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Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs
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Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

Bahrain Strengthens Economic Ties with China, Signs 8 Landmark MoUs

A senior delegation from Bahrain led by the Capital Governor Sheikh Hisham bin Abdulrahman Al Khalifa and organized by the Bahrain Economic Development Board (EDB) concluded its visit to Shenzhen, China, by signing eight Memorandums of Understanding (MoU) to strengthen cooperation between the two countries.

The Bahraini delegation met with Vice Mayor of Shenzhen, Ai Xuefeng, and a number of local government officials and business leaders at the Bahrain – Shenzhen Business Forum and the China High-Tech Fair.

An MOU between EDB and the artificial intelligence (AI) firm, Intellifusion Technologies was signed to advance AI dynamic portrait recognition that can benefit China, Bahrain, and the Middle East.

EDB partnered with Shenzhen FinTech company to establish a full mobile payment gateway in Bahrain and explore opportunities in crypto-currency, in addition to the possibility of initiating FinTech Funds.

An MOU between EDB and Shenzhen Outbound Alliance aimed at strengthening economic cooperation, information exchange, and establishing a regular communication channel for business information, and investment opportunities.

In addition, the delegation signed a memorandum with Softbank China Capital – Wonder News aiming to encourage Softbank China Capital and their investment portfolio companies to establish a presence in Bahrain and use it as a regional hub to cover the Middle East.

EDB and 4PX signed an MOU exploring the possibility of 4PX initiating and establishing funds together with Bahraini companies in order to invest in entrepreneurship in both countries.

EDB and Shenzhen Cool-hi Network Culture Technology partnered to promote the development of E-sports between the Middle East and China including hosting E-sports events.

Bahrain Chamber of Commerce and Industry (BCCI) signed an MOU with the China Council for the Promotion of International Trade Shenzhen Branch (CCPITSZ) to harness and enhance collaborative initiatives to promote trade and investments between the two countries.

After that, EDB also established an MOU with CCPITSZ to enhance collaborative initiatives between Bahrain and Shenzhen, strengthening information exchange and cooperation in economic and business activities.

Al Khalifa explained that the partnership with Shenzhen was built on common heritage as open and innovative business hubs with shared economic interests.

“We are very pleased to see our ties with this vibrant city continue to strengthen and believe these agreements will help us move towards a new era of collaboration,” he asserted.

Chief Executive of EDB Khalid al-Rumaihi also commented on the matter saying that Shenzhen is the first city with which Bahrain established a friendship city agreement in China.

He indicated that there are numerous opportunities for Chinese companies in the region, especially as the GCC markets continue to transform their economies.

“Bahrain’s location as the Gateway to the Gulf, and given the fact that it is one of the key countries along the new Belt and Road route, along with our open and liberal lifestyle, competitive business landscape, and world-class regulation makes the Kingdom the ideal location from which Chinese companies can access this $1.5 trillion GCC market,” concluded Rumaihi.

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Business

UK Exits Recession with Fastest Growth in Nearly Three Years

A general view shows Palace of Westminster, home to the Houses of Parliament, and the Elizabeth Tower, commonly known by the name of the bell "Big Ben", in London on June 15, 2023. (Photo by Daniel LEAL / AFP)
A general view shows Palace of Westminster, home to the Houses of Parliament, and the Elizabeth Tower, commonly known by the name of the bell "Big Ben", in London on June 15, 2023. (Photo by Daniel LEAL / AFP)
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UK Exits Recession with Fastest Growth in Nearly Three Years

A general view shows Palace of Westminster, home to the Houses of Parliament, and the Elizabeth Tower, commonly known by the name of the bell "Big Ben", in London on June 15, 2023. (Photo by Daniel LEAL / AFP)
A general view shows Palace of Westminster, home to the Houses of Parliament, and the Elizabeth Tower, commonly known by the name of the bell "Big Ben", in London on June 15, 2023. (Photo by Daniel LEAL / AFP)

