Oil prices fell more than two per cent on Friday after Goldman Sachs cut its crude forecasts, citing global oversupply and concerns over the Chinese economy, and after Saudi Arabia dismissed the idea of an oil producer summit.
The US government lowered both its 2015 and 2016 US crude oil production forecasts as a 60-per cent rout in benchmark prices since last summer weighs on shale output.
In its short term energy outlook, the US En
Opec raised its forecast of oil supplies from non-member countries in 2015, a sign that oil's price collapse is taking longer to impact on shale and other competing sources than previously thought.
In a mon
Ericsson, a leading mobile network equipment maker, beat second-quarter sales and profit forecasts and said its mainstay North American business had stabilised after three quarters of declines, lifting its shares as much as six per cent.
The International Monetary Fund trimmed its forecast for global economic growth for this year to take into account the impact of recent weakness in the United States.
But the global financial institution said growth prospects for
Riyad Bank, Saudi Arabia's fourth-largest lender by assets, posted a 0.7 per cent decline in its second-quarter net profit on Thursday, missing analysts' average forecast.
The bank said it made SR1.13 billion ($301.3 milli
Arab National Bank, Saudi Arabia's seventh-largest lender by assets, reported on Thursday a 6.4 per cent rise in second-quarter net profit, beating analysts' forecasts.
Net profit in the three months to June 30 was SR835.3
Samba Financial Group, Saudi Arabia's third-largest bank by assets, posted a 6.1 per cent rise in its second-quarter net profit, it said in a bourse statement on Thursday, beating analyst forecasts.
The bank said it made SR1.3
The US government modestly raised its 2015 and 2016 US crude oil production forecasts while lowering its price outlook.
In its short term energy outlook, the US Energy Information Administration (EIA) raised it
Oil futures prices dipped slightly in thin trade on Friday as forecast higher production by US shale oil producers this year added to lingering worries over demand.
US July crude shed four cents to $60.41 a barrel as of 0302 GMT a