Saudi Arabia Financial News

By Alex Lawler

Oil prices dipped for a second session on Monday after Libya resumed production over the weekend while China, the world's largest crude importer, is expected to release economic data showing that its post-pandemic recovery is fizzling out. Brent crude futures fell 57 cents, or 0.7%, to $79.30 a barrel by 0055 GMT while U.S. West Texas Intermediate crude was at $74.90 a barrel, down 52 cents, or 0.7%.

New Development Bank (NDB) has started membership expansion to make the bank a global institution, said Leslie Maasdorp, the bank's vice president and chief financial officer, adding that the institution has been able to successfully navigate geopolitical issues. The New Development Bank is also exploring fundraising in the Indian rupee and is expected to hold discussions next month and is in touch with the regulators.

China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data. At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said. «Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22,» it said. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket. The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets.

GANDHINAGAR : The US and its allies are building on actions to crack down on efforts by Russia to evade sanctions, US treasury secretary Janet Yellen said on Sunday. "One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts," Yellen said during a press conference at the sidelines of the third G20 Finance and Central Bank Deputies (FCBD) meeting.

Russia and Ukraine is beyond the remit of the G20 and such efforts will be best undertaken by the United Nations and through bilateral negotiations, India's sherpa to the bloc said Saturday. «Our view is that G20 is an economic forum, not a forum to discuss security issues,» India's sherpa Amitabh Kant told Reuters in an interview.

Investing.com — A strong consumer sentiment report — not one that would make the Fed particularly happy — gave the longs in oil an excuse to take some profit Friday on a market that’s run up more than many expected, with a second week of gains.

WTI Crude oil futures experienced slight pressure in mid-Asia electronic trades following a rise to two-and-a-half-month highs of $77.33 a barrel. The gains were driven by a drop in the US dollar, which fell below the 100 mark, reaching its lowest level since April 2022. The decline in the dollar was triggered by cooling inflation numbers in the US, the world's largest oil-consuming nation.

Investing.com — Crude oil prices edged lower Friday but remained on course for hefty weekly gains on the back of disrupted global supplies, hopes for higher U.S. demand and a weaker dollar.

Investing.com-- Oil prices rose in Asian trade on Friday, hovering near 10-week highs on the prospect of tighter supplies, amid disruptions in Libya and Nigeria, while data showing a drop in U.S. inflation also supported sentiment. 

Brent crude futures rose 27 cents, or 0.3%, to $81.63 per barrel at 0028 GMT. U.S. West Texas Intermediate crude futures rose 35 cents, or 0.5%, to $77.24.

Investing.com — With U.S. inflation data and rate hike concerns baked into the cake, OPEC did a grandstanding Thursday on its demand forecast for the current year and next to show all was hunky and dory with the oil market. 

Jordan Henderson, the Liverpool captain, is believed to have agreed in principle to a lucrative contract offer from Al-Ettifaq, pending the Saudi Arabian club's ability to meet Liverpool's asking price. While Saudi Arabia-based Al-Ettifaq initially aimed to secure the 33-year-old midfielder on a free transfer, Liverpool has demanded a substantial fee of £10 million. The clubs are scheduled to engage in negotiations to determine the feasibility of the proposed transfer. Should the deal materialize, Henderson would bid farewell to Anfield after an impressive 12-year tenure with the club. The potential move comes after Henderson held discussions with Liverpool manager Jürgen Klopp. Klopp has already added two midfielders to the squad this summer, namely Dominik Szoboszlai and Alexis Mac Allister, and was reportedly pursuing a third addition even before Al-Ettifaq expressed interest in Henderson. Among the names on Liverpool's shortlist is Roméo Lavia from Southampton, but as of now, no official bid has been made for the player. The club is actively exploring alternative options as well.

₹6,278 per bbl, having swung between ₹6,185 and ₹6,299 per bbl during the session so far, compared to their previous close of ₹6,213 per bbl.   IEA demand forecasts: In the latest insights on the supply-demand balance, a report by the International Energy Agency (IEA) on Thursday predicted oil demand would hit a record high this year, but that broader economic headwinds and interest rate hikes meant the increase would be slightly less than previously anticipated. The IEA now sees oil demand rising by 2.2 million barrels per days (mbd) this year, down from its previous forecast of an increase of 2.4 mbd.

Investing.com — Crude oil prices stabilized Thursday, after healthy gains this week after soft U.S. inflation data raised expectations interest rate increases in the world’s largest economy were close to an end.

Cristiano Ronaldo has invested an unannounced amount of money in second luxury watch company Chrono24 GmBH. Its significance can be understood by the fact that the other known personal stakeholder is Louis Vuitton chairman Bernard Arnault. Chrono24 GmBH was valued at more than USD 1 billion in 2021 and it has more than 5,00,000 luxury watched for sale.

By Natalie Grover

Oil prices rose in early Asian trade on Thursday after U.S. inflation and economic data sparked hopes the Federal Reserve may have fewer interest rate hikes in store for the world's biggest economy. Brent crude futures rose 6 cents to $80.17 per barrel by 0004 GMT and U.S.

Ahead of Prime Minister Narendra Modi’s visit to the UAE later this week, India’s engagement with the Gulf Cooperation Council (GCC) has gained momentum as discussions on the Free Trade Agreement (FTA) between the two parties resume.

By Diane Bartz and Frank Pingue

Shares of American luxury EV startup Lucid (NASDAQ:LCID) fell more than 10% in early trading Wednesday after the automaker revealed that the company had delivered 1,404 of its Air sedans to customers in the second quarter.