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Crown Prince Attends South Korean President's Keynote at FII in Riyadh

Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
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Crown Prince Attends South Korean President's Keynote at FII in Riyadh

Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister, attended on Tuesday a keynote delivered by South Korea’s President Yoon Suk Yeol at the seventh Future Investment Initiative (FII) that kicked off in Riyadh earlier in the day.

The FII7 is being held under the theme "The New Compass".  

Held at the King Abdulaziz International Center for Conferences, the three-day event brings together 6,000 participants from more than 90 countries, and 500 local and international speakers from different sectors.

Yoon, who is on a four-day visit to the Kingdom, said Saudi Arabia has succeeded in transforming itself into an advanced industries hub.

“We want to expand the scope of relationship with the Kingdom of Saudi Arabia,” he said.

“I could feel the passion for Saudi projects and industrialization,” he said.  

“Vision 2030 is not just for industrialization but encompasses culture and private sector,” he stressed.

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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)
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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.