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US-Saudi Business Council Organizes Promoting Opportunities in Saudi Arabia Conference

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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US-Saudi Business Council Organizes Promoting Opportunities in Saudi Arabia Conference

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The US-Saudi Business Council will organize on Monday a conference to promote economic opportunities in the Kingdom in New Orleans in partnership with KN Legal.

Speakers from Saudi Aramco, the US-Saudi Arabia Business Council, KN Legal as well as representatives of the US Export Assistance Center in New Orleans and the Lafayette Economic Development Commission will present important data and assistance resources for companies interested in entering or expanding their businesses in the Saudi market.

The conference will also see the participation of a number of experts and speakers to get a general overview of the available opportunities for American companies in Saudi Arabia in the oil and gas projects and the new opportunities generated from the mega economic diversification strategy of the Saudi Vision 2030.

The conference will highlight the efforts of the Saudi leadership in encouraging international participation in this fast-moving economy, such as economic, trade and regulatory reforms to improve the transparency and predictability of the Saudi business environment.

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.