Oil prices were steady on Monday amid expectations of tighter crude supply following Opec+ production cuts.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.44 per cent lower at $85.93 a barrel at 3.52pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 0.48 per cent at $82.42 a barrel.
Last week, crude futures recorded their fourth straight weekly gain after the International Energy Agency raised its 2023 global oil demand estimates.
Global oil demand is expected to rise by 2 million barrels per day to a record 101.9 million bpd this year, the Paris-based agency said in its monthly oil market report.
Investors will be closely following the release of China's first-quarter gross domestic product data this week, which should show an “impressive” recovery as the Asian country's economy recovers from Covid-19, Edward Moya, senior market analyst at Oanda, said.
China, the world’s second-largest economy and top crude importer, reopened its borders in January after following a strict zero-Covid policy for nearly three years.
Last week, Opec stuck to its 2023 growth projection for oil demand in its monthly oil report, despite lowering its forecast in North America and Europe amid a slowing global economy.
The oil producers' group said better crude demand in Organisation for Economic Co-operation and Development countries, led by China, was balancing out the market.
Earlier this month, Opec+ producers said they would make voluntary oil production cuts of 1.16 million bpd from May until the end of December to support oil market stability.
Russia, a part of the 23-member alliance of producers, also said it would extend its output cut of 500,000 bpd until the end of this year.
Moscow had previously pledged to curb its production until June in response to the price caps imposed by the West on exports of its crude oil and refined products.
Brent, which has surged about 8 per cent since the announcements, fell to 15-month lows last month after a banking crisis in the US and Europe rattled global financial markets.
Meanwhile, US consumers expect inflation to jump following the recent spike in energy prices.
A survey released by the Federal Reserve Bank of New York showed that American consumers' inflation expectations rose for the first time since October last year.
The median one-year-ahead inflation expectation rose by 0.5 percentage points to 4.7 per cent in March, according to the survey.
"Despite the easing inflation pressures on the CPI [consumer price index] figures, the positive pressure building on energy prices and the surging inflation expectations boost the Federal Reserve hawks," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
More on animal trafficking
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
BUNDESLIGA FIXTURES
Saturday (UAE kick-off times)
Cologne v Union Berlin (5.30pm)
Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
Bayern Munich v Borussia Monchengladbach (8.30pm)
Sunday
Mainz v Augsburg (5.30pm)
Schalke v Bayer Leverkusen (8pm)
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
