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Oil Updates — prices stable ahead of US-China trade talks

Oil Updates — prices stable ahead of US-China trade talks
Brent crude futures gained 4 cents to $66.51 a barrel by 11:40 a.m. Saudi time. Shutterstock
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Updated 09 June 2025

Oil Updates — prices stable ahead of US-China trade talks

Oil Updates — prices stable ahead of US-China trade talks
  • US and China hold trade talks in London on Monday
  • Potential trade deal could boost oil demand

LONDON: Oil prices were little changed on Monday as investors awaited US-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand.
Brent crude futures gained 4 cents to $66.51 a barrel by 11:40 a.m. Saudi time, while US West Texas Intermediate crude lost 1 cent to $64.57.
Brent rose 4 percent last week and WTI 6.2 percent as the prospect of a US-China trade deal boosted risk appetite for some investors.
US President Trump and China’s leader Xi Jinping spoke on the telephone on Thursday before US and Chinese officials meet in London on Monday in an effort to calm trade tensions between the two nations.
A trade deal between the US and China could support the global economic outlook and in turn boost demand for commodities including oil.
Monday’s talks could dampen the impact on prices of a slew of Chinese data releases, said IG market analyst Tony Sycamore.
Chinese export growth slowed to a three-month low in May as US tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world’s second-largest economy at home and abroad.
“Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65,” Sycamore said, referring to WTI prices.
The data also showed that China’s crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance.
The prospect of a potential China-US trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month. 


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.