Britain's economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election.
The Office for National Statistics said gross domestic product expanded by 0.6% in the three months to March, the strongest growth since the fourth quarter of 2021 when it rose by 1.5%.
The first-quarter growth exceeded all forecasts in a Reuters poll of 39 economists which had pointed to a 0.4% expansion of gross domestic product in the January-to-March period, after GDP shrank by 0.3% in the final quarter of 2023.
Friday's data was welcomed by Sunak who said the economy had "turned a corner", although the opposition Labor Party, which has a large lead in opinion polls, accused Sunak and finance minister Jeremy Hunt of being out of touch.
"There is no doubt it has been a difficult few years, but today's growth figures are proof that the economy is returning to full health for the first time since the pandemic," Hunt said.
But the opposition Labor Party rejected those claims.
"This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good," said Labor's Rachel Reeves, who hopes to succeed Hunt as finance minister.
The Bank of England, which held interest rates at a 16-year high on Thursday, forecast quarterly growth of 0.4% for the first quarter of this year and a smaller 0.2% rise for the second quarter.
Sterling strengthened against the US dollar after Friday's ONS figures were released.
TURNING A CORNER?
On a monthly basis, the economy grew by 0.4% in March, faster than the 0.1% growth forecast by economists in a Reuters poll, reflecting strength in retail, public transport, haulage and health - partly due to fewer public-sector strikes.
Car manufacturing also performed well, offset by continued weakness in construction, the ONS said.
Friday's data also showed that GDP in March was 0.7% higher than a year earlier, and above all economists' expectations of a 0.3% rise.
However, Britain has still had one of the slowest recoveries from the effects of the coronavirus pandemic.
At the end of the first quarter of 2024, the country's economy was just 1.7% bigger than its level in late 2019, before the pandemic, with only Germany among the G7 faring worse.
"Despite the better near-term outlook, the improvement in GDP growth looks likely to be constrained by the ongoing weakness in productivity growth as well as reduced scope to increase employment levels," Yael Selfin, chief economist at KPMG UK, said.
GDP per head rose for the first time in two years in the first quarter, up 0.4%, but was 0.7% lower than a year earlier, highlighting the ongoing squeeze on living standards and Britain's struggle to boost productivity.
"In per capita terms, it could be said that UK households have seen little meaningful improvement in living standards in the last two years," Gora Suri, economist at PwC, said.

Business

Israel Budget Deficit Hits 7%/GDP in April

Israeli soldiers in the Gaza Strip amid the ongoing conflict between Israel and Hamas (Reuters)
Israeli soldiers in the Gaza Strip amid the ongoing conflict between Israel and Hamas (Reuters)
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Israel Budget Deficit Hits 7%/GDP in April

Israeli soldiers in the Gaza Strip amid the ongoing conflict between Israel and Hamas (Reuters)
Israeli soldiers in the Gaza Strip amid the ongoing conflict between Israel and Hamas (Reuters)

Israel posted a budget deficit of 11.7 billion shekels ($3.1 billion) in April, the Finance Ministry said on Thursday, citing higher spending as a result of Israel's war with Palestinian Islamist group Hamas in Gaza.

Over the prior 12 months, the deficit rose to 7.0% of gross domestic product in April versus 6.2% in March and topping a target of 6.6% for all of 2024, Reuters reported.

Tax revenue has also fallen 4.1% the first four months of the year, with tax income down 13.1% in April alone.

Business

US Overtakes China as Germany’s Top Trading Partner

A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
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US Overtakes China as Germany’s Top Trading Partner

A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights

The United States overtook China as Germany's most important trading partner in the first quarter of this year, according to Reuters.

Germany's trade with the United States - exports and imports combined - totalled 63 billion euros ($68 billion) from January to March, while the figure for China was just under 60 billion euros, the data showed.

In 2023, China was Germany's top trading partner for the eighth year in a row, with volumes reaching 253 billion euros, although that was only a few hundred million ahead of the US.

