Oil fell 2% toward $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession in the United States and and a surprise boost in U.S. crude inventories, Reuters reports.
Millions of Hajj pilgrims began heading back to Mecca for final prayers on Tuesday as the world's largest annual pilgrimage went off without incident despite the logistical challenges and escalating regional tensions, Reuters reports.
In its first-ever half-year earnings report, Saudi Aramco said the company had earned a net income of $46.9 billion in the first half of 2019, a 12 percent decrease from $53 billion in the period a year earlier, when oil prices were higher.
The spokesperson for the Saudi embassy in Washington, Fahad Nazer, responded to “worrisome and false" allegations being made by U.S. politicians against Saudi Arabia as the 2020 election cycle gears up.
Saudi Arabia Energy Minister Khalid Al-Falih met U.S. Energy Secretary Rick Perry on Tuesday in Washington and said both sides expressed concern over threats targeting freedom of maritime traffic in the Arabian Gulf.