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Survey shows US oil and gas production slowing amidst high demand

RIYADH: Driven by a fall in crude and commodities pricing, oil and gas production in the US is decelerating at a time when demand is showing signs of recovery, research by the Federal Reserve Bank of Dallas has shown. The survey posted a score of zero for business activity growth in the second quarter of 2023 among 150 oil and gas groups in its region, the lowest since 2020 when oil prices crashed due to the pandemic, ultimately forcing operators to close rigs and cut headcounts. 
Business

“Soft Dollar Boosts Appeal: Gold Prices Rise”

RIYADH: Gold climbed on Monday after a weaker dollar made bullion more attractive for overseas investors, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the US Federal Reserve. Spot gold rose 0.3 percent to $1,926.19 per ounce by 8:38 a.m. Saudi time. US gold futures also gained 0.3 percent to $1,936.00. Bullion slumped nearly 2 percent in the previous week as hawkish comments from Fed officials signaled more rate hikes to tame sticky inflation.
Business

Biggest Weekly Gold Drop Since Feb Expected Due to Hawkish Fed

RIYADH: Gold prices were en route to their worst week since early February on Friday as the dollar strengthened after US Federal Reserve Chief Jerome Powell reiterated that more interest rate hikes were in the offing, according to Reuters. Spot gold was up 0.4 percent to $1,921.29 per ounce by 1543 p.m. Saudi time, yet stayed close to a three-month low hit earlier in the session. Prices are down 1.8 percent for the week. US gold futures gained 0.4 percent to $1,931.40.
Business

Egypt’s Central Bank Maintains Stable Interest Rates

CAIRO: The Central Bank of Egypt (CBE) kept its key overnight interest rates unchanged on Thursday, saying commodity prices appear to be falling and economic growth is likely to recover in the fiscal year that begins next week. As expected, the bank’s Monetary Policy Committee (MPC) left the lending rate steady at 19.25 percent and the deposit rate at 18.25 percent. Not one of 17 analysts polled by Reuters on Monday had forecast a change.
Business

Crude Oil Slides as UK Rate Hike Sparks Demand Concerns

RIYADH: Oil prices fell for a second straight session and were headed for a weekly decline of more than 3 percent on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the US ignited concerns over demand, according to Reuters. Brent futures slipped 51 cents, or 0.4 percent, to $73.76 a barrel, while US West Texas Intermediate crude futures were down 42 cents, or 0.6 percent, at $69.09 at 3:40 a.m. Saudi time. 
Business

Saudi main index ends week in red before Eid holidays

RIYADH: Saudi Arabia’s Tadawul All Share Index ended its trading on Thursday in the red, as it shed 7.19 points, or 0.06 percent, to close at 11,458.98.   The exchange will remain closed from June 23 as a part of the Eid Al-Adha holidays and trading will resume on July 2.   The total trading turnover of the benchmark index was SR6.33 billion ($1.69 billion) as 95 stocks advanced, while 124 retracted.   While the parallel market Nomu dropped by 1,118.48 points to close at 26,147.86, the MSCI Tadawul Index dipped slightly to end the day at 1,510.25.  
Business

Al-Falih: Saudi Arabia Plans More Airlines to Meet Demand

RIYADH: Within months of launching Riyadh Air, Saudi Arabia is exploring the possibility of adding more airlines to its growing aviation sector, revealed a top minister.  In an interview with Al-Arabiya on the sidelines of the ongoing Paris Airshow, Saudi Minister of Investment Khalid Al-Falih said that the Kingdom’s aviation sector is witnessing significant growth, necessitating the country to look at the possibility of introducing more airlines to meet the rising demand.  
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