Oil prices posted a third consecutive weekly gain on Friday, driven by higher fuel demand as cold weather gripped parts of the US and Europe, along with sanctions imposed by the US on Russia's oil industry.
Brent, the benchmark for two thirds of the world’s oil, settled 3.69 per cent higher at $79.76 a barrel, while West Texas Intermediate, the gauge that tracks US crude, closed up 3.58 per cent at $76.57 a barrel.
“Oil bulls have been emboldened by the further drop in US crude inventories while falling temperatures are spurring demand for heating fuels,” Han Tan, chief market analyst at Exinity Group, told The National.
On Friday, the US Treasury announced sanctions against Russian oil companies Gazprom Neft, Surgutneftegas, their subsidiaries, over 180 tankers and more than a dozen Russian energy officials and executives.
“The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine,” said Janet Yellen, Secretary of the Treasury.
“We are ratcheting up the sanctions risk associated with Russia’s oil trade, including shipping and financial facilitation in support of Russia’s oil exports,” Ms Yellen said.
The reliance on a shadow fleet has allowed Moscow to circumvent sanctions and generate profits in the energy sector, supporting its military offensive against Ukraine.
Last year, there was a 6 per cent increase in Russian revenue from crude oil exports, despite a 2 per cent reduction in export volumes, according to the Centre for Research on Energy and Clean Air.
Meanwhile, areas of the US have been hit by extreme cold this week. A major winter storm is expected to hit south-central and south-eastern states this weekend, with 2.5cm-15cm of snow expected for central Texas and much of Tennessee, the latest forecast by AccuWeather said.
This will create dangerous conditions on the roads as well as flight delays and cancellations from Dallas to Atlanta and Charlotte, it said.
Europe is also experiencing an extremely cold spell, with heavy snow in the UK leading to road, rail and airport closures.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1 million barrels for the week ending January 3 compared to the previous week, indicating higher demand for oil, based on data from the Energy Information Administration.
At 414.6 million barrels, the US crude oil inventories are about 6 per cent below the five-year average for this time of year, the data said. However, further price growth may be restricted amid global economic uncertainties.
“Brent bulls’ quest to reclaim the $80 handle may be a stretch for the near term, given the potential for persistent Chinese economic weakness, global trade disruptions, more US supplies under President Trump and an even stronger US dollar,” Mr Tan said.
Brent prices experienced a volatile year in 2024, from a low of about $69 a barrel to a high of $92. After a strong start to the year, prices weakened in the second half due to rising US interest rates and sluggish Chinese oil consumption.
Crude imports from China, the main engine of oil growth for nearly two decades, have shown signs of cooling amid a slowdown in its economy and the rapid adoption of electric vehicles.
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
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2018 ICC World Twenty20 Asian Western Regional Qualifier
The top three teams progress to the Asia Qualifier
Final: UAE beat Qatar by nine wickets
Third-place play-off: Kuwait beat Saudi Arabia by five runs
Table
1 UAE 5 5 0 10
2 Qatar 5 4 1 8
3 Saudi 5 3 2 6
4 Kuwait 5 2 3 4
5 Bahrain 5 1 4 2
6 Maldives 5 0 5 0
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
UAE currency: the story behind the money in your pockets
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