"German exports to the US have now risen further due to the robust economy there, while both exports to and imports from China have fallen," said Commerzbank economist Vincent Stamer, explaining the first quarter shift.

Structural reasons are also a factor, he said.

"China has moved up the value chain ladder and is increasingly producing more complex goods itself, which it used to import from Germany," said Stamer. "In addition, German companies are increasingly producing locally instead of exporting goods from Germany to China."

Germany has said it wants to reduce its exposure to China, citing political differences and accusing Beijing in its first China strategy announcement last year of "unfair practises". But Berlin has been vague on policy steps to reduce dependencies.

German imports of goods from China fell almost 12% year-on-year in the first quarter, while exports of goods to China fell just over 1%, said Juergen Matthes, from German economic institute IW.

"The fact that the Chinese economy is performing worse than many had hoped, while the US economy is exceeding expectations, is presumably contributing to this," said Matthes.

The US now accounts for around 10% of German goods exports. China's share has fallen to less than 6%, Matthes said.

"With a clear global economic headwind for the German economic model, a reorientation - also geopolitically motivated - seems to be taking place: away from system rival China and towards transatlantic partner US," he added.

It is unclear, however, whether this will continue.

"If the White House administration changes after the US elections in November and moves more in the direction of closing off markets, this process could come to a standstill," said Dirk Jandura, president of the BGA trade association.

Business

Riyadh Air, AlUla Partner to Promote Saudi Tourism Attractions Worldwide

AlUla entered into a strategic partnership with Riyadh Air. SPA
AlUla entered into a strategic partnership with Riyadh Air. SPA
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Riyadh Air, AlUla Partner to Promote Saudi Tourism Attractions Worldwide

AlUla entered into a strategic partnership with Riyadh Air. SPA
AlUla entered into a strategic partnership with Riyadh Air. SPA

AlUla entered into a strategic partnership with Riyadh Air, Saudi Arabia's new world-class airline that has announced an ambitious target to fly to over 100 destinations by 2030.
Under the partnership deal, which was signed on the sidelines of the Arabian Travel Market (ATM) in Dubai, AlUla and the Public Investment Fund-owned Riyadh Air will collaborate on multiple initiatives to raise the profile of AlUla and the new carrier to discerning travelers from across Saudi Arabia and around the globe. Ultimately, the partnership aims to increase tourist volumes to AlUla from key global markets.
"Today marks the start of an exciting new partnership for AlUla and Riyadh Air, which has already made a notable impact on the global aviation landscape, notwithstanding its status as a relatively new airline," said Royal Commission for AlUla (RCU) vice president of destination management and marketing Rami AlMoallim.

"By working together, we can leverage the growing global excitement about AlUla as the Kingdom's premier luxury boutique heritage destination while also making a significant contribution to the Kingdom's broader tourism landscape."

Riyadh Air senior vice president of marketing and communications Osamah Alnuaiser said that as a major Saudi tourist destination, AlUla already offers such rich and unique experiences to visitors.

“At Riyadh Air, we have no doubt that we are both working towards a shared goal of increasing travelers' numbers to the Kingdom."
The cooperation between the two sides will see the delivery of multiple initiatives, including seamless and immersive digital experiences across multiple touch points. In addition, both entities will share and leverage data insights to produce refined content and product strategies for optimal campaign performance, enabling both sides to identify trends and behavioral patterns to produce data-driven decision making and strategies.

Business

Saudia Airlines Unveils Comprehensive Hajj Plan for 1.2 Million Pilgrims

The General Directorate of Passports assigns students who speak English, Spanish, Indonesian, Japanese, Persian, Urdu, Turkish and other languages to the airports in Jeddah and Madinah in order to facilitate communication and dealing with Hajj pilgrims. (SPA)
The General Directorate of Passports assigns students who speak English, Spanish, Indonesian, Japanese, Persian, Urdu, Turkish and other languages to the airports in Jeddah and Madinah in order to facilitate communication and dealing with Hajj pilgrims. (SPA)
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Saudia Airlines Unveils Comprehensive Hajj Plan for 1.2 Million Pilgrims

