Oil prices fluctuated on Thursday as recession risks continue to dent the global demand outlook despite a tight crude market.
Brent, the benchmark for two thirds of the world’s oil, was trading about 2.52 per cent higher, at $94.78 a barrel at 10.00pm UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was up 2.58 per cent at $89.52 a barrel.
Opec lowered its global oil demand forecast for 2022 and 2023 on Wednesday, citing Covid-19 restrictions in China, economic challenges in Europe and inflationary pressures in key economies.
Global oil demand will increase by 2.6 million barrels per day in 2022, lower than the group's previous estimate of 3.1 million bpd, it said.
“Oil prices continue to struggle to gain strength as traders are largely concerned about the worsening demand outlook,” said Naeem Aslam, chief market analyst at Avatrade.
“What matters the most for oil traders now is a revival of oil demand, and if this doesn’t pick strength, oil prices are likely to continue to move lower.”
Demand concerns remain high on growing fears of a recession.
Earlier this week, the International Monetary Fund cut its growth forecast for 2023 as the global economy continues to be affected by the war in Ukraine, broadening inflation pressures and a slowdown in China.
Concerns about inflation continue to rise in the US after producer prices rose more than expected in September.
The US producer price index (PPI) increased by 0.4 per cent last month, the country's Bureau of Labour Statistics said on Wednesday.
“A hot US PPI report suggests inflation is proving to be sticky and will keep the risk elevated that the Fed will send the economy into a recession,” said Edward Moya, a senior market analyst at Oanda.
Meanwhile, China, the world’s largest crude oil importer, is again having trouble with Covid-19 as Shanghai and Shenzhen infections rise, he said.
Despite the worsening outlook for oil demand, supply is expected to remain tight going into 2023.
The US Energy Information Administration (EIA) lowered its forecast for US crude production in 2023 to 12.36 million bpd, down by about 300,000 bpd from its previous forecast.
US production has not “materially” changed this year as oil and gas producers focus on profitability rather than investment, said Daniel Richards, Mena economist at Emirates NBD.
“A lack of supply growth from the US will help to keep markets relatively tight next year,” he said.
The EIA expects Brent to average $93 a barrel in the fourth quarter and $95 a barrel in 2023.
Oil prices gained about 10 per cent last week after the 23-member Opec+ group of oil producers announced an output cut of 2 million bpd.
Following the announcement, Goldman Sachs raised its oil price forecast by $10 to $110 a barrel for the last three months of the year, and to $115 a barrel for the first quarter of 2023.
The%20specs
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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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
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Tickets
Tickets for the 2019 Asian Cup are available online, via www.asiancup2019.com
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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
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COMPANY%20PROFILE
Global state-owned investor ranking by size
1. |
United States |
2. |
China |
3. |
UAE |
4. |
Japan |
5 |
Norway |
6. |
Canada |
7. |
Singapore |
8. |
Australia |
9. |
Saudi Arabia |
10. |
South Korea |
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
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.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Mohammed bin Zayed Majlis
Tomorrow 2021
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NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
SPEC SHEET
Display: 10.4-inch IPS LCD, 400 nits, toughened glass
CPU: Unisoc T610; Mali G52 GPU
Memory: 4GB
Storage: 64GB, up to 512GB microSD
Camera: 8MP rear, 5MP front
Connectivity: Wi-Fi, Bluetooth 5.0, USB-C, 3.5mm audio
Battery: 8200mAh, up to 10 hours video
Platform: Android 11
Audio: Stereo speakers, 2 mics
Durability: IP52
Biometrics: Face unlock
Price: Dh849
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Transgender report
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
MEFCC information
Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
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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
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Cutting red tape on import and export of food
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Kareem Shaheen on Canada
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Specs
Engine: 3.0L twin-turbo V6
Gearbox: 10-speed automatic
Power: 405hp at 5,500rpm
Torque: 562Nm at 3,000rpm
Fuel economy, combined: 11.2L/100km
Price: From Dh292,845 (Reserve); from Dh320,145 (Presidential)
On sale: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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