Oil rose by more than six per cent on Friday, as a cold snap boosted demand for heating oil across the United States and Europe, but was still mired near its lowest since 2003 and set for its largest drop in January in at least 25 years.
Dar Al Arkan, a leading property developer in Saudi Arabia, reported a 57.9 per cent fall in fourth-quarter net profit on Thursday.
Arkan made a net profit of SR48.7 million ($13 million) in the three mon
Saudi Arabia's Al Tayyar Travel Group posted a 6.9 per cent fall in fourth quarter net profit on Wednesday.
The company made a net profit of SR215 million ($57.3 million) in the three months to December 31, down from SR231 million (
Oil and gas workers saw their salaries fall 1.4 percent over the past year after a sharp decline in oil prices forced their employers to trim costs, but their average global salaries remain high at more than $80,000 a year.
The global gloom over China's yuan has deepened swiftly, with investment banks slashing forecasts and some analysts and money managers arguing it should fall by 15 per cent or more to respond to Beijing's financial imbalances.
Asian stocks surrendered earlier gains to hit three-1/2-year lows on Friday as renewed pressure on oil prices and disappointing Chinese data kept investors on edge.
MSCI's broadest index of Asia-Pacific sha
Saudi Arabian petrochemical firms felt the full impact of lower oil prices in results posted on Thursday, with Saudi Arabia Fertilizers Co (Safco) reporting its fourth-quarter net profit fell by more than half.
Saudi Arabia Fertilizers Co (Safco) missed analyst forecasts, reporting a 51.4 per cent decline in fourth-quarter net profit on Thursday as average product prices fell.
Safco, a unit of Saudi Basic Industries C
Algeria's overall energy export volumes dropped in the first nine months of 2015, declining 2.8 percent due to a fall in output and a sharp rise in domestic consumption, the energy ministry said.
Oil prices fell on Tuesday on concerns about the pace of economic growth in China and a stronger US dollar, handing back some of the gains triggered by an escalation of tensions in the Middle East.