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 34 cents to $93.53 a barrel.
Brent North Sea crude for February climbed 56 cents to $111.96 per barrel.
Crude oil has risen “on improving risk appetite and weaker US dollar,” said Fawad Razaqzada, an analyst at GFT Markets trading group.
The euro firmed against the dollar on Tuesday, making oil priced in the US unit cheaper for holders of rival currencies, boosting demand.
IG Markets analyst Jason Hughes said that traders were looking for guidance ahead of the corporate earnings season, especially for companies in the United States, the world’s biggest economy and largest oil-consuming nation.
Other analysts said there were also lingering concerns about the looming debates in the deeply divided US Congress over raising the country’s debt ceiling and spending cuts.
Oil prices surged last week when feuding Republican and Democrat lawmakers clinched a deal to avert a “fiscal cliff” of automatic spending cuts and across-the-board tax hikes.
But agreement on the cuts was simply deferred until the end of February, when lawmakers must also hammer out a deal to raise the country’s borrowing limit, raising the spectre of further political gridlock.
“Unless Congress extends the debt limit, the fiscal cliff that threatened in December will look like kid stuff,” DBS Group Research said in a market commentary.
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