The General Directorate of Passports assigns students who speak English, Spanish, Indonesian, Japanese, Persian, Urdu, Turkish and other languages to the airports in Jeddah and Madinah in order to facilitate communication and dealing with Hajj pilgrims. (SPA)
The General Directorate of Passports assigns students who speak English, Spanish, Indonesian, Japanese, Persian, Urdu, Turkish and other languages to the airports in Jeddah and Madinah in order to facilitate communication and dealing with Hajj pilgrims. (SPA)

Saudia Airlines, the national carrier, has unveiled its operational plan for the upcoming Hajj season. The plan prioritizes the smooth transportation of over 1.2 million pilgrims by air, offering them exceptional service throughout their journey, according to SPA.
Starting May 9, Saudia Airlines will be operational for 74 days during the Hajj season, both for arrival and return journeys. It will leverage its fleet of over 150 modern aircraft to transport pilgrims from over 100 destinations across four continents.
To ensure a seamless experience, the airline has formed specialized work teams focused on performance monitoring, lounge operations, and coordination with other stakeholders. It has implemented an emergency plan in collaboration with relevant authorities and conducted virtual simulations at Jeddah and Madinah airports.
Pilgrims can arrive through five domestic airports: Jeddah, Madinah, Riyadh, Dammam, and Yanbu. Over 11,000 frontline employees and technicians will be dedicated to facilitating movement at these airports.
Saudia will continue its "Hajj without Luggage" service, handling 270,000 bags and distributing 240,000 bottles of Zamzam water.
The airline also collaborates on the Makkah Route Initiative, serving 120,000 pilgrims with dedicated flights.
Saudia employs staff fluent in over 30 languages spoken by pilgrims to bridge the language gap and the airline will offer a variety of in-flight meals catering to diverse dietary needs and announce the Miqat timings onboard.
Passengers can access informative programs on seatback screens. These programs feature awareness materials and Hajj guidance produced in cooperation with the Ministry of Hajj and Umrah. The resources, totaling 300,000 minutes of content, aim to simplify ritual procedures and regulations.
Saudia prioritizes accessibility for pilgrims with disabilities, providing wheelchairs, medical stretchers, and oxygen equipment on all flights.
The airline continues its luggage collection service at pilgrim residences for a hassle-free departure after completing their Hajj rituals.

Business

Mawani Ports Handle 27 Million Tons of Cargo in April

Mawani Ports Handle 27 Million Tons of Cargo in April
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Mawani Ports Handle 27 Million Tons of Cargo in April

Mawani Ports Handle 27 Million Tons of Cargo in April

The ports of the Saudi Ports Authority (Mawani) recorded an increase in cargo throughput tonnage by 8.58% during April 2024, handling 27,107,961 tons, compared to 24,965,272 tons in the same month of 2023.

The number of handled containers reached 557,681 TEUs, a 19.54% decrease from 693,087 TEUs last year. Transshipment containers also decreased by 53.49%, reaching 123,194 TEUs, compared to 264,870 TEUs in 2023.
The number of exported containers recorded an increase of 3.72%, reaching 216,504 TEUs, compared to 208,741 TEUs in the same period of 2023, while the number of imported containers decreased by 0.68%, reaching 217,983 TEUs, compared to 219,476 TEUs last year, SPA reported.
The total general cargo reached 839,368 tons, solid bulk cargo reached 4,108,494 tons, and liquid bulk cargo reached 16,075,089 tons.
The ports recorded an unloading rate of 657,815 cattle heads, an increase of 43.54% compared to 458,280 cattle heads in the same period in 2023.
Maritime traffic decreased by 8.27%, reaching 910 ships compared to 992 ships in 2023. The number of passengers decreased by 35.85%, reaching 55,277 compared to 86,175 last year. The number of cars also decreased by 30.55%, reaching 69,788 compared to 100,480 cars in 2023.
Mawani has completed many development projects to enhance the infrastructure and operational capacities of the terminals and berths in the Kingdom's ports, equipping them with up-to-date equipment and machinery to ensure increased performance and productivity.
These efforts aim to provide investment opportunities for many beneficiaries of the services provided, in line with the National Transport and Logistics Strategy (NTLS) [targets] to solidify the Kingdom's standing as a global logistics hub bridging three continents.

