Oil prices jumped on Friday to settle higher and post their first weekly gain in three as the US and China prepared for trade talks that could ease tensions between the world’s two largest economies and boost demand.
The increase also comes after Washington announced a new trade deal with the UK.
Brent, the benchmark for two thirds of the world's oil, closed 1.7 per cent higher at $63.91 a barrel. West Texas Intermediate, the gauge that tracks US crude, leapt 1.85 per cent to at $61.02 a barrel.
From last Friday's close, Brent and WTI added about 4.3 per cent. Year-to-date, however, the benchmarks are still down by nearly 15 per cent.
“All eyes are on the first in-person meeting between US and Chinese high-level officials in Geneva tomorrow to discuss tariffs,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
“The goal isn’t to seal a trade deal – that will probably take months, if not years – but to de-escalate tensions between the two countries. And who knows, maybe they’ll agree to pause tariffs while discussions continue.”
US Treasury Secretary Scott Bessent will hold talks with China's senior economic official, Vice Premier He Lifeng, in Switzerland as the two countries look to settle trade disputes that have hit oil demand.
China is a leading consumer of oil and any economic developments in Beijing affect energy markets.
The US and the UK also reached a “historic” trade deal on Thursday, supporting oil markets. As part of the deal, tariffs on British steel and aluminium exports to the US will be eliminated, while tariffs on some UK-made cars will be reduced to 10 per cent, from 27.5 per cent.
“With this deal, the UK joins the United States in affirming that reciprocity and fairness is an essential and vital principle of international trade,” US President Donald Trump said, adding that the UK would also reduce or eliminate non-tariff barriers that “unfairly discriminated against American products”.
The US is also continuing to increase pressure on Iran’s export of oil, with new sanctions imposed on three port terminal operators and a “teapot” refinery in China.
It also announced new sanctions on several companies, vessels and captains responsible for facilitating Iranian oil shipments as part of Iran’s “shadow fleet”, a US Treasury Department statement said on Thursday.
The new sanctions come as the US holds negotiations with Iran over its nuclear programme. If the two countries reach a deal, more oil supply is expected to enter the market amid sanctions relief.
Last week, Opec and its allies announced a supply boost for the month of June, that is expected to put downwards pressure on oil prices.
“The medium-term outlook remains comfortably bearish given higher supply and lower demand expectations,” Ms Ozkardeskaya said.
India, Pakistan conflict
Investors are also keeping a close eye on the current conflict between India and Pakistan and its impact on crude demand.
India, Asia's third-largest economy, is a major consumer of oil, with daily crude demand estimated at 5.4 million barrels a day, while Pakistan’s demand is about 0.25 million bpd, according to Rystad Energy.
“As tensions escalate, both countries are expected to increase crude procurement and refinery activity,” Rohan Goindi, a senior analyst at Rystad Energy, said.
“Diesel demand is likely to rise amid increased military mobilisation, while airline fuel consumption declines as airspace closures lead to rerouted flights cancellations and soaring airline ticket prices.”
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Results
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Company%20profile
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Francesco Totti's bio
Born September 27, 1976
Position Attacking midifelder
Clubs played for (1) - Roma
Total seasons 24
First season 1992/93
Last season 2016/17
Appearances 786
Goals 307
Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
COMPANY%20PROFILE
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
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Key facilities
- 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
- Spaces for historical and cultural exploration
- 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
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
Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Killing of Qassem Suleimani
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The five pillars of Islam
Company%20profile
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
GCC-UK%20Growth
%3Cp%3EAn%20FTA%20with%20the%20GCC%20would%20be%20very%20significant%20for%20the%20UK.%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20My%20Department%20has%20forecast%20that%20it%20could%20generate%20an%20additional%20%C2%A31.6%20billion%20a%20year%20for%20our%20economy.%3Cbr%3EWith%20consumer%20demand%20across%20the%20GCC%20predicted%20to%20increase%20to%20%C2%A3800%20billion%20by%202035%20this%20deal%20could%20act%20as%20a%20launchpad%20from%20which%20our%20firms%20can%20boost%20their%20market%20share.%3C%2Fp%3E%0A
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
Match info
Arsenal 0
Manchester City 2
Sterling (14'), Bernardo Silva (64')
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
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
