ֱ

Oil Updates — prices dip as demand optimism fades 

Oil Updates — prices dip as demand optimism fades 
Brent futures edged down 8 cents, or 0.1 percent, to $76.22 a barrel by 07:52 a.m. Saudi time, while US West Texas Intermediate crude fell 15 cents, or 0.19 percent, to $73.42. Shutterstock
Short Url
Updated 07 January 2025

Oil Updates — prices dip as demand optimism fades 

Oil Updates — prices dip as demand optimism fades 
  • Concern over sanctions tightening supply has translated into increased demand for Middle Eastern oil
  • Market participants are awaiting more data this week

LONDON: Oil prices reversed early declines on Tuesday, supported by fears of tighter Russian and Iranian supply in the face of escalating Western sanctions.
Brent crude futures advanced 60 cents, or 0.79 percent, to $76.90 a barrel by 5:22 p.m. Saudi time, while US West Texas Intermediate crude was up 50 cents, or 0.68 percent, at $74.06.
It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.
Concern over sanctions tightening supply has translated into increased demand for Middle Eastern oil, reflected in a rise in ֱ’s February oil prices to Asia, the first such increase in three months.
In China, Shandong Port Group on Monday issued a notice banning US-sanctioned oil vessels from its network of ports, three traders said, potentially restricting blacklisted vessels from major energy terminals on China’s east coast.
Shandong Port Group oversees large ports on China’s east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.
Meanwhile, cold weather in the US and Europe has boosted heating oil demand, though oil price gains were capped by global economic data.
Euro zone inflation accelerated in December, an unwelcome but expected blip that is unlikely to derail further interest rate cuts from the European Central Bank.
“Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the eurozone,” said Panmure Liberum analyst Ashley Kelty.
Technical indicators for oil futures are now in overbought territory and sellers are keen to step in again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.
Market participants are awaiting more data this week, including the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.


ֱ eyes top 10 global tourism ranking, says Al-Khateeb

ֱ eyes top 10 global tourism ranking, says Al-Khateeb
Updated 10 November 2025

ֱ eyes top 10 global tourism ranking, says Al-Khateeb

ֱ eyes top 10 global tourism ranking, says Al-Khateeb

JEDDAH: ֱ is on track to rank among the world’s top 10 tourist destinations, according to Minister of Tourism Ahmed Al-Khateeb.

Speaking at a press conference on Monday, Al-Khateeb highlighted that the 26th UN Tourism General Assembly in Riyadh focused on digital transformation in tourism, with member states committed to advancing initiatives, particularly in artificial intelligence.

UN Tourism Secretary-General Zurab Pololikashvili and Shaikha Al-Nowais, newly elected secretary-general of the organization, were also present.

Al-Nowais becomes the first woman and the youngest person to lead the global tourism body in its 50-year history.

Al-Khateeb described the Riyadh Declaration as a roadmap for the organization’s future.
“Through the executive council, the member states will work with the current and future secretary general to ensure the implantation of the Riyadh Declaration.”

He stressed that the declaration emphasizes sustainability, air connectivity, investment attraction, and the training and empowerment of human resources.

“Using technology, we are enhancing the tourist journey with solutions that require minimal human intervention, such as facial recognition at airports to streamline the travel process,” he said.

Al-Khateeb also highlighted the importance of human interaction in tourism. “We are also keen to develop human capabilities in the sector.” He added that tourism serves as a bridge between cultures.

Al-Nowais underscored sustainable and responsible growth as her top priority, alongside transparency, ethical governance, digital transformation, and smart tourism. She noted the organization has already launched initiatives like the Best Tourism Village program, which certifies rural villages and small destinations within larger regions to promote development and support local communities.

She added that the entity has done a “great” job in this regard and stressed that technology and innovation will play an increasing role in managing growing numbers of travelers.
“We need to see how we can propose or advocate or suggest areas where we can ask destinations and governments to empower themselves with those tools and see how we can instead divert the crowd or the travelers to new destinations and emerging destinations,” she said.

Commenting on her election, Al-Nowais called it a profound honor to represent women in such a leadership role.
“I think my message is with dedication, with passion, with commitment, with hard work, you know things like that will always pay off.”

She added: “No matter how difficult it is, you have to live by your principles, your values, and believe in yourself. And I think nothing is ever impossible,” she added.

Pololikashvili described the Riyadh Declaration as a shared commitment among countries.
“All these three days we were talking. It's not the idea of one or two countries, and it's the process to support sustainable development.”

He emphasized that the declaration aims to leave a lasting legacy, noting that it is fully transparent and clearly outlines priorities for the coming years.
“And priorities are the same, more or less now, the digitalization, education, investments, and it is a more concrete and more detailed document and guideline,” he said.

In response to a question about this year’s focus on AI-powered tourism and making the technology accessible for countries with limited infrastructure, Pololikashvili said that it is a new area for them as well. He highlighted the pioneering role of ֱ and the UAE in establishing innovation hubs, a first-of-its-kind initiative globally.

“These hubs are designed to transfer expertise to less developed countries, particularly in the tourism sector, over the next two to three years,” he said, adding that the initiative is seen as a strategic investment to attract knowledge and skills from leading countries and support member states’ development.

Under the theme “AI-Powered Tourism: Redefining the Future,” the four-day event brought together representatives from more than 150 countries, including ministers, global tourism leaders, and industry experts, to discuss the future of travel, innovation, and sustainable development.

The General Assembly is the highest decision-making body within the UNWTO, comprising more than 159 member states, as well as representatives from the private sector and nongovernmental organizations.