Oil Updates – crude extends losses after dollar rises on shifting interest rate outlook

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SINGAPORE: Oil prices fell on Monday, extending losses from the previous session after the dollar rose on market views that higher-than-expected inflation could delay cuts to high US interest rates that have been capping global fuel demand growth, according to Reuters. Brent crude futures fell 14 cents, or 0.2 percent, to $81.48 a barrel by … Read more

Undeterred by latest US-UK strikes, Houthis target US-flagged oil tanker off Yemen

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WASHINGTON/CAIRO: US and British forces carried out strikes against more than a dozen Houthi targets in Yemen on Saturday, officials said, the latest round of military action against the Iran-linked group that continues to attack shipping in the region. A joint statement from countries that either took part in the strikes or provided support, said … Read more

Oil Updates – crude falls after US Fed governor says no rush to cut interest rates

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AI will drive efficiency amid global economic slowdown, leading financiers tell FII Priority Summit MIAMI: The chiefs of four of the world’s leading corporations stressed on Thursday, during the first day of the Future Investment Initiative Miami Summit, that while artificial intelligence has the potential to drive higher investment and economic growth across the world … Read more

Oil Updates – crude rises for second day on improving signs of US refinery demand

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Saudi retail sector expected to have experienced robust net profit growth: Al Rajhi Capital RIYADH: The retail sector in Saudi Arabia is projected to have experienced robust net profit growth in the fourth quarter of 2023, driven by strong sales, according to Al Rajhi Capital.   In its latest report covering earnings previews for leading firms in Saudi … Read more

GCC keen on working with OPEC to ensure stable global oil markets

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Dubai real estate market soars amid record residential transactions in 2023: report  RIYADH: Dubai’s real estate market experienced robust growth in 2023, reaching an all-time high with residential transactions totaling 118,993 units, a report from CBRE revealed.  The report highlighted a 29.6 percent year-on-year increase in deal volumes, driven by growth in both the off-plan … Read more

Oil Updates – prices rise as investors weigh Red Sea attacks, US rate cut outlook

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World leaders in business, finance and tech gather in Miami for the 2nd FII Priority Summit MIAMI: From conflict and climate change to the rise of disruptive new technologies like artificial intelligence, humanity faces an array of challenges. That is why world leaders in business and finance are meeting in Miami this week to discuss … Read more

Oil Updates – prices hover near 3-week high on Middle East tensions, China demand

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BEIJING/SINGAPORE: Oil prices were broadly steady on Tuesday, hovering close to three-week highs on heightened Middle East tensions and recovering China demand, according to Reuters. Brent futures ticked down 11 cents to $83.45 a barrel by 7:13 a.m. Saudi time. US West Texas Intermediate crude for April delivery inched down 11 cents to $78.35 a … Read more

BP to invest up to $1.5 billion in oil exploration in Egypt

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RIYADH: Innovation is a priority for HSBC Saudi Arabia as it aims to enhance its offerings, according to the bank’s CEO. Faris Al-Ghannam, CEO and board member of HSBC Saudi Arabia, provided a comprehensive overview of the financial institution’s prospective plans, along with the Kingdom’s economic landscape and the investment opportunities it presents.  In an … Read more

Oil Updates – crude drops as sticky US inflation heightens demand concerns

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SINGAPORE: Oil prices fell as investor attention returned to the demand outlook after reports of higher producer prices in the US stoked worries that sticky inflation and higher interest rates would limit fuel consumption growth, according to Reuters. Brent crude futures were down 55 cents, or 0.7 percent, at $82.92 a barrel at 10:20 a.m. Saudi time. … Read more

Oil Updates – prices flat as weaker IEA outlook weighs on US rate cut hopes

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RIYADH: Saudi Arabia’s insurance industry is projected to experience a compound annual growth rate of 5.2 percent until 2028, reaching SR83.7 billion ($22 billion), a study showed.   This growth, up from the current SR68.3 billion in 2024, is primarily driven by the health and motor segments, which together will account for 86 percent of the … Read more