Saudi Stores Increase Preparedness for Eid Supplies

Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)
Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)
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Saudi Stores Increase Preparedness for Eid Supplies

Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)
Saudi markets witnessed a flourishing season during Eid al-Fitr (Asharq Al-Awsat)

Shops of jewelry, sweets, gifts and clothing in Saudi Arabia witnessed a flourishing movement during the last ten days of Ramadan, as they prepared for Eid al-Fitr celebrations.

Stores raised their levels of preparedness through a variety of new products and marketing and advertising campaigns while some of them opened 24 hours per day.

The southern region of Jazan saw a thriving purchasing movement in the markets of gold, jewelry, ready-made clothes, and luxuries, and in the popular souks.

A number of shop owners pointed to an increase in the demand for gold during the month of Ramadan, especially in the days preceding Eid Al-Fitr, indicating that this period of the year was considered one of the peak seasons as the markets witness a clear increase in the number of shoppers.

According to a survey by the Saudi Press Agency (SPA), the Al-Baha region (south of the Kingdom) recorded a great demand in sweet shops, which are traditionally served on the morning of the holiday.

In western Saudi Arabia, in Jeddah, the popular markets called “Al-Balad Souks” witnessed a significant purchase movement, with the approaching Eid.

Customers see that the popular souks provide a variety of options, whether in prices or goods, compared to the major centers and markets.

Jewelry shops in Jeddah’s popular markets attract a large number of residents and visitors, who buy gold, ornaments, jewelry and accessories, while the owners of handicrafts and traditional industries master the manufacture of pottery, antiques and some other popular gifts.

Shops, centers and markets in the Tabuk region were dressed with joy and traditional decorations to welcome shoppers, with the start of the countdown to Eid Al-Fitr.

The residents flocked to the shops to buy the finest fragrances, incense and Oud, as part of a tradition to perfume homes to welcome visitors, relatives and friends.

Similarly, markets and commercial complexes in the cities of Arar and Hail (northern Saudi Arabia) witnessed an increasing demand for clothes, personal supplies, gifts, children’s toys, and others, in preparation for Eid al-Fitr.



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.