Oil prices settled higher on Friday but posted its worst weekly loss since October on US President Donald Trump’s tariff policy and prospects of higher crude supply in the market.
Brent, the benchmark for two-thirds of the world’s oil, jumped 1.3 per cent to close at $70.36 a barrel. West Texas Intermediate, the gauge that tracks US crude, added 1.02 per cent to settle at $67.04 a barrel.
Brent, which lost about 5 per cent of its value since last Friday, dropped as low as $68.33 a barrel earlier this week, its lowest level since December 2021.
US tariffs and the Opec+ decision to boost production from April are fuelling the “bearish rout” in the oil market, FGE, an energy consultancy, said in a research note.
US President Donald Trump's tariff approach has pushed investors to the edge, with confusion over the White House's trade policy affecting market sentiment and sparking fears of an economic slowdown.
On Thursday, the US leader signed orders excluding most of the goods from Mexico and Canada from 25 per cent tariffs two days after imposing them. The amendment does not fully cover Canadian energy products, which face a separate 10 per cent tariff.
Canada, responsible for about half of US crude imports, supplied about 4 million barrels per day to its biggest market in 2024.
On Wednesday, Mr Trump granted a one-month tariff exemption to US car makers from the tariffs on Canada and Mexico, which global markets welcomed as a sign of easing trade tension.
This week, the US also imposed an additional 10 per cent tariff on China’s imports on top of an existing 10 per cent enacted last month.
“Oil markets are dealing with renewed uncertainty on the supply side and a darkening outlook on the demand side,” BMI, a Fitch company, said in a research note on Thursday.
“The ultimate impact of US tariffs on the global economy remains unclear but most see it as highly negative … broadly, the risks to oil prices remain tilted to the downside with new supply from Opec+ and non-Opec producers expected to push the market well into an oversupply,” BMI added.
On Monday, the alliance of producers said it would proceed with a “gradual and flexible” unwinding of voluntary production cuts of 2.2 million bpd starting on April 1, adding 138,000 bpd per month until September 2026.
Opec+ said the increase could be halted or reversed if market conditions deteriorate. The group is holding back 5.86 million bpd from the market as part of a series of production cuts made since 2022, representing 5.6 per cent of current global oil supply.
The International Energy Agency expects global oil supply to rise by 1.6 million bpd to 104.5 million bpd this year, while global oil demand growth is projected to average only 1.1 million bpd.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
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
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
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
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
