Oil prices continued to fall on Wednesday after slumping heavily a day earlier ahead of an expected vote by politicians in Washington to lift the $31.4 trillion US debt ceiling and an upcoming Opec+ meeting.
Brent, the benchmark for two thirds of the world’s oil, was trading 2.39 per cent lower at $71.78 a barrel at 3.56pm UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was down 2.76 per cent at $67.54 a barrel.
Brent settled 4.4 per cent lower to $73.54 at market close on Tuesday and WTI fell by an equal amount to $69.46, marking the biggest decline in about a month as markets factor in mixed economic data and possible weaker demand from China, the world's biggest importer of crude and second largest economy.
On Wednesday, the latest data from China showed signs of weakening demand and a slowdown in its manufacturing sector.
China's manufacturing purchasing managers' index (PMI) for May fell to 48.8 from 49.2 in April, according to data from the National Bureau of Statistics, its lowest in five months and the second consecutive reading below the 50-point mark that separates expansion from contraction.
The latest data on Wednesday also showed that industrial production in Japan fell 0.4 per cent in April, missing predictions of 1.4 per cent growth.
The weakening data feeds into the International Monetary Fund's prediction of a weakening global economy and growth slowing to 2.8 per cent this year, below the 3.4 per cent expansion recorded in 2022 and the historical growth average of 3.8 per cent over the 2000-2019 period.
"Oil is on the ropes as the upcoming week will likely contain further confirmations that China’s recovery is struggling, the US labour market is cooling, the Fed will likely deliver more tightening that will eventually cripple the economy later this year, and as everyone waits to see if the debt deal can make it to the President’s desk," said Edward Moya, senior market analyst at Oanda.
"It is hard to get excited about jumping back into oil as we have an upcoming Opec+ meeting that seems poised to be just a review of production levels, but no announcement of further cuts."
On April 2, Opec+ producers announced voluntary output cuts of 1.16 million barrels per day to ensure oil market stability. Brent, which crossed $85 a barrel following the group’s decision, has since lost about 14 per cent of its value on a weakening global crude demand outlook.
The 23-member Opec+ alliance is set to meet in Vienna on Sunday to discuss the group’s production policy.
Last week, Saudi Arabia's Energy Minister told oil market short sellers to “watch out”, which was seen by some traders as a signal for further output reductions.
“I keep advising them that they will be 'ouching'. They did 'ouch' in April,” said Prince Abdulaziz bin Salman during an event in Qatar.
However, Russian Deputy Prime Minister Alexander Novak later said he expected no new steps from Opec+, Reuters reported, citing his interview with Russian daily Izvestia.
"With several Opec+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere’s summer, we expect larger inventory draws to materialise and support prices," UBS analysts said in a research note on Tuesday.
Goldman Sachs expects Brent to trade at $95 a barrel by the end of this year from a previous $90 estimate and $100 in 2024 compared with a prior $97 forecast.
"In the near term, oil politics, potential further export cuts, and a reversal of the depressed market mood seem to be the main drivers to watch," said Norbert Ruecker, head of economics and next generation research at Julius Baer.
Company%20profile
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The years Ramadan fell in May
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
MADAME%20WEB
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
UAE currency: the story behind the money in your pockets
Specs
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Specs
Engine: Duel electric motors
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'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
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Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Paris%20Agreement
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Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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
Results
5pm Maiden (PA) Dh80,000 1,400m
Winner No Riesgo Al Maury, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm Handicap (PA) Dh80,000 1,600m
Winner Marwa W’Rsan, Sam Hitchcott, Jaci Wickham.
6pm Handicap (PA) Dh80,000 1,600m
Winner Dahess D’Arabie, Al Moatasem Al Balushi, Helal Al Alawi.
6.30pm Handicap (PA) Dh80,000 2,200m
Winner Safin Al Reef, Connor Beasley, Abdallah Al Hammadi.
7pm Wathba Stallions Cup Handicap (PA) Dh70,000 2,200m
Winner Thulbaseera Al Jasra, Shakir Al Balushi, Ibrahim Al Hadhrami.
7.30pm Maiden (TB) Dh 80,000 2,200m
Winner Autumn Pride, Szczepan Mazur, Helal Al Alawi.
