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Oil Updates — prices rise in thin pre-Christmas trade

Oil Updates — prices rise in thin pre-Christmas trade
Brent crude futures were up 33 cents, or 0.5 percent, to $72.96 a barrel at 07:22 a.m. Saudi time. Shutterstock
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Updated 24 December 2024

Oil Updates — prices rise in thin pre-Christmas trade

Oil Updates — prices rise in thin pre-Christmas trade
  • Solid economic prospects for the US are also supporting prices

LONDON: Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by slightly positive market outlooks for the short term and stronger US economic data, despite thin trade ahead of the Christmas holiday.
Brent crude futures were up 33 cents, or 0.5 percent, to $72.96 a barrel, and US West Texas Intermediate crude futures rose 29 cents, or 0.4 percent, to $69.53 a barrel at 07:22 a.m. Saudi time.
FGE analysts said they anticipated the benchmark prices would fluctuate around current levels in the short term “as activity in the paper markets decreases during the holiday season and market participants stay on the sidelines until they get a clearer view of 2024 and 2025 global oil balances.”
Supply and demand changes in December have been supportive of their current less-bearish view so far, the analysts said in a note.
“Given how short the paper market is on positioning, any supply disruption could lead to upward spikes in structure,” they added.
Some other analysts also pointed to signs of a positive outlook for oil over the next few months.
“The year is ending with the consensus from major agencies over long 2025 liquids balances starting to break down,” said Neil Crosby, Sparta Commodities’ assistant vice president of oil analytics, in a note. “The EIA’s STEO (short-term energy outlook) recently shifted their 2025 liquids to a draw despite continuing to bring back some OPEC+ barrels next year.”
Solid economic prospects for the US, the world’s largest oil consumer, are also supporting prices.
New orders for key US-manufactured capital goods surged in November amid strong demand for machinery, while new home sales also rebounded, in a sign that the US economy is on a solid footing toward the year-end.
In the shorter term, traders are looking for indications of US demand from the crude oil and fuel stockpiles data due from the American Petroleum Institute industry group later on Tuesday.
Analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to Dec. 20 in a sign of healthy demand. The Energy Information Administration is due to release its data on Friday. 


Philippines in talks to add flights, develop joint tourism promotion with ֱ

Philippines in talks to add flights, develop joint tourism promotion with ֱ
Updated 14 November 2025

Philippines in talks to add flights, develop joint tourism promotion with ֱ

Philippines in talks to add flights, develop joint tourism promotion with ֱ
  • Philippines developing halal travel as part of its tourism strategy
  • Saudi market is one of Philippines’ most dynamic and high-value markets

MANILA: Philippine officials are in talks with Saudi tourism players to add more flights between their countries and develop a joint travel promotion campaign, the department of tourism said as Manila seeks to strengthen tourism ties with the Kingdom. 

Tourism Undersecretary Verna C. Buensuceso led the Philippine delegation at the 26th UN Tourism General Assembly earlier this month in Riyadh. On the sidelines of the event, she met with Saudia Airlines’ sales general manager, Abdulrahman Alabdulwahab, and Riyadh Air Vice President for Network Planning and Partnerships Wolfgang Reuss.  

They held “separate discussions … on the expansion of air connectivity and the development of joint tourism promotion initiatives,” the tourism department said in a statement. 

With tourism being a key sector for the Philippines, its government has been trying to attract more Middle Eastern visitors by creating Muslim-friendly destinations and ensuring that they have access to halal products and services. 

Saudi travelers are among those contributing to a recent surge in international tourism arrivals from countries in the Middle East and the GCC.

“ֱ has emerged as one of the world’s fastest-growing outbound tourism markets, driven by a young and affluent population with high disposable income for travel. It represents one of our most dynamic and high-value markets in the Middle East,” Tourism Secretary Christina Frasco said in a statement. 

“As a destination, the Philippines continues to gain ground among Saudi travelers, recognized for its warm hospitality, competitive value, English-speaking service culture, and growing halal-friendly tourism infrastructure.”

Tourism receipts from the Kingdom were more than $37 million last year, a 46 percent rise from 2023, ministry data showed. While Manila continues to be a top destination for Saudi travelers, Cebu, Boracay, and Pampanga are also among their top choices. 

The predominantly Catholic country — where Muslims constitute about 10 percent of the almost 120 million population — last year also launched a beach dedicated to Muslim women travelers in Boracay, the country’s top resort island and one of the world’s most popular.

Last month, the Philippines launched a “Muslim-Friendly Travelogue,” an official guide for tourists planning trips to the country, covering its Islamic history and heritage, recommendations for destinations, and halal culinary products available in all parts of the archipelago.

In 2024, the Philippines was recognized as a rising Muslim-friendly non-Organization of Islamic Cooperation Destination by the Mastercard-CrescentRating Global Muslim Travel Index, an annual report benchmarking destinations in the Muslim travel market. 

Known for its white-sand beaches, diving spots and rich culture, the Philippines received a similar recognition in 2023.