Oil prices were slightly lower on Tuesday as weak economic data from China, the world’s second-largest economy and top crude importer, offset tight supply concerns.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.48 per cent lower at $85.02 a barrel at 9.30pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, was down 0.43 per cent at $81.45 per barrel.
On Monday, Brent settled 1.21 per cent higher at $85.43 a barrel, while WTI was up 1.51 per cent at $81.80.
Oil prices recorded their biggest monthly gain since early 2022 in July amid falling crude inventories, Opec supply cuts, and as cooling inflation eases concerns of aggressive interest rate increases by central banks.
“The crude demand outlook is getting a boost on soft landing hopes for the US and Europe,” said Edward Moya, senior market analyst at Oanda.
“The ace up the sleeve of oil bulls is that the energy market is still awaiting massive stimulus from China that should boost global growth prospects.”
However, manufacturing activity in the Asian country fell for the fourth straight month in July.
China's Caixin/S&P Global manufacturing purchasing managers' index dropped to 49.2 last month, from 50.5 in June, marking the first decline in activity since April. The 50-point index mark separates expansion from contraction.
Analysts were forecasting a PMI figure of 50.3, according to Reuters.
“Manufacturing conditions in China moderated slightly in July. Firms signalled a marginal fall in production amid a fresh decline in overall new business,” the survey said.
“Muted foreign demand was a key factor weighing on total sales, with new export orders down noticeably in July.”
Meanwhile, manufacturing activity in India, the world’s third-largest crude importer, eased in July.
The S&P Global India PMI stood at 57.7 in July, in line with the reading of 57.8 in June.
“The Indian manufacturing sector showed little sign of losing growth momentum in July as production lines continued to motor on the back of strong new order growth,” said Andrew Harker, economics director at S&P Global Market Intelligence.
“Pressure continued to come on capacity, prompting firms to expand employment solidly again, a trend that is likely to continue in the months ahead should demand remain strong.”
This week, Goldman Sachs reaffirmed its Brent forecast of $86 a barrel by December and said it expects prices to rise to $93 in the second quarter of 2024.
The US investment bank also raised its 2023 oil demand estimate by 550,000 barrels per day, and said that crude consumption reached a record high of 102.8 million bpd this month.
Last month, Saudi Arabia, the world's largest oil exporter, said it would extend its voluntary output cut of 1 million bpd until August.
Russia has also announced an additional output reduction of 500,000 bpd for this month.
On June 4, Opec agreed to keep its current output policy in place until the end of 2024.
The group has total production curbs in place of 3.66 million bpd, or about 3.7 per cent of global demand, including a 2 million bpd reduction agreed on last year and voluntary cuts of 1.66 million bpd announced in April.
CHATGPT%20ENTERPRISE%20FEATURES
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The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
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
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
COMPANY%20PROFILE
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Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
Superliminal%20
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