Business

Iran to Import No Wheat until March 2025

FILE PHOTO: A combine harvests wheat in a field near the town of Akkol, some 110 km (68 miles) north of the capital Astana October 11, 2011. REUTERS/Shamil Zhumatov
FILE PHOTO: A combine harvests wheat in a field near the town of Akkol, some 110 km (68 miles) north of the capital Astana October 11, 2011. REUTERS/Shamil Zhumatov
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Iran to Import No Wheat until March 2025

FILE PHOTO: A combine harvests wheat in a field near the town of Akkol, some 110 km (68 miles) north of the capital Astana October 11, 2011. REUTERS/Shamil Zhumatov
FILE PHOTO: A combine harvests wheat in a field near the town of Akkol, some 110 km (68 miles) north of the capital Astana October 11, 2011. REUTERS/Shamil Zhumatov

Iran will not import any wheat until March 2025 as it will rely on domestic production, the Iranian Student News Agency reported a deputy at the Agriculture Ministry saying on Thursday.

"Between March 2023 and March 2024, domestic production of wheat has reached 10.5 million tons and we only needed to import 1 million tons of wheat," Alireza Mohajer said, adding that the country expects to be self-sufficient in the production of wheat for this year.

Iran's domestic wheat output can vary widely depending on rainfall.

In some years Iran has been self-sufficient while droughts at other times have forced the country to import record high levels.
Domestic output levels fell as low as 4.5 million tons and imports rose as high as 7 million tons between March 2021 and March 2022, Mohajer said.

Between March 2022 and March 2023, domestic wheat output was 7.5 million tons while import were 3 million tons, he said.

Business

Türkiye Cenbank Lifts Inflation Forecast, Pledges to Keep it Contained

Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)
Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)
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Türkiye Cenbank Lifts Inflation Forecast, Pledges to Keep it Contained

Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)
Turkish President Recep Tayyip Erdogan arrives to speak at a presser after Friday noon prayer in Istanbul, Friday, May 3, 2024. (AP Photo/Khalil Hamra)

Türkiye's central bank nudged up its year-end inflation forecast to 38% on Thursday and governor Fatih Karahan said it would "do whatever it takes" to avoid any lasting deterioration in inflation as it maintains a tight monetary policy stance.
Presenting a quarterly inflation report, Karahan said annual inflation - which climbed to 69.8% in April - will peak this month at 75-76% after which a disinflation trend will take hold alongside cooling domestic demand.
The central bank raised its mid-point consumer price inflation (CPI) forecast for end-2024 to 38% from a previous 36%. Its forecast for end-2025 remains unchanged at 14%, while inflation is seen falling to 9% by the end of 2026.
Karahan said the central bank had raised its year-end forecast due to an unexpected additional 4 percentage-point rise in the first four months of the year.
The bank has aggressively raised rates by 4,150 basis points since last June but it kept the policy rate unchanged at 50% in April to allow its earlier monetary tightening, including a 500-point hike in March, to have an impact.
Karahan again pledged to tighten policy further if there is significant deterioration in inflation, which has soared for years, prompting a lingering cost-of-living crisis for Turks.
Analysts have said the bank has probably ended its nearly year-long tightening cycle, which marked a stark turnaround after years of unorthodox economic policy under President Recep Tayyip Erdogan, who in the past urged low rates despite rising prices.
A Reuters poll published last week showed inflation falling to 43.5% by the end of 2024. Central Bank Deputy Governor Cevdet Akcay said at Thursday's event that under the policy program it was not possible for inflation to end the year above 42%.
Karahan, who took the bank's reins in February, said leading indicators showed domestic demand was now following a more moderate trend than in the first quarter, and that the rate-hike cycle would cool demand more in the second half of the year.
At near 70%, annual inflation is the highest since late-2022.
The lira was mostly flat at 32.2325 to the dollar, near a record low, as the report was released.

