Oil drops to 12-week low on recession worries

Oil prices were also knocked down by a soaring US dollar , which rose to a near 20-year high against a basket of other currencies.
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Updated 06 July 2022
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Oil drops to 12-week low on recession worries

NEW YORK: Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday’s heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.

Brent futures for September delivery fell $2.99, or 2.9 percent, to $99.78 a barrel by 10:57 a.m. EDT (1457 GMT), while US West Texas Intermediate crude fell $3.19, or 3.2 percent, to $96.31.

That puts WTI and Brent on track for their lowest closes since April 11, after Brent fell 9 percent and WTI fell 8 percent on Tuesday.

It also put both benchmarks in technically oversold territory with a relative strength index below 30 for a second day in a row. If Brent closes at that level, it would be the first time it remains in oversold territory for two days since December 2021.

Oil prices were also knocked down by a soaring US dollar , which rose to a near 20-year high against a basket of other currencies.

A stronger US dollar makes oil more expensive for holders of other currencies, which can curb demand.

In China, the world’s biggest oil importer, the market worried that new COVID-19 lockdowns could cut demand.

China’s crude oil imports from Russia, meanwhile, soared 55 percent from a year earlier to a record level in May. Russia displaced Saudi Arabia as the top supplier as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.

Adding to downward pressure on oil prices, Equinor ASA said all oil and gas fields affected by a strike in Norway’s petroleum sector are expected to be back in full operation within a couple of days.


Real Estate Registry signs 10 agreements at forum in Riyadh

Updated 29 January 2026
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Real Estate Registry signs 10 agreements at forum in Riyadh

RIYADH: The Real Estate Registry concluded its participation in the Real Estate Future 2026, as a partner of the forum, with a distinguished presence that included the launch of its business portal, the signing of 10 agreements and memoranda of understanding with entities from the public and private sectors, the organization of specialized workshops, and the awarding of the Gold Award at the Real Estate Excellence Awards.

During his participation in the forum, the CEO of the firm, Mohammed Al-Sulaiman, reviewed the latest developments in real estate registration in the Kingdom in a keynote speech, highlighting the pivotal role of the Real Estate Registry in building a unified and reliable system for data. He also announced the launch of the national blockchain infrastructure, which aims to enable the microcoding of real estate assets, enhance transparency, expand investment opportunities, and support innovative ownership models within a reliable regulatory framework.

On the sidelines of the forum, Al-Sulaiman met with Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa. During the meeting, they discussed areas of joint cooperation, exchanged experiences and advice on shaping the future of the real estate sector, and reviewed best practices in implementing real estate registration systems that enhance reliability and improve the efficiency of property registration.
efficiency of property registration systems.

The Real Estate Registry’s participation included organizing three specialized workshops that focused on the role of geospatial technologies in identifying ownership, enhancing transparency, and improving the quality of real estate data. 

The workshop “Empowering the Real Estate Registry for the Business Sector” reviewed digital solutions that enable the business sector to manage its real estate assets more efficiently and enhance governance and technical integration. The workshop “From Off-Plan Sales to Title Deed” focused on the journey of documenting real estate ownership and the role of the registry in linking the stages of development and documentation within an integrated digital system.

On the sidelines of the forum, the Real Estate Registry signed 10 agreements and memorandums of understanding, including a deal with Yasmina Information Technology Co. to utilize real estate data in developing smarter insurance solutions that support the real estate sector and enhance service reliability. 

Partnerships were also signed with Haseel, NewTech, and Sahl, as well as HissaTech and Droub, to develop innovative digital solutions in property ownership, fractional ownership, and asset tokenization, as well as real estate finance and investment within a trusted regulatory framework.

Further collaborations included an MoU with ROSHN Group, an agreement with the Saudi Water Authority to enable data integration and quality enhancement, an agreement with the Saudi National Bank, and a partnership with Saudi Post to link the national address with the property registry as a unified geospatial identifier supporting data accuracy and integration.

The registry’s participation was crowned with the Golden Award at the Real Estate Excellence Awards in the category of Excellence in Property Documentation, in recognition of its role in building a model based on transparency, accuracy, and speed, as well as advanced digital technologies and specialized legal expertise, contributing to rights protection and increasing the sector’s attractiveness.

The Real Estate Registry emphasized that its participation reflects its continued role as a key enabler of the real estate sector, a trusted data source, and an active partner in driving digital transformation, enhancing market efficiency, and building investor and financier confidence, in line with Saudi Arabia’s Vision 2030 objectives for a fully integrated and sustainable digital real estate ecosystem.