SYDNEY/SINGAPORE: Oil prices fell by more than 1 percent on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and US crude output returned to record levels.
Front-month Brent crude futures, the international benchmark for oil prices, were at $65.97 at 0639 GMT, down by 90 cents, or 1.4 percent, from last session’s close.
US West Texas Intermediate (WTI) crude futures were at $55.92 per barrel, down 67 cents, or 1.2 percent, from their last settlement. WTI earlier marked its lowest since March 8 at $55.66 a barrel.
The drops mean that crude oil futures are on track for their biggest monthly loss since last November.
US President Donald Trump ramped up trade tensions globally by vowing to slap tariffs on all goods from Mexico, firing up fears over economic growth and appetite for oil.
The Mexico trade dispute adds to a trade war between the United States and China, which many analysts expect to trigger a recession.
“All is not well with the economic world, at least according to bond and commodity traders,” Michael McCarthy, chief market strategist at futures brokerage CMC Markets in Australia, wrote in a note published on Friday.
“These (price) moves signal deteriorating sentiment about the outlook for global growth,” he said.
Crude prices have also been under pressure from a much smaller-than expected decline in US stockpiles and US crude oil production’s return to its record 12.3 million barrels per day.
The US Energy Information Administration (EIA) said US crude stocks fell by around 300,000 barrels last week, to 476.49 million barrels
That was much less than the 900,000-barrel decline analysts forecast in a Reuters poll and well below the 5.3 million-barrel drawdown the American Petroleum Institute (API) reported on Wednesday.
US investment bank Jefferies said on Friday that Brent had been falling “on the US-China trade war saga and US inventory builds with this week’s draw too small to impress the market.”
Meanwhile, top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States tightened the screws on Tehran.
Washington will sanction any country which buys oil from Iran after the expiration of waivers on May 2, US Special Representative for Iran Brian Hook said on Thursday.
Oil drops 1%, set for biggest monthly fall since November as trade wars spreads
Oil drops 1%, set for biggest monthly fall since November as trade wars spreads
- US President Donald Trump ramped up trade tensions globally by vowing to slap tariffs on all goods from Mexico
- Crude prices have also been under pressure from a much smaller-than expected decline in US stockpiles
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
