Oil prices fell in early trade on Thursday following three straight days of gains after the US Federal Reserve stayed the course with another interest rate increase and a surprise rise in US crude stocks.
Brent, the benchmark for two-thirds of the world’s oil, was trading 0.47 per cent lower at $76.33 a barrel at 3.23pm UAE time.
West Texas Intermediate, the gauge that tracks US crude, was down 0.68 per cent at $70.42 a barrel.
Brent crude settled 1.82 per cent higher at $76.69 a barrel on Wednesday, while WTI was up 1.77 per cent at $70.90.
"[Crude futures] are a little lower today after gradually recovering in recent days. While no one can say with confidence that a banking crisis has been averted, there is growing confidence that the actions taken by central banks, regulators and governments have significantly reduced the odds of one," said Craig Erlam, senior market analyst at Oanda.
The Fed raised interest rates by a quarter of a percentage point on Wednesday and indicated that it may pause future rate increases following the recent turmoil in financial markets.
The central bank also said that the US banking system was “sound and resilient” despite the collapse of two large American banks, which spurred the broad sell-off in global financial markets last week.
“Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation,” it said.
Wednesday's monetary policy action from the Fed brings its interest rates to between 4.75 and 5 per cent, just 25 basis points shy of its initial end-of-year projections.
“The hike comes amid substantial stress in financial markets but means that the Fed is still prioritising its fight against inflation,” said Edward Bell, senior director of market economics, Emirates NBD.
The European Central Bank raised interest rates by 0.5 percentage points last week and said there was no need for its monetary policy plans to be adjusted.
US crude inventories — an indicator of fuel demand — increased by 1.1 million barrels last week to 481.2 million barrels, the highest since May 2021, according to the US Energy Information Administration data.
Analysts polled by Reuters were expecting a drop of 1.6 million barrels in the week that ended on March 17.
Petroleum inventories fell by 6.4 million barrels, while distillate fuel stocks decreased by 3.3 million barrels, the EIA said.
Brent posted its biggest declines in months last week following the collapse of Silicon Valley Bank and Signature and a crisis at Europe’s Credit Suisse, which resulted in the bank’s acquisition by larger rival UBS in an emergency rescue deal.
Analysts say the recent drop in prices does not reflect oil market fundamentals, backed by strong crude consumption in Asia and the continued economic recovery in China, the world’s large crude importer.
Oil demand growth will "accelerate" to 2.6 million barrels per day in the fourth quarter of this year, from 710,000 bpd in the current quarter, the International Energy Agency said in its February oil market report.
The Opec+, which will meet on April 3, has previously indicated that it could adjust its output in response to changing market conditions.
The alliance of 23-oil producing countries decided to slash its collective output by 2 million bpd in October last year in response to a slowdown in the global economy.
Euro 2020
Group A: Italy, Switzerland, Wales, Turkey
Group B: Belgium, Russia, Denmark, Finland
Group C: Netherlands, Ukraine, Austria,
Georgia/Kosovo/Belarus/North Macedonia
Group D: England, Croatia, Czech Republic,
Scotland/Israel/Norway/Serbia
Group E: Spain, Poland, Sweden,
N.Ireland/Bosnia/Slovakia/Ireland
Group F: Germany, France, Portugal,
Iceland/Romania/Bulgaria/Hungary
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
More from Neighbourhood Watch:
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Mohammed bin Zayed Majlis
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UAE%20ILT20
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
