Oil prices rise on inventory drawdown; omicron fears linger

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Updated 22 December 2021
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Oil prices rise on inventory drawdown; omicron fears linger

NEW YORK: Oil prices rose on Wednesday on fears of tight supply and a drawdown in US inventories, despite worries about the likely hit to economic activity from the spread of the omicron coronavirus variant.

US inventories fell more than expected, with crude stocks down by 4.7 million barrels, though that is in part due to year-end tax considerations that encourage companies not to store crude barrels.

Brent crude futures rose by 79 cents, or 1.1 percent, to $74.76 a barrel after gaining 3.4 percent in the last session.

US West Texas Intermediate crude futures were up 99 cents to $72.11 a barrel, a 1.4 percent rise, as of 12:23 p.m. EST (1723 GMT).

“We saw a drop in production, we saw inventories and crude fall, so that’s giving the market a supportive outlook,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “Because supplies are below average across the board, there’s not a lot of room for error.”

Gasoline storage rose sharply in the most recent week, fanning worries that US travelers were abruptly changing plans, potentially hurting demand in the world’s largest gasoline consumer.

“COVID-19 is killing demand for gasoline in just a week — people driving is just not happening,” said Bob Yawger, director of energy futures at Mizuho Securities.


Saudi tourism employment surpasses 1m as hospitality sector expands 

Updated 08 January 2026
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Saudi tourism employment surpasses 1m as hospitality sector expands 

RIYADH: Saudi Arabia’s tourism workforce surpassed 1 million in the third quarter of 2025, underscoring the sector’s rapid expansion as the Kingdom continues to develop its hospitality infrastructure and visitor economy. 

According to the latest Tourism Establishments Statistics report released by the General Authority for Statistics, the total number of employees in tourism activities reached approximately 1,009,691 in the third quarter of 2025, marking a 6.4 percent increase compared to the same period in 2024, when employment stood at 948,629. 

The growth in employment comes alongside a significant rise in the number of licensed tourism hospitality facilities, which increased by 40.6 percent year on year to reach 5,622 in the third quarter. Of these, serviced apartments and other hospitality facilities accounted for 52.6 percent, while hotels represented 47.4 percent. 

The robust growth reflected in the latest tourism statistics aligns directly with the goals of Vision 2030, as the Kingdom aims to double tourism’s gross domestic product contribution to 10 percent. The sector is also seeking to create 1.6 million jobs, and attract 150 million visitors annually by 2030.

The report showed that non-Saudi employees made up the majority of the tourism workforce, numbering 764,520 and accounting for 75.7 percent of the total. Saudi nationals employed in the sector reached 245,171, representing 24.3 percent of all tourism workers. 

In terms of gender distribution, male employees dominated the sector with 875,658 workers, while female employees totaled 134,033, making up just 13.3 percent of the workforce. 

Hotel performance showed positive momentum, with the average room occupancy rate rising to 49.1 percent during the quarter, an increase of 2.9 percentage points from 46.1 percent in the same period a year earlier. 

In contrast, serviced apartments and other hospitality facilities experienced a slight dip in occupancy, recording 57.4 percent compared to 58 percent in the same quarter of 2024. 

The average daily room rate in hotels decreased by 3.6 percent to SR341 ($90.9), down from SR354 in the third quarter of 2024. Meanwhile, serviced apartments and similar facilities saw their average daily rate rise by 4.1 percent to SR208, up from SR200 a year earlier. 

The average length of stay in hotels was 4.1 nights, down 1 percent from 4.2 nights in the third quarter of 2024. For serviced apartments and other hospitality facilities, the average stay was 2.1 nights, reflecting a marginal decrease of 0.2 percent year-on-year. 

The statistics draw on administrative records, surveys and secondary data to capture activity across the Kingdom’s tourism sector, GASTAT said.