Stock market indexes on display at the New York Stock Exchange. Getty Images
Stock market indexes on display at the New York Stock Exchange. Getty Images
Stock market indexes on display at the New York Stock Exchange. Getty Images
Stock market indexes on display at the New York Stock Exchange. Getty Images

Oil prices slide more than 1% amid US recession concerns


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Oil prices extended their losses on Monday as concerns about a recession in the US offset Middle East supply worries.

Brent, the benchmark for two thirds of the world’s oil, fell 0.95 per cent to $76.08 a barrel at 6.21pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 1.1 per cent at $72.69 a barrel.

On Friday, Brent settled 3.4 per cent lower at $76.81 a barrel, while WTI closed down 3.66 per cent at $73.52 a barrel.

Global stocks have tumbled since a US jobs report last week heightened fears of a recession in the world’s largest economy, amid concerns the Federal Reserve may be harming economic growth by delaying interest rate cuts.

The US Labour Department reported a softening employment market, with the US economy adding 114,000 jobs last month, down from 179,000 in June and well below economists' expectations of 185,000.

Meanwhile, the unemployment rate unexpectedly rose to 4.3 per cent, its highest level since October 2021.

Some analysts said that concerns about a recession were overblown, and pointed to strong US oil demand.

“Oil like other asset classes is not immune when investors run for cover and prefer to hold safe haven assets,” Giovanni Staunovo, strategist at UBS told The National.

“Additionally, the sell-off triggered a sell off among investors who bought oil as a hedge against geopolitical tensions, with stops being hit and short-term orientated investors selling on the negative momentum,” Mr Staunovo said.

“The creation of 144,000 jobs in the US is a sign of slowdown of the US economy, not one of a recession.”

Total crude oil and petroleum product supplied, the US Energy Information Administration's proxy for demand, increased by 792,000 barrels a day month-over-month to 20.80 million bpd in May, setting a record high for the month

Meanwhile, US crude inventories, an indicator of fuel demand, fell by 3.4 million barrels in the week that ended on July 26, the EIA data showed.

Analysts polled by Reuters expected oil stocks to decline by 1.1 million barrels.

Crude prices rose about 3 per cent last week following the killing of Hamas leader Ismail Haniyeh in Tehran, which led to concerns of a wider regional conflict.

Iran claimed Israel was behind the assassination and threatened “harsh punishment” in retaliation.

“The sudden switch in market mood and expectations over the US economy by definition makes it fickle,” Vandana Hari, chief executive of Singapore-based Vanda Insights told The National.

“The Mideast supply risk has been pushed aside by the panicky sell-off in risk assets. It may spike in the event Iran and Israel engage in direct military conflict, but for the time being the market is probably not assigning it a big probability, going by the events of April,” Ms Hari said.

In April, Iran retaliated for the killing of two senior army generals in a Damascus strike, which Tehran attributed to Israel, by launching more 300 missiles and drones at Israel. Israel responded with a direct military attack on Iranian soil, but the strike was more limited than many experts had predicted.

The biog:

From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

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Muguruza's singles career in stats

WTA titles 3

Prize money US$11,128,219 (Dh40,873,133.82)

Wins / losses 293 / 149

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Profile Idealz

Company: Idealz

Founded: January 2018

Based: Dubai

Sector: E-commerce

Size: (employees): 22

Investors: Co-founders and Venture Partners (9 per cent)

Gulf Under 19s final

Dubai College A 50-12 Dubai College B

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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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

If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).

Sunday's Super Four matches

Dubai, 3.30pm
India v Pakistan

Abu Dhabi, 3.30pm
Bangladesh v Afghanistan

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'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

Greatest Royal Rumble results

John Cena pinned Triple H in a singles match

Cedric Alexander retained the WWE Cruiserweight title against Kalisto

Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus

Jeff Hardy retained the United States title against Jinder Mahal

Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos

Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe

AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out

The Undertaker beats Rusev in a casket match

Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match

Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

Mercedes V250 Avantgarde specs

Engine: 2.0-litre in-line four-cylinder turbo

Gearbox: 7-speed automatic

Power: 211hp at 5,500rpm

Torque: 350Nm

Fuel economy, combined: 6.0 l/100 km

Price: Dh235,000

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
Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
UAE currency: the story behind the money in your pockets

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Updated: August 05, 2024, 2:34 PM