MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
New York’s main contract, light sweet crude for delivery in June added 47 cents to $91.90 a barrel in the afternoon and Brent North Sea crude for June delivery increased 40 cents to $102.13.
“Prices are supported by data showing US inventory build-up was less than expected,” Tetsu Emori, chief fund manager at Astmax Asset Management in Tokyo, said. “This suggests that demand in the United States is recovering.”
The US Department of Energy announced Wednesday that oil stockpiles in the country increased 900,000 barrels in the week ending April 19, fewer than forecasts for a gain of 1.2 million barrels.
Changes in US inventory stocks are closely watched by dealers as they indicate levels of demand in the world’s top crude consumer.
Prices were also supported by speculation that the ECB will soon cut interest rates following the release of poor German economic data Wednesday.
“The recent weak data coming out from Europe and the US has also reassured investors more stimulus measures will be taken,” said Desmond Chua, market analyst at CMC Markets in Singapore.
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