Oil set for weekly gain amid coronavirus vaccine progress

Pumpjacks operating at the Kern River Oil Field in Bakersfield, California. Oil prices steadied on Friday, and were set for a sixth week of gains. (AP/File)
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Updated 12 December 2020
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Oil set for weekly gain amid coronavirus vaccine progress

  • America likely to start vaccinations as early as the coming weekend

LONDON: Oil prices steadied on Friday, and were set for a sixth week of gains as progress toward novel coronavirus vaccination programs fed hopes that demand for fuel would rebound next year.

Brent was down 7 cents, or 0.1 percent, at $50.18 a barrel, after rising above $51 a barrel on Thursday to an early-March high.
US oil was up 4 cents, or 0.1 percent, at $46.82 a barrel, having risen almost 3 percent in the previous session.
Promising vaccine trials have helped lift some gloom over record increases in the number of new coronavirus infections and deaths around the world.
Britain began inoculations this week and the United States could start vaccinations as early as the coming weekend, while Canada on Wednesday approved its first vaccine with initial shots due from next week.
Outside advisers for the US Food and Drug Administration have voted to endorse emergency use of Pfizer’s vaccine, paving the way for the agency to authorize its use to inoculate a nation that has lost more than 285,000 lives to COVID-19.

HIGHLIGHT

● A big jump in US crude stockpiles last week served as a reminder that there is still plenty of supply available, but it was all but ignored as bulls ran through the market this week. ● Britain began inoculations this week, while Canada on Wednesday approved its first vaccine with initial shots due from next week. ● Outside advisers for the US Food and Drug Administration have voted to endorse emergency use of Pfizer’s vaccine.

“The vaccine optimism ... seems to continue unscathed due to the back-to-back approvals vaccines are getting and the quicker-than-previously-thought rollout of the first campaigns in key markets,” Rystad Energy analyst Paola Rodriguez-Masiu said.
A big jump in US crude stockpiles last week served as a reminder that there is still plenty of supply available, but it was all but ignored as bulls ran through the market this week.
“The long-awaited rollout of vaccination programs provided ample bullish fodder in the face of rising US oil inventories,” brokerage PVM’s Stephen Brennock said.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.