Saudi Arabia will try to jockey the oil market with comments about cutting production once crude prices fall below $44, Phillip Streible said.» Read More
Gold is likely to hit $1,650 an ounce by the end of the year and could even hit $1,700, according to one analyst.
Saudi banks, often viewed as a benchmark for the region, have been struggling to shrug off the overhang from the 2008 financial crisis, and have been hit in particular by the more than $20 billion in loan defaults by the two family-owned businesses of Saad and Al-Gosaibi.
Traders at the Egyptian Stock Exchange reacted negatively to developments over the weekend, pushing the benchmark index EGX30 1.67% lower to 5270, its lowest level in almost two months.
Bahrain began its highly-anticipated National Dialogue this week in an effort to restore confidence both domestically and internationally that the Kingdom is committed to working through issues that sparked unrest within its borders in mid-February.
Egypt’s benchmark stock index was able to rebound 0.75 percent in the last trading session before an expected "million-man" march on Friday.
The release of an emergency supply of oil to the market has received a mixed response from experts, with some arguing that the high oil prices seen in recent months have held back economic recovery while others say it reflects a political struggle.
Despite political uncertainty induced by recent social turmoil, the Arabic Gulf region can remain attractive to Western investors, experts told CNBC on Wednesday.
Saudi Arabia is expected to enforce a highly-anticipated new mortgage law that could offer valuable opportunities for banks and investors seeking the next growth story in the Kingdom.
Cash-strapped nations are only now starting to loosen the purse strings on defense spending, and many may still be looking for bargains at the Paris Air Show this year..
Saudi women are planning to take to the streets on Friday, not to push for democratic reforms, as has been a common theme in the Arab Spring, but for the right to drive.
A plan that would have tapped into the strategic petroleum reserves was one of many idea President Obama has considered to bring down the price of oil, Energy Secretary Steven Chu told CNBC Wednesday.
As OPEC ministers met in Vienna this week it became clear that the cartel is now divided between those wanting to raise output, like Saudi Arabia, and those wanting to hold it and keep prices high.
Diamonds are, apparently, forever, and they are fetching record prices in the rough.
The “old” politics of Opec, which split the cartel and marred its influence in the oil market of the 1990s, have made an unexpected return after a decade-long absence. The FT reports.
Investors may be wary of putting their money in the Middle East and the Arab peninsula given the political turmoil which has shaken the region in recent months, but it offers investment opportunities worth considering, one fund manager told CNBC.
So if OPEC trumpets a 1.5 million barrel rise in daily output, is this just an admission of what’s going on anyway or is this new oil? If it’s the latter, then that is meaningful. If it’s the former, don’t get too excited.
CNBC Senior Energy Correspondent Sharon Epperson shared her notes from the NYMEX Tuesday on an interesting divergence between Brent crude and WTI, ahead of OPEC's Wednesday meeting.
Saudi Arabia has been quietly increasing its crude oil production ahead of Wednesday’s meeting of the Opec oil cartel, in a sign that Riyadh is trying to bring oil prices down to more comfortable levels for consumers in the US, Europe and China. The FT reports.
With oil-producing countries in turmoil and crude gushing to triple digits, OPEC finds itself after 50 years at a critical crossroads. The group produces 40% of the world’s oil, but unrest and revolution in member countries has compromised output.
Saudi Arabia needs an oil price that allows it to meet its long-term fiscal targets while not incentivizing investment in new sources of energy, according to HSBC researchers.