Oil prices on Thursday hit their highest level since December 2014, lifted by a weak dollar and a 10th straight week of declines in US crude inventories.
Brent crude futures, the international benchmark for oil prices, were at almost $71 per barrel - $70.98 a barrel at 0232 GMT - a level not seen since early December 2014 and up 45 cents, or 0.6 per cent, from their last close.
US West Texas Intermediate (WTI) crude futures CLc1 climbed to $66.32 per barrel, also the highest level since early December 2014, and 1 per cent above their last settlement.
Both crude benchmarks are up by almost 60 per cent since the middle of last year.
Price support has also been coming from supply restrictions led by a group of producers around Opec and Russia, which started last year and are set to last throughout 2018.
“The Saudi’s and Russians continue to work together to talk the oil market higher and last night, the countries’ two oil ministers said they were working together on other longer-term projects as well,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
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“That, and the USD fall, along with another inventory draw combined to drive [crude] up,” he added.
US crude inventories fell 1.1 million barrels in the week to January 19, to 411.58 million barrels, the Energy Information Administration (EIA) said on Wednesday.
That’s the lowest seasonal level since 2015 and below the US five-year average around 420 million barrels.
In foreign exchange markets, the US dollar hit its lowest level since December, 2014 against a basket of other leading currencies.
A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude.
Analysts said that rising oil prices would likely start to have an inflationary effect.
“Higher oil prices will eventually be reflected in higher consumer prices as the costs of transport of most goods will rise,” said William O‘Loughlin, investment analyst at Australia’s Rivkin Securities.
Looming over the generally bullish oil market has been US oil production, which is edging ever more closely toward 10 million barrels per day (bpd), hitting 9.88 million bpd last week.
US output has grown by more than 17 per cent since mid-2016, and is now on par with that of top exporter Saudi Arabia.
Only Russia produces more, averaging 10.98 million bpd in 2017.
Star Wars: Ahsoka
Director: Various
Starring: Rosario Dawson, Natasha Liu Bordizzo, Lars Mikkelsen
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BLACK ADAM
Director: Jaume Collet-Serra
Stars: Dwayne Johnson, Sarah Shahi, Viola Davis, Pierce Brosnan
Rating: 3/5
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
Rating: 4/5
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
THREE
Director: Nayla Al Khaja
Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni
Rating: 3.5/5
COMPANY PROFILE
Company name: CarbonSifr
Started: 2022
Based: Dubai
Founders: Onur Elgun, Mustafa Bosca and Muhammed Yildirim
Sector: Climate tech
Investment stage: $1 million raised in seed funding
HAJJAN
Director: Abu Bakr Shawky
Starring: Omar Alatawi, Tulin Essam, Ibrahim Al-Hasawi
Rating: 4/5
How to avoid getting scammed
- Never click on links provided via app or SMS, even if they seem to come from authorised senders at first glance
- Always double-check the authenticity of websites
- Enable Two-Factor Authentication (2FA) for all your working and personal services
- Only use official links published by the respective entity
- Double-check the web addresses to reduce exposure to fake sites created with domain names containing spelling errors
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Director: Nag Ashwin
Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana
Rating: ★★★★
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
COMPANY PROFILE
Company: Growdash
Started: July 2022
Founders: Sean Trevaskis and Enver Sorkun
Based: Dubai, UAE
Industry: Restaurant technology
Funding so far: $750,000
Investors: Flat6Labs, Plus VC, Judah VC, TPN Investments and angel investors, including former Talabat chief executive Abdulhamid Alomar, and entrepreneur Zeid Husban
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
