Oil prices remained stable on Monday, following their third weekly gain, as investors weighed the impact of the surprise move by Opec+ and its allies to cut production and the weakening economic outlook that could dampen crude demand.
Brent, the benchmark for two thirds of the world’s oil, was trading flat at $85.12 a barrel on Monday at 11.15am UAE time. West Texas Intermediate, the gauge that tracks US crude, was 0.07 per cent higher at $80.76 a barrel.
Brent added 6.8 per cent while WTI advanced 6.6 per cent last week as Opec+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria said they would introduce voluntary oil production cuts of 1.16 million barrels per day from May until the end of this year.
Russia also said the 500,000 bpd cut it is implementing from March to June would continue until the end of the year.
The markets benefitted from “a pop on Monday and then trading sideways for much of the rest of the week as the impact of the surprise cuts from several Opec+ members filter through markets”, Edward Bell, senior director for market economics at Emirates NBD, said.
The producers said the precautionary measure is aimed at supporting the stability of the oil market.
While the move by Opec+ members propelled prices last week, concerns remain about the weakening global economic outlook that could dent crude demand.
While speculation that US could tip into recession this year is rife, oil bulls see the market tightening further after the Opec+ move.
“Those who were bearish are questioning the demand outlook in light of the cuts, while clearly those who were bullish are now seeing even a tighter market over the second half,” Reuters quoted ING's head of commodities research Warren Patterson as saying.
“I am in the latter camp and still see prices moving higher from here as we go through the year.”
The sideways trade on Monday indicates that the market awaits “fresh direction” that is “likely to come predominantly from the financial markets in this data-heavy week”, according to Vanda Insights.
“The troika of monthly oil market outlook reports — from the US Energy Information Administration, Opec and the International Energy Agency — are due out this week, though they may take a back seat to economic sentiment,” the Singapore-based energy market intelligence company said in a note on Monday.
Key data releases for this week include US inflation and retail sales data.
Inflation figures will help determine the US Federal Reserve's monetary policy direction.
The market broadly expects the Fed to increase its benchmark policy rate by 25 basis points when it meets on May 2 and 3 to bring inflation down to its target 2 per cent range, Vanda Insights said.
The pace of growth in US payrolls fell for a second consecutive month in March, which added to recession concerns in the world's largest economy.
The World Bank and the International Monetary Fund are also meeting in Washington this week to discuss the global economy, which the IMF expects will grow at less than 3 per cent this year.
The fund will release its latest global growth projections on Tuesday, as well as its global financial stability report the same day.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
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