MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
New York’s main contract, light sweet crude for delivery in February shed two cents to $93.07 a barrel while Brent North Sea crude for February delivery gained 14 cents to $111.45.
Data on Friday showed that the US economy generated 155,000 jobs in December, and the unemployment rate held at 7.8 percent.
However, a US government report last week showing softer fuel demand outweighed that news, Phillip Futures said in a market commentary.
Weaker US energy demand “added to bearish concerns about oil markets, which have been closely monitoring economic data for signals about consumption, which is under pressure because of the struggling economy”, Phillip Futures added.
The US is the world’s biggest oil consuming nation and the health of its economy is a key influence on crude prices.
Other analysts said markets remain concerned over more brinkmanship in the US Congress after last week’s 11th-hour deal that averted the fiscal cliff of tax hikes and spending cuts that threatened to tip the economy into recession.
While the lawmakers put off the huge tax hikes on many wage earners, agreement on spending cuts was put off until the end of February, when they must also hammer out a deal to raise the country’s borrowing limit.
“The bears are worried that US lawmakers will struggle, between now and end-February, to agree on budget spending cuts,” DBS Group Research said in a market commentary.
“Essentially, last week’s fiscal deal on increasing taxes on America’s wealthiest has only ameliorated and not erased fears of a double-dip recession.”
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena9 hours ago
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
world9 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae9 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago