Oil prices steadied in morning trading on Tuesday after falling by about 1 per cent the previous day amid concerns that further interest rate increases would dampen fuel demand.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.49 per cent higher at $82.90 a barrel at 10.45am UAE time.
West Texas Intermediate, the gauge that tracks US crude, was up 0.74 per cent at $76.24 a barrel.
On Monday, Brent settled 0.85 per cent lower at $82.45 while WTI was down 0.84 per cent at $75.68.
“Oil seems like it will stay heavy as both tensions between the two largest economies and recession worries grow,” said Edward Moya, a senior market analyst at Oanda.
“This week, we will have a better handle on global manufacturing activity, with many traders fixating on China's recovery.”
Strong US manufacturing data in January stoked fears of more aggressive interest rate increases.
Orders for non-defence capital goods, excluding aircraft, a measure of core business investment, rose by 0.8 per cent in January, after dipping 0.1 per cent a month earlier, according to the US Commerce Department.
However, orders for headline durable goods, which are meant to last at least three years, dropped by 4.5 per cent last month.
Minutes released by the US Federal Reserve last week showed that policymakers expect continuing interest rate increases to bring inflation back down to their long-term goal of 2 per cent.
Most officials agreed to reduce the pace of rate increases to 25 basis points but a few recommended an increase of 50 bps to bring the Fed Funds rate to a level they consider “sufficiently restrictive”.
Expectations of additional interest rate raises have lent support to the dollar.
The US Dollar Index, which measures the value of the dollar against a selection of major currencies, has risen by about 2.5 per cent in the past month. It was up 0.15 per cent at 104.83 on Tuesday.
A stronger dollar makes oil, which is denominated in the greenback, more expensive for holders of other currencies.
Investors will be closely following the most recent US crude inventory figures, which are set to be released by the American Petroleum Institute on Tuesday and by the Energy Information Administration on Wednesday.
These reports will provide additional indications regarding the demand for oil.
“Oil prices are on track for another monthly close lower as concerns that tighter interest rate policy in the US will prompt a slowdown in the economy, outweigh the reopening of China’s market,” said Edward Bell, senior director of market economics at Emirates NBD.
Brent is down by about 4 per cent since the start of the year even as China, the world’s second-largest economy and top crude importer, reopens its economy after following a strict zero-Covid policy for nearly three years.
The International Energy Agency expects global oil demand to surge to record levels this year on China’s recovery.
Global oil demand will rise by 2 million barrels per day to 101.9 million bpd in 2023, the agency said in its February oil market report.
It had previously forecast a growth of 1.9 million bpd.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
What is cyberbullying?
Cyberbullying or online bullying could take many forms such as sending unkind or rude messages to someone, socially isolating people from groups, sharing embarrassing pictures of them, or spreading rumors about them.
Cyberbullying can take place on various platforms such as messages, on social media, on group chats, or games.
Parents should watch out for behavioural changes in their children.
When children are being bullied they they may be feel embarrassed and isolated, so parents should watch out for signs of signs of depression and anxiety
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
