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.
The%20specs
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ENGLAND TEAM
Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson
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The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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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.
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The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
