Oil prices increased at the end of trading on Friday, reversing earlier losses to post their best closing marks in three weeks on hopes that demand from the world's top importer, China, will improve further.
Brent, the benchmark for two thirds of the world’s oil, added $1.08, or 1.3 per cent, to settle at $85.83 a barrel, while West Texas Intermediate, the gauge that tracks US crude, rose $1.52, or 1.9 per cent, to end at $79.68 a barrel.
Both benchmarks, which lost about $2 in early trade, recorded their highest closes since February 13.
Compared with last week's close, Brent added $3.01, or 3.63 per cent, while WTI surged by $3.36, or 4.4 per cent.
Oil demand is expected to increase after China, the world's second-biggest economy, eased Covid restrictions, which curtailed domestic economic activity.
The move has revived consumer demand, with the Caixin purchasing managers' index (PMI) showing a reading of 55.0 in February, from 52.9 in January, which was a second straight monthly increase.
The PMI's 50 mark separates contraction and expansion in activity.
But China posted a 0.9 per cent slide in 2022 oil imports to 508.28 million tonnes, or about 10.17 million barrels per day, the country's General Administration of Customs reported in January.
That was a second consecutive year of declines, despite Beijing increasing purchases in the fourth quarter.
The effect of the pandemic "remains far-reaching", Wang Zhe, a senior economist at Caixin Insight Group, wrote in the PMI report.
"Currently, the foundation for economic recovery is not yet solid, and it will take time to fully restore production and social order to normal," he said.
"The central government said restoring and expanding consumption should be prioritised. Income and expectation are the basis of consumption.
"In the coming period, relevant policies should focus more on increasing household income and improving market expectations.”
The International Energy Agency expects global oil demand to surge to record levels this year, driven by China’s economic recovery.
Demand is projected to rise by two million barrels per day to 101.9 million bpd this year, the Paris-based agency said in its February oil market report. It previously forecast a growth of 1.9 million bpd.
However, a rise in US crude stockpiles offset the optimism in China. Inventories in the world's biggest economy — an indicator of fuel demand — rose by 1.2 million barrels last week, while petroleum stocks decreased by 900,000 barrels, the US Energy Information Administration (EIA) said.
“Our forecast for global consumption of petroleum depends on uncertain economic conditions — especially in China,” EIA administrator Joe DeCarolis said previously.
“How China’s economy changes following its reopening from pandemic lockdowns could have a significant impact on global consumption of petroleum products.”
Oil prices have dropped by about a third since they peaked a year ago when Russia began its invasion of Ukraine. Year-to-date, both benchmarks have posted marginal gains, with Brent almost flat.
More on animal trafficking
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
UAE currency: the story behind the money in your pockets
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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.
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.
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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.
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
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Fuel consumption: L/100km
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UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
