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UAE Cabinet Establishes Ministry of Investment

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan, Abu Dhabi. WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan, Abu Dhabi. WAM
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UAE Cabinet Establishes Ministry of Investment

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan, Abu Dhabi. WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan, Abu Dhabi. WAM

The UAE Cabinet has approved the establishment of the Ministry of Investment, and appointed Mohamed Hassan Al Suwaidi to lead it.

The Ministry will support the UAE's business objectives, and investments policies and promoting its world-class infrastructure, as a global platform to attract investments in various sectors, Emirates News Agency (WAM) reported Wednesday.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, chaired the cabinet meeting at Qasr Al Watan, Abu Dhabi. WAM

The Cabinet also approved the updates on the UAE National Energy Strategy 2050, aiming at increasing reliance on renewable energy, improving energy efficiency and promoting the use of clean energy.

The strategy will support research and development programs in energy technologies, in addition to encouraging innovation and investment in the energy sector, WAM said.

The National Strategy will work on strengthening the country’s capacity to provide clean and sustainable energy, it said.

The strategy provides new investment opportunities in renewable energy, supports efforts to strengthen cooperation with international partners to achieve sustainability goals in the energy sector, and constitutes a long-term national program to balance meeting energy needs with ensuring the sustainability of natural resources for future generations, the news agency added.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.