SINGAPORE: Oil prices fell by more than 1 percent on Monday, as the market focus switched to fundamentals after Israel and Iran played down the risk of an escalation of hostilities following Israel’s apparently small strike on Iran, according to Reuters. Brent futures fell $1.21, or 1.4 percent, to $86.08 a barrel by 9:55 a.m. … Read more
LONDON: Oil prices jumped $3 a barrel on Friday in reaction to reports that Israeli missiles had struck a site in Iran, sparking concerns that Middle East oil supply could be disrupted. The benchmark contracts surged more than $3 then eased slightly. At 5:00 a.m. Saudi time, Brent futures were up $2.63, or 3 percent, … Read more
RIYADH: Saudi Arabia’s crude production reached a seven-month high of 9.01 million barrels per day in February, data from the Joint Organizations Data Initiative showed. This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month. Furthermore, the data indicated that the Kingdom’s crude exports rose to 6.32 million bpd, reflecting … Read more
Pakistan pushes to forge strategic, economic partnership as Saudi FM visits Islamabad ISLAMABAD: Pakistani top leaders, including the prime minister, president and foreign minister, said on Tuesday the ongoing visit of Saudi Foreign Minister Prince Faisal bin Farhan to Islamabad would help transform a longstanding friendship between the two nations into a strategic and commercial … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 38.52 points, or 0.30 percent, to close at 12,666.90. The total trading turnover of the benchmark index was SR6.28 billion ($1.67 billion) as 103 of the stocks advanced, while 122 retreated. On the other hand, the Kingdom’s parallel market Nomu gained 137.34 points, or … Read more
SINGAPORE: Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer US interest rate cuts this year, according to Reuters. Brent crude futures climbed 75 cents, or 0.84 percent, to $90.49 a barrel … Read more
SINGAPORE: Oil prices ticked up during trade on Thursday, after rising a dollar a barrel in the prior session, as investors braced for a worsening of the Middle East crisis, potentially involving Iran, the third-largest oil producer in the Organization of the Petroleum Exporting Countries. Brent crude futures was up 5 cents to $90.53 a … Read more
HOUSTON/BEIJING: Oil prices rose on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in US crude inventories, according to Reuters. Brent crude futures were up 25 cents at $89.67 per barrel at 9:50 a.m. … Read more
RIYADH: The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions. According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the … Read more
RIYADH: Saudi banks’ total deposits reached SR2.54 trillion ($677 billion) in February, marking a 10.26 percent increase from the same month last year, the official data showed. Analysis conducted on the data released by the Saudi Central Bank confirmed that growth was primarily fueled by a 26 percent annual increase in time and savings deposits, … Read more