Oil prices slid nearly 3 per cent on Friday and posted weekly losses as investors grew wary of US President Donald Trump's moves and easing tension in the Middle East reduced risk premiums for the commodity.
Brent, the benchmark for two thirds of the world’s oil, settled 2.68 per cent lower to $74.43 a barrel. West Texas Intermediate, the gauge that tracks US crude, retreated 2.87 per cent to close at $70.40 a barrel.
For the week, Brent declined 1.1 per cent and WTI shed 0.4 per cent. Year-to-date, the benchmarks are down 0.3 per cent and 1.8 per cent, respectively.
Earlier on Friday, oil prices had been on track to record a weekly gain on concerns of tightening supply and a weaker dollar.
During the week, worries about crude oil supply intensified when a drone strike – which Moscow blamed on Ukraine – hit a Caspian Pipeline Consortium (CPC) pumping station in Russia's Krasnodar region.
Moscow said that oil shipments through the pipeline, Kazakhstan's main export route, had dropped by 30-40 per cent. landlocked Kazakhstan depends on the pipeline for more than 80 per cent of its oil exports and lacks alternative transportation options.
The Central Asian country has achieved record-high oil production levels despite damage to its export route, Reuters reported on Thursday, citing industry sources. The country’s oil and gas condensate production reached about 2.12 million barrels per day (bpd) on February 19, the sources said.
Oil markets have been volatile in recent weeks as investors weigh the prospects of a global trade war and a possible end to the Russia-Ukraine conflict, which could lead to the lifting of sanctions on Moscow’s energy industry.
This week, Washington and Moscow began talks aimed at ending the war that began with Russia's full-scale invasion of Ukraine in February 2022.
“While we anticipate the prospect of a peace agreement between Russia-Ukraine to have sizeable ramifications for natural gas, any associated easing in sanctions on Russia is not likely to comprise considerable increases in aggregate Russian crude oil flows,” MUFG said in a research note on Thursday.
Russia's crude oil production is limited by its Opec+ target of 9 million bpd, rather than by current sanctions, which affect the destination of its exports but not the overall volume, the Japanese lender said.
Despite US pressure to reduce prices, Opec+ is considering delaying planned monthly production increases set to begin in April, according to a Bloomberg report from Tuesday.
The group has held back 5.86 million bpd of supply from the market as part of a series of output curbs since 2022. It plans to gradually restore a total of 2.2 million bpd through monthly increases by late 2026.
Oil prices were also supported this week by a weaker dollar, lowering the cost of oil for investors.
After reaching its lowest point of the year, dipping below 106.4 on Thursday, the US Dollar Index, which tracks the greenback's value against a group of major currencies, was up by 0.10 per cent at 106.48 at 11.57am UAE time.
The dollar weakened after Mr Trump hinted at a potential trade deal with China, easing market uncertainty surrounding tariffs.
On Wednesday, the US President said he expected Chinese President Xi Jinping to visit the US, though he did not provide a timeline for the visit.
Mr Trump told reporters on Air Force One that a new trade deal between the US and China is “possible”.
The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
More on Quran memorisation:
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
UAE currency: the story behind the money in your pockets
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The years Ramadan fell in May
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
The five pillars of Islam
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
Killing of Qassem Suleimani
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Last-16
France 4
Griezmann (13' pen), Pavard (57'), Mbappe (64', 68')
Argentina 3
Di Maria (41'), Mercado (48'), Aguero (90 3')
