Oil posted its biggest weekly gain since October as supply concerns continue amid tensions in the Middle East and prospects of higher demand boosted by positive economic growth in the US.
Brent, the benchmark for two thirds of the world’s oil, rose 1.36 per cent to close at $83.55 a barrel.
West Texas Intermediate, the gauge that tracks US crude, surged 0.84 per cent to settle at $78.01 a barrel.
“Lower US crude stockpiles (largely due to poor weather), the prospect of greater stimulus from China and elevated geopolitical tension in the Middle East have been the main factors behind the rise in oil price … but better than expected growth data from the US and the prospect of earlier monetary policy easing in Europe have also likely contributed to the improved sentiment,” Khatija Haque, head of research and chief economist at Emirates NBD, said.
Middle East tensions continued with Yemen's Houthi rebels attacking ships passing through the Red Sea – a main trade route connecting Asia and Europe – which raised concerns that the attacks could disrupt energy supplies from the Middle East producers.
On Friday, the Marlin Luanda, a petroleum products tanker vessel operated on behalf of Trafigura, was struck by a missile in the Gulf of Aden after transiting the Red Sea, according to the company's statement on its website.
QatarEnergy on Thursday said that liquefied natural gas deliveries may be delayed due to disruption in the Red Sea but said production had not been affected.
US crude inventories, an indicator of fuel demand, decreased by 9.2 million barrels in the week that ended on January 19, the data from the US Energy Information Administration showed, supporting oil prices.
Analysts polled by Reuters were expecting a drop of 2.2 million barrels.
“Oil bulls finally got the positive breakout that they were looking for in oil prices,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“The barrel of American crude cleared the $75 per barrel resistance and extended gains past $77 per barrel on the muddy geopolitical picture in the Middle East and on the back of a nine million barrel slump in US weekly oil inventories.”
US economic data as well as China’s stimulus measures have also helped oil prices to edge higher.
The US economy grew in the fourth quarter, despite the Federal Reserve increasing interest rates to tame inflation in the world’s largest economy.
Gross domestic product grew at a 3.3 per cent annual rate from October to December, down from the third quarter's bumper reading of 4.9 per cent, the Commerce Department reported on Thursday.
Despite the slowdown, economic growth still defied expectations. Economists surveyed by The Wall Street Journal projected US GDP to grow at an annualised rate of 2 per cent in the last quarter.
Oil benchmarks may “retain their upwards bias upon a further escalation in global geopolitical tensions, as well as more signals of economic support out of Chinese policymakers”, Han Tan, chief market analyst at Exinity, told The National.
On Wednesday, China's central bank announced a deep cut in bank reserves to release more liquidity to bolster stock valuations.
The move is expected to inject additional 1 trillion yuan ($140 billion) into the country’s banking system.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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
MEYDAN CARD
6.30pm Maiden Dh165,000 (Dirt) 1,600m
7.05pm Conditions Dh240,000 (D) 1,600m
7.40pm Handicap Dh190,000 (D) 2,000m
8.15pm Handicap Dh170,000 (D) 2,200m
8.50pm The Entisar Listed Dh265,000 (D) 2,000m
9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m
10pm Handicap Dh185,000 (D) 1,400m
The National selections
6.30pm Majestic Thunder
7.05pm Commanding
7.40pm Mark Of Approval
8.15pm Mulfit
8.50pm Gronkowski
9.25pm Walking Thunder
10pm Midnight Sands
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Global state-owned investor ranking by size
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UAE
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Norway
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Canada
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE currency: the story behind the money in your pockets
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
UAE currency: the story behind the money in your pockets
Secret Pigeon Service: Operation Colomba, Resistance and the Struggle to Liberate Europe
Gordon Corera, Harper Collins
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
