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Oil Updates — Brent crude climbs over $1 on US-China talks

Update Oil Updates — Brent crude climbs over $1 on US-China talks
Brent crude futures gained $1.50, or 1.61 percent, to $66.39 a barrel by 4:49 p.m. Saudi time. Shutterstock
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Updated 06 June 2025

Oil Updates — Brent crude climbs over $1 on US-China talks

Oil Updates — Brent crude climbs over $1 on US-China talks

HOUSTON, June 6 : Brent crude rose more than $1 a barrel on Friday and oil prices were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.

Brent crude futures gained $1.50, or 1.61 percent, to $66.39 a barrel by 4:49 p.m. Saudi time. US West Texas Intermediate crude climbed $1.02, or 1.61 percent, to $64.39.

On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent has advanced 2.75 percent this week, while WTI is trading 4.9 percent higher.

China’s official Xinhua news agency said trade talks between Xi and Trump took place at Washington’s request. Trump said the call had led to a “very positive conclusion,” adding the US was “in very good shape with China and the trade deal.”

Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.

The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy.

“The potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices,” analysts at BMI, a Fitch affiliate, said in a note on Friday.

“But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters.”

Top exporter ֱ cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July.

“The market looks balanced in 2Q/3Q on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from OPEC+,” HSBC said in a note.

“Thereafter, accelerated OPEC+ hikes should tip the market into a bigger 4Q25 surplus than previously forecasted,” the bank added. 


Concierge demand surges as CEOs relocate to ֱ

Concierge demand surges as CEOs relocate to ֱ
Updated 12 November 2025

Concierge demand surges as CEOs relocate to ֱ

Concierge demand surges as CEOs relocate to ֱ

RIYADH: As ֱ attracts a growing influx of CEOs and high-net-worth individuals, the demand for concierge and lifestyle management services is soaring — with requests becoming increasingly complex and personalized.

“There’s an avalanche of people, for all the reasons that you would know, relocating to ֱ,” said Sir Ben Elliot, founder of global luxury concierge firm Quintessentially, in an interview with Arab News during TOURISE — the Saudi Ministry of Tourism-powered global summit held in Riyadh from Nov. 11–13.

For many new arrivals, the focus is on navigating practicalities: opening bank accounts, securing cars and drivers, hiring domestic staff, and finding schools for their children. “You need real proactive help to sort stuff out,” Elliot said. “Some of that stuff is a minefield.”

Over the past 18 months, demand has not only increased but also evolved, prompting Quintessentially to enhance its local operations. Elliot explained that the company is merging international expertise with Saudi talent to ensure high service standards from the outset.

“We brought people from our offices around the world working with young, brilliant, talented Saudis so that the service that you can expect when you arrive is really ticked off,” he said.

Elliot noted that Quintessentially’s outbound support for Saudi members is also expanding, reflecting the growing global mobility of Saudi travelers. “What we’re seeing from Saudis themselves is huge,” he said. “We have great people on the ground servicing that.”

According to Elliot, the definition of luxury is shifting from material possessions to emotion-driven, experiential value — especially among younger consumers. “If you think about the history of luxury, it has often been about things, materials,” he said. “They want to experience, they want to feel.”

He emphasized that brands in hospitality, retail, and travel need to focus on “meaningful human touch and relationships.”

Elliot highlighted ֱ’s approach to merging sustainability with luxury as a key opportunity for the sector. “The Kingdom of ֱ is at the forefront of trying to marry sustainable development alongside a kind of luxury experience,” he said.

He pointed to Diriyah as an example of how cultural authenticity can coexist with modern hospitality and retail offerings. “Whenever I take friends who have never been to ֱ, to Diriyah, that to me is a physical manifestation of where culture (and) sustainability meets a pretty kind of modern experience,” he said. “It feels absolutely real and authentic.”

Elliot said hosting TOURISE in Riyadh was symbolic of the city’s rapid evolution. “Everyone can see what’s happened here in the last 6 or 7 years, it’s kind of seeing is believing,” he said.

He also reframed sustainability as a shared responsibility across industries, warning that leaders who fail to prioritize environmental and social impact risk alienating younger generations.

Despite the rise of technology, Elliot underscored that the essence of travel and tourism remains deeply human. “We humans want to interact with other humans,” he said.