Oil prices posted a weekly gain amid geopolitical tensions in the Middle East and an improving outlook for the US economy.
Brent, the benchmark for two thirds of the world’s oil, rose 0.63 per cent to end at $79.66 per barrel while West Texas Intermediate, the gauge that tracks US crude, settled up 0.85 per cent to $756.84 a barrel.
Crude futures have been volatile during the week due to a production cut at Libya’s largest oilfield and as traders brace for potential Iranian retaliation against Israel.
Earlier in the week, oil prices fell sharply following weaker-than-expected job figures in the US, which sparked concerns about a potential recession in the world's largest economy.
Analysts have said worries about the US economy are mostly exaggerated and that oil demand remains robust.
The number of new unemployment benefit applications in the US dropped more than expected last week, easing concerns about a deteriorating labour market and allaying fears of a hard recession.
Initial claims for state unemployment benefits decreased by 17,000 to a seasonally adjusted 233,000 for the week ending August 3, the largest decline in nearly a year, the Labour Department said on Thursday.
Meanwhile, fuel demand in the US has remained strong.
US crude inventories fell by 3.7 million barrels in the week that ended on August 2, according to the US Energy Information Administration.
Analysts polled by Reuters were expecting a drop of 700,000 barrels.
Total petroleum stocks increased by 1.3 million barrels last week, while distillate fuel inventories rose by 900,000 barrels, the EIA data showed.
Goldman Sachs expects Brent prices to maintain a $75 per barrel floor despite near-term macroeconomic concerns.
In a research note this week, the investment bank said limited recession worries, strong oil demand in the West and India, and low speculative positioning are likely to support oil prices in the short term.
On the supply side, prices received support from reduced production at Libya’s Sharara oilfield.
On Tuesday, Libya's National Oil Corporation said it would gradually reduce production at the oilfield, citing protests in the region.
Sharara, responsible for a quarter of Libya’s output, had been producing 270,000 bpd before the partial shutdown.
In the Middle East, the likelihood of a full-scale regional conflict increased last week following the assassinations of Hamas leader Ismail Haniyeh in Tehran and senior Hezbollah military commander Fouad Shukr in Beirut.
Israel has agreed to resume Gaza ceasefire talks on August 15 after calls from US, Qatari and Egyptian mediators, Prime Minister Benjamin Netanyahu's office said on Thursday.
"Following the proposal of the United States and mediators, Israel will, on August 15, send a delegation of negotiators to the agreed place to conclude the details of implementing a deal," it said.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
