Saudi Arabia Financial News

Cristiano Ronaldo has become the very first individual to amass a staggering 600 million followers on the popular social media platform, Instagram. Ronaldo already had the honor of being the first user on the platform to have more than 300 million followers, so this incredible feat gives him even more bragging rights. The compliments don't end there, either.

Investing.com — Oil prices were flat on Friday, coming under pressure from a stronger dollar after U.S. inflation grew as expected in July, while the OPEC group maintained a positive outlook for global demand. 

Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth. Brent crude rose 7 cents to settle at $86.47 a barrel at 0017 GMT, while U.S. West Texas Intermediatecrude futures gained 12 cents at $82.94 a barrel.

Investing.com — The China bear is lurking again, and that isn’t helping the oil bull — at least not today.

By Natalie Grover

Payments firm Network International Holdings posted higher half-year revenue and profit on Thursday, buoyed by steady merchant wins and growth in its outsourced payments services business. Network International's home market the United Arab Emirates has clocked strong growth where consumer spending is high due to the region's robust tourism.

Investing.com — Against the bullish mantra of Saudi production cuts, the keeper of U.S. energy data has delivered a volley of its own — a three-year peak for U.S. oil output, estimated in its latest weekly report.

Investing.com — U.S. crude stockpiles rose by nearly six million barrels last week — about a third of what they lost the prior week — amid shifts to global supply dynamics from Saudi production cuts aimed at getting more money for a barrel despite weak demand from No. 1 oil buyer China.

Public Investment Fund is accelerating spending at home, often on obscure startups and projects that it plans to own and operate. Last month, PIF said it would start selling milk from camels and dates grown in the region around the holy city of Medina. Before that, it launched a halal meats exporter and a company aiming to make Saudi coffee globally popular.

Top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day for another month to include September, and Russia said it would cut oil exports by 300,000 bpd in September. «The latest recovery is mainly driven by the pledge of major producers, like Saudi Arabia and Russia, to keep supply subdued for another month,» said Charalampos Pissouros, senior investment analyst at broker XM. Brent crude was up $1.00, or 1.2%, at $87.17 by 1110 GMT, having touched $87.24, the highest price since April 13.

«Does the US have the ability to actually service all of this debt and will that additional 25 or 50 bps rate hike by the Fed tip the scale towards a full-blown recession? I do not think so as yet,» says Gautam Trivedi, Nepean Capital.It has been a good year if you bought stocks in April, May, June or even July so the summer rally of 2023 do you think it will extend in itself for the remaining part of the year? I think it will. And let us understand one very basic thing, which I think sometimes people, when I meet them socially, they think India is the only country in the world that seems to be having a stock market rally. And all the money in the world seems to be only coming here because if you read the financial newspapers or media channels, you almost get the feeling that we are alone in the world.

Iraq's official media regulator has directed all media and social media companies operating not to use the term “homosexuality". The Arab stated told to replace the word ‘homosexuality’ with ‘sexual deviance’, Reuters' report mentioned. The Iraqi Communications and Media Commission (CMC) said that the use of the term "gender" was also banned.

By Yuka Obayashi

Also Read: US Defense chief visits Iraq for talks on troop presence US officials say the arrangement, with Iraqi forces in the lead, since December 2021, has proven successful. US estimates show IS ranks have been cut to fewer than 1,000 fighters in Iraq while the group's leadership in Iraq has likewise been continually degraded by Iraqi forces.

By Stephanie Kelly

Investing.com — U.S. crude oil stocks likely rose by over 4 million barrels last week, with deficits/gains in inventories of gasoline and distillates too, amid intensive production cuts by Saudi Arabia, petroleum industry group API indicated in a preliminary report on Tuesday ahead of official inventory data.

gas prices after the Ukraine war. However, since the majority of Indian population relies on LPG, it comprises a major part of a household budget making it a politically sensitive commodity. As a result, the price rise of a 14-kg LPG cylinder has not seen an increase in line with global prices.

China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world's largest oil importer. Brent crude futures were down $1.33, or about 1.6%, at $84.01 a barrel at 1047 GMT. U.S.

Saudi state-run oil giant Aramco has made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year

Ukrainian officials say that two Russian missiles have hit the center of Pokrovsk, a city in the eastern Donetsk region, killing at least five people and wounding two dozens more

US jobs data. Asian currencies were down between 0.2% and 0.6%, with the offshore Chinese yuan slipping to 7.2250 to the dollar, Reuters reported. On Monday, the rupee ended 10 paise higher at 82.84 a dollar.