US-Africa Business Summit in Marrakech Seeks to Create Sustainable Partnerships

Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
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US-Africa Business Summit in Marrakech Seeks to Create Sustainable Partnerships

Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)
Marrakech will host the US-Africa Business Summit 2022 next week. (Asharq Al-Awsat)

Morocco’s Marrakech city is scheduled to host the US-Africa Business Summit 2022 between July 19 and 22.

The event, which will be held under the patronage of King Mohammed VI, will bring together more than one thousand participants, including entrepreneurs and prime ministers.

It aims to create resilient and sustainable partnerships among key decision makers in the public and private sectors in the United States and Africa.

It is expected to provide an opportunity for various organizations to explore new horizons to enhance the economic partnership, while underlining the next phase of the partnership, which mainly concerns US-African regional trade, energy, digital transformation, and trade finance.

The summit, themed “Building Forward Together” will explore a renewed commitment by both public and private sector stakeholders to building stronger US-Africa trade, investment, and commercial ties as they emerge from unprecedented health and economic challenges.

Its highlights will include plenary sessions and sector-focused panels as an exceptional line up of more than 100 business and government leaders will discuss industry-tested solutions to today's business challenges in agribusiness, finance, energy, health, infrastructure, ICT, security, and more.

Session topics will include “Building a Just Transition to Net Zero in Africa,” “Innovation for Agriculture Transformation,” and “SMEs: Fueling the Recovery and Economic Growth,” to name few.

It will also include an opening session, public meetings and dialogues.



Oil Prices Steady as Markets Weigh Demand against US Inventories

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 Steady as Markets Weigh Demand against US Inventories

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 prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.