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Sudan Raises Minimum Wages

Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)
Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)
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Sudan Raises Minimum Wages

Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)
Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)

The Sudanese Ministry of Finance announced raising the minimum wage for civil servants to SDG 3,000 (almost $150) following a three-day strike launched by railway workers.

Railroad workers in Atbara, a northern Sudanese city, and bus drivers throughout the country had carried out a strike since last Saturday to protest low wages.

The strike sapped supplies en route to the capital Khartoum, resulting in a shortage of food supplies and oil byproducts.

On Tuesday, the demonstrators lifted the strike and went back to running national transportation.

Hashem bin Auf, Minister of Infrastructure and Transport, confirmed that the Ministry of Finance raised the minimum wage for civil servants to SDG 3,000.

Auf, in a visit to Atbara, informed those on strike of the decision taken by the ministry of finance.

Addressing demonstrators, Auf admitted that the situation they were under was unacceptable, however, he accused the deep state and former regime loyalists of seeking to fail the transitional government.

Also, Bus drivers at Khartoum’s regional bus station carried out a strike on Sunday, calling for better pay and services. The strike caused thousands of travelers to cancel their trip to and from Khartoum.

Others profited from the strike. Tickets to Kassala, New Halfa, and El Gedaref in eastern Sudan rose to SDG 1,800.

The striking bus drivers demand salaries, financial incentives, management committees for union work, health insurance, social security and fuel control at petrol stations. They also decry withdrawals of their driving licenses, fines, and a large number of levies they have to pay on the roads.

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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.