Oil prices rose by around 1 per cent on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.
Brent was up 0.9 per cent at $50.70 a barrel, after gaining nearly 3 per cent on Thursday.
US oil was up 1 per cent at $47.28 a barrel, having also risen almost 3 per cent in the previous session.
That leaves prices set for a sixth consecutive week of gains as promising vaccine trials helped quell gloom over record increases in the number of new infections and deaths around the world in the coronavirus pandemic.
Britain began inoculations this week and the US could start vaccinations as early as the coming weekend, while Canada on Wednesday approved its first vaccine with initial shots due from next week.
"The recovery from the pandemic will accelerate once a vaccine is widely available, further supported by ongoing fiscal and monetary stimulus from governments around the world," ANZ Research said in a note.
Outside advisers for the US Food and Drug Administration have voted to endorse emergency use of Pfizer's vaccine, paving the way for the agency to authorise its use to inoculate a nation that has lost more than 285,000 lives to Covid-19.
"The broad market rally is expected to continue next year, with commodities set for a positive year amid an improving economic backdrop," ANZ said.
Meanwhile, Asian shares bounced back on Friday as progress on Covid-19 vaccines boosted investor sentiment, but tricky Brexit negotiations and US stimulus talks capped gains in riskier assets.
MSCI's ex-Japan Asia-Pacific index rose 0.5 per cent, on track for its sixth straight week of gains, while Japan's Nikkei dropped 0.6 per cent.
Investors bet on stronger economic growth next year as more countries prepare for vaccinations.
On Wall Street, the Dow Jones Industrial Average fell 0.23 per cent, the S&P 500 lost 0.13 per cent and the Nasdaq Composite added 0.54 per cent.
US stocks were mixed as near-term US fiscal stimulus appeared unlikely after Democrat House Speaker Nancy Pelosi suggested wrangling over a spending package and coronavirus aid could drag on through Christmas.
"US policymakers are still trying to hammer out a coronavirus relief package," wrote Joseph Capurso, a strategist with the Commonwealth Bank of Australia.
"The US economy needs fiscal relief because lockdowns continue to spread. The lockdowns are closing businesses and preventing spending."
In the currency market, Brexit uncertainties overshadowed trading in sterling. The British pound traded at $1.3307 on Friday, flat on day but having lost 0.9 per cent so far this week against a generally weaker dollar.
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
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports
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KILLING OF QASSEM SULEIMANI
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Cry Macho
Director: Clint Eastwood
Stars: Clint Eastwood, Dwight Yoakam
Rating:**
Bawaal%20
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Company%20Profile
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All or Nothing
Amazon Prime
Four stars
The bio
Favourite book: Kane and Abel by Jeffrey Archer
Favourite quote: “The world makes way for the man who knows where he is going.” - Ralph Waldo Emerson, American essayist
Favourite Authors: Arab poet Abu At-Tayyib Al-Mutanabbi
Favourite Emirati food: Luqaimat, a deep-fried dough soaked in date syrup
Hobbies: Reading and drawing
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
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The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
