Oil prices rebounded on Tuesday after plunging to a four-year low in Monday's session prompted by the Opec+ supply boost.
Brent, the benchmark for two thirds of the world's oil, was up 3.52 per cent at 6.08pm UAE time to $62.35 a barrel, while West Texas Intermediate, the gauge that tracks US crude, was trading 3.89 per cent higher at $59.35 a barrel.
Both benchmarks fell on Monday following the Opec+ announcement over the weekend that it would speed up oil production increases for a second month in a row.
The Opec+ group of producers, led by Saudi Arabia and Russia, on Saturday said it would add 411,000 barrels a day to the market next month. The announcement followed the larger-than-planned output rise, also of 411,000 bpd, for May.
“Oil prices are seeing a technical rebound after Monday’s gap down at the open, following the weekend’s Opec+ decision to unleash another bumper-sized supply hike,” Han Tan, chief market analyst at Exinity Group, told The National.
“This rebound isn’t likely to have legs if heightened tariffs continue muddying the global demand outlook.”
Last month, US President Donald Trump announced tariffs on countries including China, the world’s second-largest economy, in a move aimed at protecting America's domestic industry and reducing the trade gap with its partners.
Following the move, the International Monetary Fund sharply lowered its near-term outlook for the world economy, with growth projected to slow from 3.3 per cent last year to 2.8 per cent this year – half a percentage point lower than its January forecast.
“Crude oil was sent on a rollercoaster ride this week,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
“The barrel of US crude fell below the $57 mark yesterday on reports that Saudi Arabia is ready to tolerate lower prices. But dip buyers quickly stepped in as Trump threatened to expand sanctions on buyers of Iranian crude.”
This rebound isn’t likely to have legs if heightened tariffs continue muddying the global demand outlook
Han Tan,
chief market analyst, Exinity Group
The US has been imposing more sanctions on Iranian businessmen as well as oil refineries as Washington continues its “maximum pressure” against Tehran to curb its oil revenue.
The US is also holding talks with Iran over its nuclear programme. If a deal is reached between the two countries, it could lead to a boost in supply from Iran based on the possibility of sanctions relief.
“Day-to-day moves in crude are tough to catch, but the outlook remains negative given rising supply and weakening demand prospects,” Ms Ozkardeskaya said.
RESULTS
Tottenham 1
Jan Vertonghen 13'
Norwich 1
Josip Drmic 78'
2-3 on penalties
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
Notable groups (UAE time)
Jordan Spieth, Si Woo Kim, Henrik Stenson (12.47pm)
Justin Thomas, Justin Rose, Louis Oosthuizen (12.58pm)
Hideki Matsuyama, Brooks Koepka, Tommy Fleetwood (1.09pm)
Sergio Garcia, Jason Day, Zach Johnson (4.04pm)
Rickie Fowler, Paul Casey, Adam Scott (4.26pm)
Dustin Johnson, Charl Schwartzel, Rory McIlroy (5.48pm)
The team
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Fashion director: Sarah Maisey
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Models: Meti and Clinton at MMG
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Read more about the coronavirus
Results:
5pm: Handicap (PA) | Dh80,000 | 1,600 metres
Winner: Dasan Da, Saeed Al Mazrooei (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) | Dh80,000 | 1,600m
Winner: AF Saabah, Tadhg O’Shea, Ernst Oertel
6pm: Handicap (PA) | Dh80,000 | 1,600m
Winner: Mukaram, Pat Cosgrave, Eric Lemartinel
6.30pm: Handicap (PA) | Dh80,000 | 2,200m
Winner: MH Tawag, Richard Mullen, Elise Jeanne
7pm: Wathba Stallions Cup Handicap (PA) | Dh70,000 | 1,400m
Winner: RB Inferno, Fabrice Veron, Ismail Mohammed
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Juthoor, Jim Crowley, Erwan Charpy
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AIR
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