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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