Oil prices jumped on Friday but retreated to settle lower as mixed US economic data offset concerns over drone attacks against Opec member Iraq that raised supply concerns and after the EU approved more sanctions against Russia.
Brent, the benchmark for two thirds of the world's oil, closed 0.35 per cent lower at $69.28 a barrel. West Texas Intermediate, the gauge that tracks US crude, retreated 0.30 per cent to $67.34 a barrel. Intraday gains peaked at about 1.5 per cent.
Oil prices have trended upwards since May, peaking on June 19 after Israel attacked Iran, but they have fallen since then.
For the week, both benchmarks were down about 2 per cent. Year-to-date, Brent is down more than 6 per cent, while WTI has shed 7.8 per cent.
Conflicts in the Middle East have been among the main drivers of global oil market volatility in recent months, and the drone attacks in Iraq are part of the trend, Strikes on Iraqi crude centres have removed an estimated 140,000 to 150,000 barrels a day from global supply.
On Thursday, an explosive-laden drone struck an oilfield in the Iraq's semi-autonomous Kurdish region − the latest in a series of attacks this month. Another drone fell in a village outside Erbil, the capital of Kurdistan Region.
Futures “continued to find support in the supply disruptions in the Middle East … the market remains sensitive to geopolitical risks, with price movements contingent on the pace of production recovery”, said Li Xing, a financial markets strategist consultant at Cyprus-based broker Exness.
Demand, however, has been reinforced by growing global consumption and seasonal factors, including increased summer travel in the Northern Hemisphere and higher refinery activity in Asia, but this strength “could wane as the summer ends, potentially limiting further price appreciation”, Ms Li added.
Meanwhile, the EU on Friday approved more sanctions on Russia over its war with Ukraine, targeting its banking and oil sectors.
This latest instalment of curbs include, in particular, restrictions on fuel products made from Russian petroleum and a revised oil price cap that is now set at 15 per cent below market rates. It would also affect a fleet of ships that transport Russian oil, in addition to cutting off Russian banks from the Swift international payment network.
The sanctions are aimed at curbing Russia's energy sector, which is a leading revenue stream for the world's third-biggest producer of crude oil and, along with Saudi Arabia, leaders of the Opec+ alliance of oil producing nations.
This revised oil price cap “has been specifically designed to further reduce Russia's revenue, while keeping global energy markets stable through continued supplies”, said the European Commission.
However, US economic data released on Friday offset these concerns. Government data showed that while US economic sentiment rose in early July, expectations for inflation targets continued to drop.
Also, homebuilding, home purchases and residential investment all dropped in June, amid uncertainty in the world's largest economy.
In addition, while supply concerns amid continuing trade geopolitical uncertainties continue to support prices, Opec has also raised its forecast for world oil and energy demand for the medium and long term.
The producers' group, however, has cut oil demand projections for the next four years on account of economic slowdown in China, the world's second largest economy and leading crude importer.
Global oil demand is projected to expand by nearly 19 per cent to reach 123 million barrels a day by 2050, Opec said in its latest World Oil Outlook 2050 report.
In the medium term, oil demand is projected to increase by 9 per cent to 113.3 million bpd by 2030, from 103.7 million bpd in 2024.
Overall energy demand in the long term is expected to increase by 23 per cent to reach 378 million barrels of oil equivalent per day by 2050, the oil production group said.
However, it reduced its oil demand forecast for next four years over concerns of Chinese demand.
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
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
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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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
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
HAJJAN
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
