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, gained six cents to $93.88 a barrel in the afternoon while Brent North Sea crude for February dropped 33 cents to $111.56.
“We’re seeing some profit-taking... after the ticking up of oil prices yesterday,” said Jason Hughes, the head of premium client management at IG Markets in Singapore.
Crude prices hit three-month highs on Thursday after a surge in China’s trade surplus sparked hopes that the world’s second-largest economy and biggest energy user was emerging from its slumber.
The country slashed oil production by 700,000 barrels per day (bpd) to nine million bpd during the last two months of 2012, the report stated.
Official data released Friday showing a sharp slowdown in China’s inflation rate in 2012 as well as Japan’s announcement of fresh stimulus package had little impact on crude markets, Hughes stated.
“The market is consolidating and waiting to take further cues from the US session,” he said.
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