SINGAPORE: Oil prices were little changed on Thursday, with investors weighing firm winter fuel demand expectations against large builds of fuel inventories in the US, the world’s biggest oil user, and macroeconomic concerns.

Brent crude futures fell 6 cents to $76.1 a barrel by 10:27 a.m. Saudi time. US West Texas Intermediate crude futures fell 5 cents to $73.27.

Both benchmarks fell more than 1 percent on Wednesday as a stronger dollar, and the bigger-than-expected rise in US fuel stockpiles weighed on 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 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, fueled 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 the Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time the demand is increasing.

The premium of the first-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 data showed rising gasoline and distillates stockpiles last week in the US.

The US dollar firmed 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-$77.95 into February as the market awaits more clarity on Trump’s administration policies and fresh fiscal stimulus measures out of China, said OANDA’s Wong.

DUBAI: Macroeconomic conditions, geopolitical tensions and advancements in technology are among the factors shaping the global workforce, as the World Economic Forum projects 170 million jobs will be created worldwide by 2030.

The latest edition of the forum’s “Future of Jobs” report also predicted the displacement of 92 million jobs, leaving a net gain of 78 million over the next five years.

The largest job growth is expected to be among frontline roles such as farm workers, delivery drivers and construction workers. The WEF also expects increased demand for healthcare and educational professionals, and in the fields of artificial intelligence and energy, particularly renewable energy and environmental engineering.

The report said skills gaps are the leading barrier to business transformation. Nearly 40 percent of skills required for jobs are set to change and 63 percent of employers cited this as a key challenge they face.

Half of employers globally said they planned to reshape their business to benefit from technology-related opportunities and this will be reflected in the job market, with 77 percent of employers intending to upskill their employees.

Despite this growing demand for technological skills, human skills, such as creative and analytical thinking and agility, will remain essential, the WEF said.

However, 41 percent of employers said they plan to reduce workforce size because AI is capable of automating some tasks, with cashiers, administrative assistants and secretaries expected to see the largest declines in the next five years.

Companies in the Middle East and North Africa region are more positive about the availability of talent for recruitment by 2030 than their global peers, the report found, with 46 percent of regional employers expecting the hiring outlook to improve.

“The big trends creating new jobs globally — such as increasing digitalization, adoption of artificial intelligence and the transition away from a carbon-heavy economy — are the same ones driving economic transformation across the Middle East,” Till Leopold, the WEF’s head of work, wages and job creation, told Arab News.

Employers in the region, most notably in Saudi Arabia and the UAE, are also planning to accelerate the process of automation. For example, the proportion of work tasks expected to be mostly automated through the use of technology is projected to reach 45 percent by 2030 in the Kingdom and 43 percent in the UAE, both well above the global average of 34 percent.

As companies invest more in the latest technology, more 70 percent of employers in Saudi Arabia and 87 percent in the UAE identified technological literacy as a skill on the rise, along with growing demand for skills in networks and cybersecurity, and AI and big data.

The report stressed the need for “urgent and collective action across government, business and education” as employment continues to evolve, with key priorities including efforts to bridge skills gaps, invest in reskilling and upskilling initiatives, and enable easy access to the fastest-growing jobs and skills development.

“It is essential that public- and private-sector leaders work together to ensure people across the region are equipped with the right skills to benefit from these opportunities, including technology literacy, resilience and creative thinking,” said Leopold.