Oil edged up on Tuesday on expectation the US Federal Reserve will cut interest rates for the first time in more than a decade as the central bank seeks to improve market liquidity and support global economic growth.
Optimism over the resumption of China-US trade talks, rising Middle East tensions following the seizure of a British tanker by Iran’s revolutionary guard, and the ongoing production cuts by Opec and its allies are also supporting oil prices.
International benchmark, Brent crude was up 0.6 per cent to $64.12per barrel at 10.12am UAE time. US crude rose 0.7 per cent, to $57.27 per barrel.
“US Fed policymakers are widely expected to cut interest rates by 25 basis points during the coming FOMC [Federal Open Market Committee] meeting on July 30-31,” said Benjamin Lu, commodities analyst at Singapore based Phillip Futures.
“A reduction in borrowing costs by the US central bank looks poised to improve market liquidity and cushion global economic growth.”
The resumption of trade talks between China and the US in Shanghai on Tuesday is not expected to result in an expansive agreement but any warming of relations is likely to spur optimism.
“The probability of a wide-ranging deal between the two countries remains slim,” said Ipek Ozkardeskaya, senior market analyst from London Capital Group on China, US trade talks.
“On top, Hong Kong protests for which Chinese officials blame US’ ‘black hand’ and Beijing’s verbal intervention to restore order will likely not help softening the overall temperament. Anyhow, the expectations are so low that any positive news should be enough to boost hopes for a future deal.”
In the Middle East, tensions rose after Iran's Islamic Revolutionary Guard seized a British-flagged oil tanker Steno Impero in the Strait of Hormuz on July 19 after UK marines seized a ship with Iranian crude off Gibraltar two weeks earlier.
Following the incident, the UK government dispatched two warships to protect British vessels in the strategic waterway, through which more than a third of seaborne oil passes every day.
Opec, Russia and other allies (Opec+) are cutting output by about 1.2 million barrels per day to reduce global oil stocks and boost prices. The agreement, which would have expired in June, has been extended to run until March 2020, after a meeting of Opec+ in Vienna early this month.
That along with dovish signals by the Fed will support oil prices in the third quarter of the year, analysts said.
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
More on animal trafficking
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UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
