Oil prices recorded a third consecutive weekly loss, as prospects of a renewed trade war between the US and China raised concerns about crude demand growth.
Brent, the benchmark for two thirds of the world’s oil, settled 0.5 per cent higher at $74.66 a barrel. West Texas Intermediate, the gauge that tracks US crude, closed up 0.55 per cent at $71 a barrel.
Brent fell 1.33 per cent for the week, while WTI dropped 2 per cent.
On February 1, the US announced a 10 per cent tariff on Chinese goods. Beijing enacted retaliatory tariffs of 15 per cent on US coal and liquefied natural gas as well as 10 per cent on crude oil.
Analysts said the move could curtail US crude exports to China, contradicting President Donald Trump’s goal of expanding US oil and gas production and “unleashing American energy.”
“The future of US-China crude oil trade is uncertain following the imposition of tariffs on Chinese goods and China's retaliatory tariffs on US energy imports,” BMI, a Fitch Solutions company, said in a research note on Thursday.
“US crude oil exports to China, which peaked in 2023, have declined since, and China's tariffs may further reduce US competitiveness in China’s expanding market.”
US crude exports to China, the world’s second-largest economy, plunged nearly 46 per cent year-over-year to 81.9 million barrels last year, according to Kpler data.
China is not heavily reliant on US crude due to its diverse supply sources and could halt US imports if tensions persist, the research firm said.
“The tariffs threaten the US's market share in China, forcing US producers to find new markets amid rising global competition,” it said.
Investors are also worried that a full-blown US-China trade war could disrupt global trade and weaken oil demand.
There is significant buying interest in US crude at $70 a barrel, but Mr Trump's trade policies and their potential impact on the global economy will likely support a “deeper retreat” in prices, Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
Iran sanctions
However, oil prices gained on Friday as the US ramped up sanctions on Tehran's oil industry as part of Mr Trump's “maximum pressure” campaign.
On Thursday, the US Treasury Department announced that it was placing sanctions on an international network shipping “millions of barrels” of Iranian crude to China, which includes individuals and entities in China and India, as well as several vessels.
This follows months of stricter sanctions enforcement by the Joe Biden administration, which targeted several companies and tanker operators in Iran’s “dark fleet” to disrupt Tehran’s ability to raise funds for its nuclear programme and Middle East proxies.
Iran has managed to endure US sanctions imposed in 2018, aimed at crippling its oil exports – a major source of revenue for the country.
After Mr Biden assumed office in 2021, sanctions enforcement was relaxed, leading China to become a significant purchaser of Iranian oil, often at discounted prices.
Iran raised crude oil output by about 1 million barrels per day (bpd) from 2020 to 2023 as its exports to China grew by almost 870 million bpd during the period, according to US Energy Information Administration data.
Canada, Mexico tariffs delayed
Earlier this week, the US delayed 25 per cent tariffs on goods from Mexico and Canada, easing concerns about a major disruption to crude oil flows to the world’s biggest economy.
Canadian energy imports face a slightly lower 10 per cent tariff, acknowledging US refiners' dependence on Canadian oil and gas.
These tariffs were set to take effect on February 4, but have now been delayed by 30 days for Canada and Mexico.
On Monday, the Opec+ alliance stuck to its production policy, despite pressure from Mr Trump to lower crude prices by boosting output.
Opec+ plans to unwind voluntary production cuts of 2.2 million bpd, which began in November 2023, starting in April. The supply curbs will be gradually eased each month until September 2026 in a bid to ensure market stability.
The group of crude producers has held back 5.86 million bpd of output through a series of measures announced in 2022.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
Killing of Qassem Suleimani
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The years Ramadan fell in May
More from Neighbourhood Watch
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
UAE currency: the story behind the money in your pockets
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Company%C2%A0profile
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The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
HEADLINE HERE
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
Zayed Sustainability Prize
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
UAE currency: the story behind the money in your pockets
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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