Oil steadied at $48 a barrel on Thursday, as investors sought bargains after a sharp fall the previous day on an unexpectedly large buildup in US gasoline stocks and a tepid demand outlook.
Brent crude climbed
The speed of decline in Saudi Arabia's foreign reserves slowed in July after the government began issuing domestic debt to cover part of a budget deficit created by low oil prices, central bank data showed on Thursday.
International roaming rates between Bahrain and other GCC countries will drop next year. The move was announced as His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa chaired the weekly Cabinet meeting yesterday (August 24)
Gold fell one per cent on Thursday, snapping five sessions of gains, as the dollar strengthened on the back of upbeat US data and concerns eased over further losses in the yuan after the devaluation of the currency by China.
Oil prices fell in Asian trade on Friday as concern over global oversupply intensified after the head of oil producers' cartel Opec indicated there would be no cut-back in production, although a fall in the US dollar put a floor under prices
Gold slipped to near 5-1/2-year lows on Friday and was on course for a sixth straight weekly fall, its longest retreat since 1999, after upbeat US economic data strengthened expectations for a near-term hike in interest rates.
Saudi Telecom Co (STC), the Gulf's biggest telecom operator by market value, blamed rising costs as it posted an 8.7 per cent fall in second-quarter profit on Wednesday to extend a profit slump and miss analyst estimates.
Brent and US crude futures settled on Friday at their lowest since March and posted their fourth straight weekly decline as weak economic data from China and a rise in US oil drilling rigs applied pressure.
US energy firms added 2
Gold slid more than one per cent to its lowest since 2010 on Friday (July 24), on course for its biggest weekly loss in nine months, as strong US jobs data helped deepen this week's rout and fuelled fears the metal has some way to fall yet.