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Oil prices edge up amid rise in new COVID-19 variants

  • Oil prices edged higher on Monday as countries continued to expand vaccination programs against coronavirus, and despite new cases and rise of new variants of the infection. International benchmark Brent crude was trading up 0.6 percent at 55.39 per barrel, at 7 a.m. Riyadh time. WTI crude ...

OPEC cuts world oil demand forecast due to Delta variant

  • OPEC has trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant. The Organization of the Petroleum Exporting Countries (OPEC) has said a further recovery would be partially delayed until next year when consumption will exceed pre-pandemic rates...

Ryanair slashes losses but omicron hit winter bookings

  • Ryanair slashed losses in the final quarter of 2021 but the emergence of the omicron variant cut into the normally busy winter holiday travel season, the no-frills airline said Monday. Chief executive Michael O’Leary said the reporting period started well, with strong bookings as there was ...

Italy reimposes quarantine on arrivals from Britain

  • ROME: Italy will reintroduce a five-day quarantine on arrivals from Britain while easing rules for other countries, Health Minister Roberto Speranza announced on Friday. Britain on Thursday recorded 11,007 new daily coronavirus cases, with the emergence of the Delta variant pushing the figure ...

Renault’s Megane sedan makes its debut in the Kingdom

  • The all-new Renault Megane, the latest from the French renowned automaker, was unveiled in the Kingdom of Saudi Arabia in a ceremony held in honor of company senior officials from Renault, Gulf Advantage Automobiles (GAA) and members of the press.Marwan Haidamous, managing director of Renault...

MYNM welcomes new BMW X4 to its showrooms

  • Mohamed Yousuf Naghi Motors (MYNM), the official BMW Group importer in Saudi Arabia, has welcomed the BMW X4 to its showrooms this month. The X model family has grown to be a popular lineup across Saudi-based BMW loyalists, and the latest X4 claims to be an eye-catching addition with its extrav...

Boeing says India’s Jet Airways signs firm order for 75 737 MAX jets

  • New Delhi: Boeing said on Wednesday it has won a binding order from Jet Airways for 75 of its 737 MAX narrowbody jets, as the Indian carrier expands to meet domestic passenger demand that has shown no sign of abating despite years of growth....

Oil pulls back from 8-week high as coronavirus cases surge in India

  • TOKYO: Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strongly. Brent crude was down 66 cents, or 1 ...

Oil climbs on expected further draw in US crude inventories

  • TOKYO: Oil prices climbed on Tuesday, reversing most of the previous day’s losses, as tight supply and expectations of a further draw in US crude inventories provided support, although fears over the spreading COVID-19 variant capped gains. Brent crude for September rose 36 cents, or 0.5 perce...

Goldman Sachs sees ‘upside’ to oil price forecasts from OPEC+ supply deal

  • BENGALURU: US investment bank Goldman Sachs said the OPEC+ deal to boost oil supply supports its view on oil prices and expects modest “upside” to its summer forecast for Brent to reach $80 a barrel.OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other...