Oil prices posted a weekly gain amid geopolitical tensions in the Middle East and an improving outlook for the US economy.
Brent, the benchmark for two thirds of the world’s oil, rose 0.63 per cent to end at $79.66 per barrel while West Texas Intermediate, the gauge that tracks US crude, settled up 0.85 per cent to $756.84 a barrel.
Crude futures have been volatile during the week due to a production cut at Libya’s largest oilfield and as traders brace for potential Iranian retaliation against Israel.
Earlier in the week, oil prices fell sharply following weaker-than-expected job figures in the US, which sparked concerns about a potential recession in the world's largest economy.
Analysts have said worries about the US economy are mostly exaggerated and that oil demand remains robust.
The number of new unemployment benefit applications in the US dropped more than expected last week, easing concerns about a deteriorating labour market and allaying fears of a hard recession.
Initial claims for state unemployment benefits decreased by 17,000 to a seasonally adjusted 233,000 for the week ending August 3, the largest decline in nearly a year, the Labour Department said on Thursday.
Meanwhile, fuel demand in the US has remained strong.
US crude inventories fell by 3.7 million barrels in the week that ended on August 2, according to the US Energy Information Administration.
Analysts polled by Reuters were expecting a drop of 700,000 barrels.
Total petroleum stocks increased by 1.3 million barrels last week, while distillate fuel inventories rose by 900,000 barrels, the EIA data showed.
Goldman Sachs expects Brent prices to maintain a $75 per barrel floor despite near-term macroeconomic concerns.
In a research note this week, the investment bank said limited recession worries, strong oil demand in the West and India, and low speculative positioning are likely to support oil prices in the short term.
On the supply side, prices received support from reduced production at Libya’s Sharara oilfield.
On Tuesday, Libya's National Oil Corporation said it would gradually reduce production at the oilfield, citing protests in the region.
Sharara, responsible for a quarter of Libya’s output, had been producing 270,000 bpd before the partial shutdown.
In the Middle East, the likelihood of a full-scale regional conflict increased last week following the assassinations of Hamas leader Ismail Haniyeh in Tehran and senior Hezbollah military commander Fouad Shukr in Beirut.
Israel has agreed to resume Gaza ceasefire talks on August 15 after calls from US, Qatari and Egyptian mediators, Prime Minister Benjamin Netanyahu's office said on Thursday.
"Following the proposal of the United States and mediators, Israel will, on August 15, send a delegation of negotiators to the agreed place to conclude the details of implementing a deal," it said.
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Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
The specs
Engine: 2.5-litre, turbocharged 5-cylinder
Transmission: seven-speed auto
Power: 400hp
Torque: 500Nm
Price: Dh300,000 (estimate)
On sale: 2022
57%20Seconds
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Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
Results
United States beat UAE by three wickets
United States beat Scotland by 35 runs
UAE v Scotland – no result
United States beat UAE by 98 runs
Scotland beat United States by four wickets
Fixtures
Sunday, 10am, ICC Academy, Dubai - UAE v Scotland
Admission is free
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
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MO
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if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
BMW%20M4%20Competition
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