Crude oil prices fall 1% on fears for global economy

The oil supertanker Grace 1, that was on suspicion of carrying Iranian crude oil to Syria, sits anchored in waters of the British overseas territory of Gibraltar. (Reuters)
Updated 05 July 2019

Crude oil prices fall 1% on fears for global economy

SYDNEY: Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.
US West Texas Intermediate (WTI) crude futures were down 1.1 percent at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.
Front-month Brent crude futures were down 0.1 percent at $63.25 per barrel, after closing down 0.8 percent on Thursday.
Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world’s largest exporters — including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+.
“Global growth remains the main factor holding back crude prices,” said Alfonso Esparza, senior analyst at OANDA. “The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers.”
New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns.
The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5-million-barrel draw reported by the American Petroleum Institute earlier in the week.
That suggests oil demand in the United States, the world’s biggest crude consumer, could be slowing amid signs of a weakening economy.
Countering the downward pressure, ongoing tensions in the Middle East also offered some support.
British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran’s fury and could escalate its confrontation with the West.


Saudi female student pilot aims high with flying ambitions

Updated 44 min 32 sec ago

Saudi female student pilot aims high with flying ambitions

  • Amirah Al-Saif is among the first batch of 49 female students

DUBAI: Saudi women aiming to emulate Yasmeen Al-Maimani’s feat, the Kingdom’s first female commercial pilot, now have that opportunity as Oxford Aviation Academy has opened its doors for them to take flying lessons and earn their licenses.

One those women raring to earn her pilot wings is 19-year-old Amirah Al-Saif, who enrolled in the aviation academy to fulfill her dream of flying for the Kingdom’s national carrier Saudi Airlines (Saudia).

“They have been very supportive of us females,” Al-Saif, who hails from Riyadh, told Arab News at the sidelines of the Dubai Airshow, when asked about her experience at the academy.

Al-Saif is among the first batch of 49 female students, with six of them already in ground school, expected to receive their licenses by the start of 2021 after a grueling course that requires them to first learn English, Mathematics, Physics and other basic knowledge subjects.

She is also the first in the family to have an interest in the aviation industry.

Student pilot Amirah Al-Saif, right, who hails from Riyadh, is the first in the family to have an interest in the aviation industry. (Supplied)

Those who pass the foundation program can then move on to ground school for practical lessons and ideally graduate in two years with three licenses: the Private Pilot License, Instrument Rating and Commercial Pilot License.

Al-Saif considers herself lucky since she was not constrained take courses abroad for her pilot training, unlike Al-Maimani who had to leave the Kingdom to receive her license, as well as wait for a long time before being eventually hired by Nesma Airlines.

The flying school is located at the King Fahd International Airport in Dammam and is an authorized branch of Oxford Aviation Academy based in the UK.

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