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 July dropped 21 cents to $96.48 a barrel in the afternoon and Brent North Sea crude for August delivery shed 33 cents to $104.62.
Both contracts closed higher Thursday following upbeat US economic data.
“Oil has gone up quite a bit in the past couple of weeks, so it is due for some technical resistance,” Kelly Teoh, market strategist at IG Markets in Singapore, said.
Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP: “Underlying fundamentals look precarious, with oversupply variables and a waning demand.”
The World Bank on Thursday slashed its 2013 growth forecast for China to 7.7 percent from a previous estimate of 8.4 percent, warning of a potential “sharp” slowdown triggered by a fall in investment.
It also shaved its global growth forecast to 2.2 percent from 2.4 percent, largely due to the eurozone’s recession.
The market was also watching developments in Sudan following an oil pipeline blast.
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