United Nations Sees International Tourism Fully Recovering in 2024 

Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)
Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)
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United Nations Sees International Tourism Fully Recovering in 2024 

Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)
Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)

Global tourism is set to fully recover from the pandemic in 2024 as international tourist arrivals will likely be 2% more numerous than in 2019, the United Nations' World Tourism Organization said on Friday.

Increased global air connectivity and a strong recovery of Asian markets will allow a full rebound of tourism activities worldwide this year, even though geopolitical instability in the Middle East and elsewhere constitutes a risk for the industry as it affects would-be travellers' confidence, the UN tourism body said.

In 2023, travel demand in Europe and Africa almost reached pre-pandemic levels, and surpassed them in the Middle East.

Some destinations, such as Mediterranean Europe, the Caribbean and the Central American and North African sub-regions, exceeded their 2019 international tourism arrivals last year.

The organization expects the Chinese market to soar in 2024, after the government allowed visa-free travel for citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia until 30 November 2024. Flight capacity into and out of China is set to increase this year.

In 2023, international tourism ended at 88% of pre-pandemic levels, with an estimated 1.3 billion international travellers.

The overall industry contribution to the global economy in 2023 was $3.3 trillion, according to the report.



Oil Prices Reset as Supply Uncertainty Reigns

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 Reset as Supply Uncertainty Reigns

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 lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC+ crude output.

Brent crude futures were up only 1 cent at $75.23 per barrel by 1242 GMT, retreating from $76.07 earlier in the session.

US West Texas Intermediate crude futures were up 51 cents from Friday's close to $71.25 a barrel. There was no settlement for WTI on Monday because of the US Presidents' Day holiday, Reuters reported.

"Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep movement trapped or notions of a war settlement topped with tariffs is hard to tell," said John Evans of oil broker PVM.

"Day trading and short-term flows are ruling the fate of oil prices at present."

US and Russian officials held more than four hours of talks in Riyadh on Tuesday, their first on ending the war in Ukraine. But Moscow made a new demand: that NATO cancel its 2008 promise on Ukraine membership.

Ukraine was not at the talks and has said that no peace deals can be made on its behalf.

If a deal is reached, Washington and its allies could abandon sanctions throttling the supply of Russian oil to the world.

Oil prices were bolstered on Tuesday by a Ukrainian drone attack on a Russian pipeline that pumps about 1% of global crude supply.

The damage could reduce oil transit volumes from Kazakhstan by about 30% and take up to two months to repair, Russian oil transport company Transneft said.

Another question hanging over oil markets is whether OPEC+ is considering a delay to monthly supply increases scheduled in April.

Russian state media said the group's members were not looking to hold off from the increases after Bloomberg News reported that OPEC+ members were exploring a possible delay.