MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
Benchmark oil for July delivery was down 59 cents to $93.66 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 10 cents to $94.15 a barrel on Friday.
Analysts said traders took profits before May unemployment data is released Tuesday in Washington, which should help clarify the state of the recovery in the world’s biggest economy.
“We’re starting to build confidence in the economic data, but that’s not going to stop anyone from taking money off the table ahead of a long weekend,” Carl Larry of Oil Outlooks and Opinions said in a market commentary, referring to the Memorial Day holiday in the U.S. on Monday.
The global economic picture was clouded last week by a private survey showing weak Chinese manufacturing. That raised questions about the strength of oil demand in the world’s No. 2 economy.
Qinwei Wang, an economist with Capital Economics, said in a market commentary that recent Chinese indicators suggest that “general economic conditions remain downbeat.” The more closely watched official manufacturing survey is due Saturday, Wang said.
Brent crude, a benchmark for many international oil varieties, fell 36 cents to $102.22 a barrel on the ICE Futures exchange in London.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
The group accused Israel, which has so far refused to comment, as US denies involvement
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
Israel has not yet commented on the explosions
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region