ECONOMY

A shortage of crucial dollars has left banks refusing to issue new letters of credit for importers, hitting an economy already squeezed by soaring inflation and lacklustre growth.

The world will need natural gas for a long time and more investment is required to ensure supply security and affordable prices during the global energy transition, the energy ministers of Qatar and the United Arab Emirates said on Saturday.

Oil prices slipped in early trade on Friday but were on track for gains of more than 6% for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States.

Oil prices were little changed on Tuesday, giving up some of the gains from the previous session, as traders awaited clarity on the Federal Reserve's plans for rate hikes to gauge the impact on the economy and fuel demand.

Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.

Speaking at an event organised by the International Monetary Fund (IMF), the Indian central bank chief said policy challenges in the region have sharpened due to the Covid-19 pandemic and the war in Ukraine.

Oil prices rebounded on Thursday after opening the year down more than 9%, the worst yearly start in over three decades, as investors took advantage of the decline to buy futures on expectations long-term fuel demand will remain steady.

The cash-strapped North African country is battling 10 percent inflation alongside slow growth, high unemployment and shortages of basic goods, exacerbated by the Covid pandemic and the war in Ukraine.

Oil prices held their ground on Wednesday after tumbling in the previous session as markets braced for minutes from the U.S. Federal Reserve's December policy meeting.

Oil prices slid on Monday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity.

India's manufacturing industry ended 2022 on a solid footing as business conditions improved at the fastest rate in over two years while growth in new orders and output accelerated, a business survey showed on Monday.

For much of the global economy, 2023 is going to be a tough year as the main engines of global growth - the United States, Europe and China - all experience weakening activity, the head of the International Monetary Fund said on Sunday.

"Policies will continue to be used in order to permanently increase the weight of the Turkish lira on both the asset and liability sides of the banking system," the bank said.

The UAE -- like other oil-rich Arab Gulf states -- has often used the public sector as an employment vehicle for its nationals.

Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.

Private sector advisers of Japan's top economic council on Thursday called on the government to step up talks on how to ensure wages rise faster than inflation, opening the door for a shift way from a decade-long focus on deflation.

Oil prices rose for a fourth straight day on Thursday with U.S. crude, heating oil and jet fuel stocks seen tight just as a chilly blast hits the United States and travel is set to soar for the holiday season.

Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers.

A local unit of the Russian energy giant Gazprom said on Tuesday that gas was being supplied to customers in full via parallel pipelines following a fatal explosion in a section of the Urengoi-Pomary-Uzhhorod pipeline.

Corporate earnings growth is expected to slow in the year ahead in many countries as higher inflation and rising interest rates take an even bigger toll and companies brace for the likelihood of a global economic downturn.

Qatar approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

The aim of the cap on gas prices traded within the European Union is to mitigate an energy crunch brought on by Russia's invasion of Ukraine.

Oil prices rose in early trade on Tuesday, shored up by a weaker dollar and a U.S.

Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession.

Oil prices rose in early Asian trade on Friday after falling 2% in the previous session on central bank interest rates hikes, and is poised to end the week higher after a series of positive oil demand forecasts.

Japan's imports surged in November, outpacing exports and resulting in the 16th straight month of trade deficits, as the spectre of a global slowdown added to the country's worsening terms of trade.

One week after Canada's Keystone pipeline spilled more than 14,000 barrels of oil in rural Kansas in the United States, the cause is still unknown, according to regulators.

Oil prices were largely unchanged in early Asian trade on Thursday as traders weighed optimism over China's demand outlook against the possibility of further interest rate hikes from global central banks.

Oil prices fell in early trade on Wednesday after industry data showed a surprise build in U.S.