Oil Affected by Chinese, US Demand Indicators

Oil prices are mixed amid different demand indicators  - AFP
Oil prices are mixed amid different demand indicators - AFP
TT

Oil Affected by Chinese, US Demand Indicators

Oil prices are mixed amid different demand indicators  - AFP
Oil prices are mixed amid different demand indicators - AFP

Oil prices are mixed amid different demand indicators as China's latest data point to a fifth straight month of contraction in the manufacturing sector, while the US PCE index showed inflation in line with economists' expectations.

"Brent crude prices continued to trade sideways this week," analysts at commodities research firm BMI said in a note.

"However, timespreads for Brent futures contracts have widened. The move to stronger backwardation will be supportive of a more bullish stance for prices as markets are pricing in tightening in the months ahead." they added.

Meanwhile, uncertainty over a potential ceasefire in Gaza and expectations that OPEC+ will extend its production cuts into the second quarter continue to weigh on sentiment.

Brent crude was flat at $81.94 a barrel, while WTI was down 0.1% at $78.18 a barrel.



GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
TT

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.