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Forum for Creative Youth Ideas Kicks Off in Central Saudi Arabia

Photo from the first edition of the Community Participation Forum in the Eastern Province (Asharq Al-Awsat)
Photo from the first edition of the Community Participation Forum in the Eastern Province (Asharq Al-Awsat)
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Forum for Creative Youth Ideas Kicks Off in Central Saudi Arabia

Photo from the first edition of the Community Participation Forum in the Eastern Province (Asharq Al-Awsat)
Photo from the first edition of the Community Participation Forum in the Eastern Province (Asharq Al-Awsat)

Under the patronage of Prince Dr. Faisal bin Mishal bin Saud, Emir of the Qassim region, the second forum for community participation in Qassim will kick off on Sunday, in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, and a number of officials and stakeholders in the non-profit sector in the region.

The second edition of the forum is held under the slogan, “Community Solidarity,” as it aims to shed light on the establishment of urban parks and their importance to residential areas, and the role of community participation in activating various programs and activities.

The forum focuses on inviting creative youth initiatives to exchange expertise and experiences that reflect the integration between entities in the non-profit sector, with the aim to reach effective contribution and highlight the role of the non-profit sector in achieving the goals of the Kingdom’s Vision 2030.

The forum will feature a number of seminars and dialogue sessions, in addition to a parallel exhibition that showcases the most prominent local experiences and expertise in community work.

The sessions address a number of topics, including art in public places, and expanding the concept of quality of life in residential neighborhoods to include the social and urban environment, by developing indicators to measure community satisfaction, in addition to activating the role of urban parks in humanizing cities.

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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.