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

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

Oil Updates – prices slip after large US crude stock build

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RIYADH: Egypt plans to build an electric and diesel car manufacturing factory with a production capacity of up to 6,000 vehicles in collaboration with Hinduja Group, one of India’s largest companies. The move will help bolster the North African country’s economy and create job opportunities for Egyptians. Egypt’s Minister of Planning and Economic Development Hala El-Said, who … Read more

Oil Updates — prices drift down on sticky inflation, bigger-than-expected US crude stock build 

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NEW YORK: Oil prices slipped in Asian trade on Wednesday after a US industry group reported crude stocks rose more than expected last week and as investors reined in expectations for interest rate cuts by the US Federal Reserve, according to Reuters.  Brent futures fell 11 cents, or 0.13 percent, to $82.66 a barrel at 07:03 … Read more

Oil Updates – prices edge up on Middle East risk

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Closing Bell: TASI closes in green with 12,296 points, reaches $2.9bn trading volume  RIYADH: Saudi Arabia’s Tadawul All Share Index concluded its Monday trading at 12,295.91 points, recording an increase of 86.85 points or 0.71 percent.   The Kingdom’s parallel market Nomu also advanced by 4.50 points or 0.02 percent to 25,305.48 points.  The MSCI Tadawul … Read more

Aramco keeps Arab Light crude prices to Asia unchanged for March

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DAMMAM: Saudi Arabia’s logistics sector is poised for a significant transformation with the launch of a joint venture company.   This strategic collaboration, known as Advanced Supply Management Operations, or ASMO, combines the procurement expertise of Saudi Aramco with the supply chain knowledge of DHL. This venture aims to revolutionize processes, positioning itself as a comprehensive … Read more

Aramco raises LPG contract prices for February by $10 per tonne

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RIYADH: The Saudi Arabian Oil Co., also known as Saudi Aramco, on Wednesday raised the official selling prices for propane and butane in February by $10 a tonne from the previous month, according to an official statement. Aramco’s February OSP for propane is $630 per tonne, while price for butane has been set at $640 … Read more

Oil Updates – prices climb as tensions escalate in Middle East

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SINGAPORE: Oil prices climbed on Monday after a drone attack on US forces in Jordan added to worries over supply disruption in the Middle East as Houthi rebels stepped up their attacks on vessels in the Red Sea, hitting a Trafigura-operated fuel tanker, according to Reuters. Risks of a widening conflict comes as Russian refined … Read more

Oil Updates – crude prices wobble amid weak demand, sturdy dollar

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BEIJING: Oil seesawed between modest falls and gains on Wednesday as traders weighed the impact on prices stemming from escalating geopolitical tensions, concerns over tepid demand and a stronger dollar, according to Reuters. The front-month March contract for Brent crude rose 4 cents to $79.59 a barrel at 10:12 a.m. Saudi time. US West Texas … Read more