Oil prices rose on Friday after comments by US Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut interest rates amid growing demand concerns and easing geopolitical tensions.
Brent, the benchmark for two thirds of the world's oil, settled up by 2.33 per cent at $79.02 a barrel. West Texas Intermediate, the gauge that tracks US crude, finished up 2.49 per cent at $74.83.
“Oil bears are having it their way with Brent crude tumbling to January lows on growing recession risks, China’s economic malaise and encouraging signs that we may be nearing a ceasefire between Israel and Hamas,” said Ehsan Khoman, head of commodities, ESG and emerging markets at MUFG.
US Federal Reserve Chairman Jerome Powell delivered a speech on Friday at the Jackson Hole symposium in Wyoming, as investors looked for clearer guidance on whether he thinks inflation has eased enough to allow for an interest rate cut next month.
Mr Powell endorsed easing the Fed's policies, saying further cooling in the job market would be unwelcome. He also expressed confidence inflation was within reach of the US central bank's 2 per cent target.
"The upside risks to inflation have diminished. And the downside risks to employment have increased," he said.
"The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."
The Fed has held its target range at 5.25 per cent to 5.50 per cent since last July after aggressively raising rates in response to the US surge in inflation.
Lower interest rates stimulate economic growth, boosting crude demand.
The speech also comes amid concerns of growing unemployment in the world’s largest economy.
A disappointing jobs report this month heightened fears of a recession in the US and triggered a global sell-off in stock and commodity markets.
“Recession fears in the US following a weak job market report initiated the sell-off and ongoing ceasefire hopes in Gaza have lowered crude's risk premium,” said Giovanni Staunovo, strategist at UBS.
“Weak Chinese crude imports and refinery activity in July sparked fears of poor Chinese oil demand.”
Meanwhile, in the Middle East earlier this week, talks on a ceasefire in the Israel-Gaza war had seemingly been gaining momentum.
US Secretary of State Antony Blinken said Israel had accepted a “bridging proposal” to address disagreements hindering a ceasefire deal in Gaza.
On Thursday, however, a senior Hamas official said the group will not agree to any “concessions” in exchange for a ceasefire deal and urged its regional allies to “widen” the confrontation with Israel.
Israeli Prime Minister Benjamin Netanyahu “will not get anything from the resistance, and Hamas will not agree to any additional concessions”, Mahmoud Taha, the group's head of media relations in Beirut, told The National.
“Our base case remains that the $80 a barrel floor under Brent oil prices will withstand macro fears and that oil prices will find support in coming weeks,” MUFG's Mr Khoman said.
He added that crude prices will be supported by limited recession risks, resilient demand in developed markets and the potential for increased speculative investments.
Brent has lost about 15 per cent of its value after breaching the $90 a barrel mark in April.
The%20specs
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Tomorrow 2021
The five pillars of Islam
1.
2.
3.
4.
5.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
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How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
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School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
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Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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- 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
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- 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
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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 three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
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Neighbourhood Watch
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
3%20Body%20Problem
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
