfa, 158km​​​​​​​
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

UAE currency: the story behind the money in your pockets
Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

The specs

Engine: 4.0-litre, six-cylinder

Transmission: six-speed manual

Power: 395bhp

Torque: 420Nm

Price: from Dh321,200

On sale: now

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

Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal. 

Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson. 

Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.  

Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

RESULTS
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Updated: February 27, 2023, 10:37 AM`