Oil prices ended the week lower amid concerns of aggressive interest rate increases by the US Federal Reserve to fight inflation, which could weigh on economic growth.
Brent, the benchmark for two thirds of the world’s oil settled 3.6 per cent lower on the previous week at $82.78 on Friday. West Texas Intermediate, the gauge that tracks US crude, closed down 3.8 per cent at $76.68 a barrel.
Brent has shed more than 6 per cent after US Federal Reserve Chairman Jerome Powell indicated earlier this week that interest rates may need to increase further and at a faster pace than previously anticipated following stronger-than-expected US economic data for January.
“Decelerating growth continues to weigh on crude prices but if fears of a hard landing for the US economy are alleviated, WTI crude could find a home above the $80 a barrel,” said Edward Moya, senior market analyst at Oanda.
Meanwhile, jobless claims in the US increased by 21,000 to 211,000 in the week that ended on March 4, the largest increase in five months, according to the Labour Department.
However, the overall trend still indicates a tight labour market, analysts said.
“The latest reading of both initial and continuing jobless claims suggested a marginal softening in what is still, nonetheless, a tight US labour market,” said Jeanne Walters, senior economist at Emirates NBD.
“The readings should, however, be treated with some caution as they tend to be volatile … and may have been affected by unseasonable weather,” said Ms Walters.
Despite a sharp fall in natural gas prices, the European Central Bank will most probably raise interest rates by 50 basis points this month to tame persistent inflation in the eurozone, ECB President Christine Lagarde said in a report this week.
Annual inflation in the 20 countries that use the euro decreased to 8.5 per cent in February, from 8.6 per cent in the previous month, according to the EU’s statistics agency.
But core inflation, which excludes the food and energy sectors, rose to 5.6 per cent last month, from 5.3 per cent in January, the data showed.
Russian Foreign Minister Sergey Lavrov said that agreements with the Opec+ alliance remain in “full force”, state news agency Tass reported on Thursday.
“[The agreements] remain in full force until the end of this year, after which the members of the Opec+ group will consider the situation and make new decisions,” said Mr Lavrov at a press conference, following a meeting with Saudi Foreign Minister Prince Faisal bin Farhan.
The group of 23 oil-producing countries slashed its collective output by 2 million barrels per day in October last year as concerns of an economic slowdown weighed on the outlook for fuel demand.
An economic recovery in China, the world’s largest crude importer, is set to drive crude oil demand to record levels this year, according to the International Energy Agency.
Earlier this week, Opec Secretary General Haitham Al Ghais said he was “cautiously optimistic” on China's reopening but warned that a slowdown in the US and the EU could dampen crude oil demand in 2023.
“There is phenomenal demand growth in Asia [but] what concerns us more is actually the slowdown we see in Europe and the US in terms of the financial situation [and] the inflation,” Mr Al Ghais said at the CeraWeek energy conference in Houston on Tuesday.
Last month, Opec raised its 2023 oil demand forecast by 100,000 bpd amid expectations of an economic rebound in China.
The group expects global oil demand to grow by 2.3 million bpd this year, which is higher than its previous growth estimate of 2.2 million bpd.
China alone will count for about 500,000 bpd to 600,000 bpd of the demand improvement, the Opec chief said.
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3EDual%20synchronous%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C108hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C340Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%20(front%20axle)%3B%20two-speed%20transmission%20(rear%20axle)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E488-560km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh928%2C400%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EOrders%20open%3C%2Fp%3E%0A
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
COMPANY%20PROFILE
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CHATGPT%20ENTERPRISE%20FEATURES
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Quick%20facts
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
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
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Ant-Man and the Wasp
Director: Peyton Reed
Starring: Paul Rudd, Evangeline Lilly, Michael Douglas
Three stars
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The five pillars of Islam
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
