Oil prices extended their losses on Monday as concerns about a recession in the US offset Middle East supply worries.
Brent, the benchmark for two thirds of the world’s oil, fell 0.95 per cent to $76.08 a barrel at 6.21pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 1.1 per cent at $72.69 a barrel.
On Friday, Brent settled 3.4 per cent lower at $76.81 a barrel, while WTI closed down 3.66 per cent at $73.52 a barrel.
Global stocks have tumbled since a US jobs report last week heightened fears of a recession in the world’s largest economy, amid concerns the Federal Reserve may be harming economic growth by delaying interest rate cuts.
The US Labour Department reported a softening employment market, with the US economy adding 114,000 jobs last month, down from 179,000 in June and well below economists' expectations of 185,000.
Meanwhile, the unemployment rate unexpectedly rose to 4.3 per cent, its highest level since October 2021.
Some analysts said that concerns about a recession were overblown, and pointed to strong US oil demand.
“Oil like other asset classes is not immune when investors run for cover and prefer to hold safe haven assets,” Giovanni Staunovo, strategist at UBS told The National.
“Additionally, the sell-off triggered a sell off among investors who bought oil as a hedge against geopolitical tensions, with stops being hit and short-term orientated investors selling on the negative momentum,” Mr Staunovo said.
“The creation of 144,000 jobs in the US is a sign of slowdown of the US economy, not one of a recession.”
Total crude oil and petroleum product supplied, the US Energy Information Administration's proxy for demand, increased by 792,000 barrels a day month-over-month to 20.80 million bpd in May, setting a record high for the month
Meanwhile, US crude inventories, an indicator of fuel demand, fell by 3.4 million barrels in the week that ended on July 26, the EIA data showed.
Analysts polled by Reuters expected oil stocks to decline by 1.1 million barrels.
Crude prices rose about 3 per cent last week following the killing of Hamas leader Ismail Haniyeh in Tehran, which led to concerns of a wider regional conflict.
Iran claimed Israel was behind the assassination and threatened “harsh punishment” in retaliation.
“The sudden switch in market mood and expectations over the US economy by definition makes it fickle,” Vandana Hari, chief executive of Singapore-based Vanda Insights told The National.
“The Mideast supply risk has been pushed aside by the panicky sell-off in risk assets. It may spike in the event Iran and Israel engage in direct military conflict, but for the time being the market is probably not assigning it a big probability, going by the events of April,” Ms Hari said.
In April, Iran retaliated for the killing of two senior army generals in a Damascus strike, which Tehran attributed to Israel, by launching more 300 missiles and drones at Israel. Israel responded with a direct military attack on Iranian soil, but the strike was more limited than many experts had predicted.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
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What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
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• News has a bright future and the UAE is at the heart of it
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• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
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France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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match info
Manchester United 3 (Martial 7', 44', 74')
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Zayed Sustainability Prize
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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
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By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
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Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
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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.
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Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
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The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
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• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
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• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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