Business

Gold Little Changed with US Economic Data on Tap

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Little Changed with US Economic Data on Tap

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices were little changed on Thursday as investors awaited US economic data including weekly jobless claims numbers that could offer more cues on when the Federal Reserve would deliver its interest rate cuts.
Spot gold was steady at $2,310.47 ounce, as of 0730 GMT. US gold futures lost 0.2% to $2,317.30.
The US weekly jobless claims data is due at 1230 GMT and the University of Michigan's consumer sentiment reading on Friday. The consumer price index data is scheduled to be released next week.
"Despite market expectations of a rate cut in September, gold traders are cautious about making big moves... If the US inflation report comes hotter, then prices could fall to $2,290," said Ajay Kedia, director at Kedia Commodities, Mumbai.
According to the CME's FedWatch Tool, traders are currently pricing in about a 66% chance of a Fed rate cut in September. Lower rates reduce the opportunity cost of holding bullion.
Fed Bank of Boston President Susan Collins said on Wednesday that the US economy needs to cool off to get inflation back to the central bank's 2% target.
"Looking ahead to the rest of 2024, the outlook for gold remains relatively positive," ACY Securities analyst Luca Santos said.
"There's even potential for it to break above $2,500, especially if economic conditions remain uncertain and geopolitical tensions persist."
Palestinian group Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza.
China's exports and imports returned to growth in April, signaling an encouraging improvement in demand at home and overseas.
Spot silver gained 0.9% to $27.60 per ounce.
"Long-term view on silver remains positive. It can climb to $30 in the fourth quarter," Kedia said.
Platinum advanced 0.8% to $979.65 and palladium firmed 0.1% to $952.43.
Autocatalyst maker Johnson Matthey said the platinum market faces its largest supply shortfall in 10 years in 2024.

Business

Oil Rises on US Crude Storage Draw, China Imports Show Year-on-year Gain

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
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Oil Rises on US Crude Storage Draw, China Imports Show Year-on-year Gain

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)
Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. (Reuters)

Oil prices rose on Thursday as falling US crude inventories amid rising refinery intake and a year-on-year increase in Chinese imports last month supported higher demand expectations for the world's two largest crude consuming nations.
Brent crude futures for July rose 27 cents, or 0.3%, to $83.85 a barrel by 0650 GMT. US West Texas Intermediate crude for June was up 34 cents, or 0.4% to $79.33 per barrel.
"Oil markets were buoyed by a larger-than-expected draw in the US inventory data. The improved China's trade balance data added to the upside momentum," said Tina Teng, an independent market analyst, adding that crude prices may continue to track economic factors looking ahead.
Crude inventories in the US, the world's biggest oil user, dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts' expectations for a 1.1 million-barrel draw. Stockpiles fell as refinery activity increased by 307,000 barrels per day (bpd) in the period.
This caused gasoline stocks to swell by more than 900,000 barrels to 228 million barrels, while distillate stockpiles including diesel and heating oil rose by 600,000 barrels to 116.4 million barrels.
"The market shrugged off the builds in gasoline and distillate fuels as refiners ramp up for the upcoming driving season," analysts at ANZ Research said in a note on Thursday.
Shipments of crude in April to China, the world's biggest oil importer, were 44.72 million metric tons, or about 10.88 million bpd, according to China's customs data released on Thursday. That was up 5.45% from the relatively low 10.4 million bpd imported in April 2023.
Hopes for a ceasefire in the Israel-Hamas conflict Gaza kept oil prices from moving higher. The US said earlier in the week that negotiations should be able to close the gaps between Israel and Hamas.
"While there may be some short-term relief for oil prices, it may be difficult to return to April's high above the $90 per barrel level, where geopolitical tensions were at its peak," said Yeap Jun Rong, market strategist at IG.