Oil market stabilizing: Saudi energy minister

Energy, Industry and Mineral Resources Minister Khalid Al-Falih
Updated 10 July 2016
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Oil market stabilizing: Saudi energy minister

JEDDAH: Energy, Industry and Mineral Resources Minister Khalid Al-Falih said on Sunday the oil market was becoming more balanced and prices were stabilizing.
Al-Falih said Saudi Arabia would always strive to stabilize the oil market, a statement by the energy ministry added.
“In doing so, the Kingdom secures the flow of oil supplies as it retains a spare production capacity,” the minister, attending a climate meeting in Berlin, was quoted as saying in the statement.
His remarks echo earlier comments made on Monday by the Saudi minister in Dhahran at a meeting with newly appointed OPEC secretary general, Mohammed Barkindo.
Crude prices inched up in choppy trading on Friday but Brent notched its largest weekly drop in nearly six months.
Brent crude futures ended the session up 36 cents, or 0.8 percent, at $46.76 per barrel, after trading between $47.23 and $46.15.
US crude’s West Texas Intermediate (WTI) futures settled up 27 cents at $45.41, compared with an earlier drop to $44.77 and a high of $45.97.
Both benchmarks were down nearly 8 percent for the week — the largest weekly slide for Brent since January and the biggest weekly drop for WTI since February.
Crude futures remain some 75 percent above 12-year lows of $27 for Brent and $26 for WTI hit in the first quarter.
But the market has gyrated since hitting above $50 as a glut of refined products replaced worries about crude oversupply that caused a near two-year long tumble earlier.
Futures hit two-month lows on Thursday, with WTI breaking below key support of $45.83 after weekly drawdowns in US crude looked inadequate to assuage investor concerns.


US won’t send officials to China’s Belt and Road Forum

Updated 38 min 17 sec ago
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US won’t send officials to China’s Belt and Road Forum

  • Leaders from 37 countries and officials from dozens more are expected to attend the Belt and Road Forum from Thursday to Saturday
  • Chinese Foreign Minister Wang Yi told journalists at a briefing last week that US diplomats, state government representatives and members of the business community would be attending the forum

BEIJING: Washington will not send officials to a Beijing summit on Chinese President Xi Jinping’s signature global infrastructure project, the US embassy said Wednesday amid a raft of disputes between the two powers.
Leaders from 37 countries and officials from dozens more are expected to attend the Belt and Road Forum from Thursday to Saturday, but Washington has dismissed the initiative as a “vanity project.”
“The United States has no plans to send officials from Washington to the Belt and Road Forum,” a US embassy spokesperson told AFP in an email.
“We call upon all countries to ensure that their economic diplomacy initiatives adhere to internationally-accepted norms and standards, promote sustainable, inclusive development, and advance good governance and strong economic institutions,” the spokesperson said.
Chinese Foreign Minister Wang Yi told journalists at a briefing last week that American diplomats, state government representatives and members of the business community will be attending the forum.
At the first Belt and Road summit in 2017, the US was represented by White House adviser Matt Pottinger.
Since then, more countries have signed up to Belt and Road, most notably Italy, which became the first G7 nation to join the global scheme that aims to link Asia to Europe and Africa through massive investments in maritime, road and rail projects.