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, West Texas Intermediate (WTI) for February delivery, fell $1.47 cents to settle at $88.66 a barrel.
Brent North Sea crude for February delivery dipped $1.23 to close at $108.97 a barrel in London trade.
The United States risks falling off the so-called fiscal cliff in the absence of a political compromise to avert a series of tax hikes and spending cuts from taking effect in January.
Experts say going over the cliff could push the world’s biggest economy back into recession.
Investors have “real fear of the potential to go off the fiscal cliff,” said Robert Yawger of Mizuho Securities USA.
If investor concern mounts “the stock market could slide rather aggressively,” he said, adding that he believed crude “will be at the mercy of the equity market.”
Crude prices rose earlier in the week on a sharper-than-expected fall in US crude inventories and as lawmakers appeared to make headway on a compromise.
Late Thursday, however, a Republican plan to let tax breaks expire on US millionaires collapsed when it failed to earn enough party support, leaving talks up in the air.
The tax bid, presented by top Republican John Boehner, was part of an overall offer to President Barack Obama that would raise some $1 trillion in tax revenue — mostly through closing loopholes and ending certain deductions — and another $1 trillion in spending cuts, including slashes to some entitlements like Medicare.
Republican leaders said Friday they were not walking away from negotiations. Still, a compromise remains elusive.
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
mena10 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
world10 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae10 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