Saudi Minister of Commerce Concludes Visit to South Korea

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
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Saudi Minister of Commerce Concludes Visit to South Korea

Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)
Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi concluded his visit to South Korea on Wednesday. (SPA)

Saudi Minister of Commerce and Chairman of the Board of Directors of the National Competitiveness Center (NCC) Dr. Majid bin Abdullah Al-Qasabi met with Korean Minister of Land, Infrastructure and Transport Dr. Sangwoo Park in Seoul on Wednesday at the conclusion of his visit to South Korea.

The meeting, attended by Saudi Ambassador to South Korea Sami bin Mohammed Al-Sadhan, discussed the Kingdom's Vision 2030, economic and development reforms, cooperation and partnership opportunities, and the exchange of expertise, particularly in priority sectors.

During his visit, Dr. Al-Qasabi visited the Samsung Innovation Museum in Suwon and held a meeting with the Global President of Public Affairs, Seung-Hee Park, and senior executives of the company to explore cooperation opportunities and prospects presented by Vision 2030 and its economic and developmental reforms.

The minister met with the CEO of SK Telecom, Ryu Young-sang, to discuss potential cooperation opportunities that the company could offer to the Kingdom's ongoing projects.

The visit included meetings with several Korean officials, including the prime minister, minister of trade, industry, and energy, minister of small and medium enterprises and startups, minister of trade, and head of environmental, social and governance standards at Naver, to boost trade relations and economic partnership.

Al-Qasabi participated in the Saudi-Korean Business Forum organized by the National Competitiveness Center, the Federation of Saudi Chambers of Commerce, and the Korean Chambers of Commerce and Industry. The Saudi delegation at the event included representatives from various government entities and business leaders from major national companies.

The forum sought to strengthen trade relations in various priority economic sectors and discuss challenges faced by the private sector, as well as proposals for bolstering business opportunities.



Oil Rises as Mideast Tensions Overshadow China Data Concerns

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Rises as Mideast Tensions Overshadow China Data Concerns

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices climbed on Wednesday, rebounding from 7-week lows, as the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and overshadowed concerns about weak China demand.

Brent crude futures climbed $1.80, or 2.29%, to $80.43 a barrel by 1038 GMT ahead of expiry on Wednesday, while the more active October contract was up $1.85 at $79.92.

US West Texas Intermediate crude futures were up $2, or 2.68%, to $76.73 a barrel.

A 0.4% fall in the US dollar index also lent support to prices. A weaker dollar can boost demand for oil by making greenback-denominated commodities like oil cheaper for holders of other currencies.

A day earlier Brent and WTI both fell about 1.4%, closing at their lowest levels in seven weeks.

Tension in the Middle East heated up on news that Hamas leader Ismail Haniyeh was assassinated in Iran.

This came a day after the Israeli government claimed it killed Hezbollah's most senior commander in an airstrike on Beirut in retaliation for Saturday's rocket attack on Israel.

Separately, the United States also conducted a strike in Iraq in the latest conflict in the region.

"Overnight developments and elevated geopolitical risk merely provide temporary reprieve for oil benchmarks. Unless oil and gas infrastructure is hit, the latest spike is unlikely to last," said Gaurav Sharma, an independent oil analyst in London.

Still, Brent and WTI are on track in July to post their biggest monthly loss since October 2023 on lingering concerns about China's demand outlook and expectations OPEC+ will stick to their current deal on production and start unwinding some output cuts from October.

Top ministers from OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday.

Slowing fuel demand in China, the world's largest crude oil importer, is also weighing on oil markets.

China's manufacturing activity in July shrank for a third month, an official factory survey showed on Wednesday.

"Concerns about Chinese demand remain elevated as today's PMIs declined, with the manufacturing sector further contracting. This suggests that any additional gains due to intensifying tensions in the Middle East may remain limited and short lived," said Charalampos Pissouros, senior investment analyst at brokerage XM.

In the US, crude, gasoline and distillate inventories fell last week, according to market sources citing American Petroleum Institute figures on Tuesday.

Data from the Energy Information Administration is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Crude inventories are expected to have fallen by 1.1 million barrels in the week to July 26, forecasts from 10 analysts polled by Reuters showed.