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King Khalid International Airport, Cathay Pacific Announce Regular Flights between Riyadh, Hong Kong

A Saudi man checks the flight timings at the King Khalid International Airport in Riyadh, Saudi Arabia, May 16, 2021. REUTERS/Ahmed Yosri Purchase Licensing Rights
A Saudi man checks the flight timings at the King Khalid International Airport in Riyadh, Saudi Arabia, May 16, 2021. REUTERS/Ahmed Yosri Purchase Licensing Rights
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King Khalid International Airport, Cathay Pacific Announce Regular Flights between Riyadh, Hong Kong

A Saudi man checks the flight timings at the King Khalid International Airport in Riyadh, Saudi Arabia, May 16, 2021. REUTERS/Ahmed Yosri Purchase Licensing Rights
A Saudi man checks the flight timings at the King Khalid International Airport in Riyadh, Saudi Arabia, May 16, 2021. REUTERS/Ahmed Yosri Purchase Licensing Rights

The King Khalid International Airport, managed and operated by Riyadh Airports Company, launched a collaboration with Cathay Pacific to operate regular flights between Riyadh and Hong Kong with three flights per week as of October 28.
Riyadh Airports Company CEO Ayman AboAbah said that launching direct flights between Hong Kong and Riyadh with Cathay Pacific is the outcome of joint efforts between Riyadh Airports Company and the Saudi Air Connectivity Program (ACP) to enhance air transport flow between the capital’s airport and international destinations, aligning with their commitment to supporting the national goals of Saudi Vision 2030, SPA reported.
CEO of the ACP Majid Khan also said that launching these flights will upgrade the air connectivity network in the Kingdom, eventually attracting more tourists as travelers from Hong Kong and the Cathay Pacific network, including Australia, New Zealand, and the Southeast Asia region, will be able to explore the tourism potentials in the Kingdom.
Cathay Pacific's Chief Customer and Commercial Officer Lavinia Lau noted that this new service will enhance the commercial and cultural ties between Hong Kong and the Kingdom.
Cathay Pacific has designated the A350-900 Airbus to undertake these flights, which accommodates up to 280 passengers.

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Oil Prices Rise on Optimism Over Solid US Fuel Demand

FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
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Oil Prices Rise on Optimism Over Solid US Fuel Demand

FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo

Oil prices edged up on Thursday, extending the previous day's rally, driven by optimism over US fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.
Brent crude futures gained 11 cents, or 0.15%, to $72.66 a barrel by 0805 GMT. US West Texas Intermediate crude futures climbed 13 cents, or 0.19%, to $68.74 per barrel.
Both contracts rose more than 2% on Wednesday, after falling more than 6% earlier in the week on the reduced risk of a wider Middle East conflict. US gasoline stockpiles fell unexpectedly in the week ending Oct. 25 to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped. Nine analysts polled by Reuters had expected an increase in gasoline and crude inventories.
"The surprise decline in US gasoline stockpiles provided a buying opportunity as demand appeared stronger than anticipated," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
"Expectations of a potential delay in the OPEC+ production increase were also supportive... If they do delay, WTI could recover to the $70 level," he said. Reuters reported OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concern over soft oil demand and rising supply. The group is scheduled to raise output by 180,000 barrels per day (bpd) in December. It had already delayed the increase from October because of falling prices.
A decision to postpone the increase could come as early as next week, two OPEC+ sources told Reuters.
OPEC+ is scheduled to meet on Dec. 1 to decide its next policy steps.
Manufacturing activity in China, the world's biggest oil importer, expanded in October for the first time in six months, suggesting that stimulus measures are having an effect. Markets are awaiting the results of the US presidential election on Nov. 5 as well as further details of China's economic stimulus. Reuters reported that China could approve the issuance of over 10 trillion yuan ($1.4 trillion) in debt over the next few years on the last day of its Nov. 4-8 parliamentary meeting. In the Middle East, Lebanon's prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel's public broadcaster published what it said was a draft agreement providing for an initial 60-day truce. The push for a ceasefire for Lebanon is taking place alongside a similar diplomatic drive to end hostilities in Gaza.
But the market impact is likely to be muted.
"Most of the Middle East geopolitical risk was stripped out of the oil price after Israel's response to Iran over the weekend," IG market analyst Tony Sycamore said.
Iran said that Israeli strikes on Saturday, in retaliation for Iran's Oct. 1 attack on Israel, caused only limited damage.