Oil Updates — prices extends gains for fifth session on Mideast tensions, US data

RIYADH: Saudi Arabia’s point-of-sales spending reached around SR52.76 billion ($14.05 billion) in June, registering a 1.75 percent rise compared to the same month last year, the latest data revealed.  Figures from the Saudi Central Bank, known as SAMA, reported that 30 percent of POS spending during this period — amounting to SR15.73 billion — was … Read more

Oil Updates — prices edge higher on Mideast tensions despite weak demand

RIYADH: The CEO of Zain KSA, Sultan bin Abdulaziz Al-Deghaither, who is credited with turning around the company, passed away, the mobile telecommunications operator announced.  Al-Deghaither, who served as CEO for six years, led the company through a transformative period, eliminating over SR2 billion ($532.6 million) in accumulated losses and tripling its market capitalization.  Mourning … Read more

Oil Updates – prices rebound 1% on concerns wider Middle East conflict may cut supply

RIYADH: The CEO of Zain KSA, Sultan bin Abdulaziz Al-Deghaither, who is credited with turning around the company, passed away, the mobile telecommunications operator announced.  Al-Deghaither, who served as CEO for six years, led the company through a transformative period, eliminating over SR2 billion ($532.6 million) in accumulated losses and tripling its market capitalization.  Mourning … Read more

Oil Updates – crude slips for third session on likely ‘higher for longer’ US rates

SINGAPORE: Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve might keep US interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world’s largest oil consumer, according to Reuters. Brent crude futures were down 71 cents, or 0.9 percent, to $82.17 a barrel, … Read more

Oil Updates – prices fall on demand fears over Fed’s rates path

RIYADH: Saudi Arabia’s new airline, Riyadh Air, is set to unveil its cabin crew special uniform at the upcoming Paris Fashion Week, according to its CEO. On the sidelines of this year’s Future Aviation Forum in Riyadh, Tony Douglas, CEO of Riyadh Air, shared in an interview with Arab News a series of strategic developments that … Read more

Oil Updates – prices fall more than 1% as Iran-Israel tensions ease

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

Oil Updates – prices surge 3% on reports of Israeli strikes on Iran

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

Oil Updates – crude stabilizes after sharp drop on demand concerns, easing of Middle East tension

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

Oil Updates – prices dip as demand worries outweigh Mideast supply fears

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

Oil Updates – prices fall after Iran attack as market draws down risk premium

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