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Expo! Expo! MENA Opens in Riyadh

The International Association of Exhibitions and Events holds Expo! Expo! MENA in Riyadh
The International Association of Exhibitions and Events holds Expo! Expo! MENA in Riyadh
TT
TT

Expo! Expo! MENA Opens in Riyadh

The International Association of Exhibitions and Events holds Expo! Expo! MENA in Riyadh
The International Association of Exhibitions and Events holds Expo! Expo! MENA in Riyadh

Riyadh International Exhibition and Conference Center, in partnership with the Saudi Conventions and Exhibitions General Authority (SCEGA), hosts on Sunday the Expo! Expo! MENA exhibition, organized by 1st Arabia Tradeshows and Conferences.

The International Association of Exhibitions and Events holds Expo! Expo! MENA in Riyadh, marking the debut of the event outside the US, where it takes place each December.

The three-day exhibition acts as a platform for exchanging opinions and experience, finding opportunities, capabilities and solutions, learning about the latest developments in the industry, as well as showcasing the Saudi experience, which has become a milestone in the exhibition, conference and events sector.

1st Arabia Tradeshows and Conferences CEO Bilal Al-Barmawi said that more than 100 exhibitors from different countries participate in the exhibition, where Saudi Conventions and Exhibitions General Authority Acting CEO Amjad Shaker delivers the opening speech.

There’s also a lineup of speakers from different countries, authorities and organizations.

Throughout the working sessions, decision makers and experts will present best practices, innovations, new services and products, and there will be opportunities to strike partnerships and develop the business.

The exhibition enables participants and attendees to learn about investment opportunities in the Kingdom, which will help boost the sector and achieve its goals in line with Vision 2030.

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.