Oil Updates – crude slips on US growth worries, ample crude supply

Brent crude futures lost 37 cents, or 0.5 percent, to $82.23 a barrel, as of 9:55 a.m. Saudi time. Shutterstock
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Updated 13 June 2024
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Oil Updates – crude slips on US growth worries, ample crude supply

HOUSTON/SINGAPORE: Oil prices fell in early trade on Thursday, as investors digested that the US Federal Reserve had likely pushed back an interest rate cut possibly to December, while ample US crude and fuel stocks also weighed on the market, according to Reuters.

Brent crude futures lost 37 cents, or 0.5 percent, to $82.23 a barrel, as of 9:55 a.m. Saudi time, and US West Texas Intermediate crude futures fell 34 cents, or 0.4 percent, to $78.16. Both benchmarks had gained about 0.8 percent in the previous session.

The Fed held rates steady on Wednesday and pushed out the start of policy easing to perhaps as late as December.

Higher borrowing costs tend to dampen economic growth, and can by extension, limit oil demand.

Fed Chair Jerome Powell said in a press conference after the US central bank’s two-day policy meeting ended that inflation had fallen without a major blow to the economy, adding that there was no reason to think that can’t go on.

On the supply side, US crude stockpiles rose more than expected last week, driven largely by a jump in imports, while fuel inventories also increased more than anticipated, data from the Energy Information Administration showed on Wednesday.

Also weighing on prices was a bearish report by the International Energy Agency, which warned of excess supply in the near future.

“This is in stark contrast to the bullish report from OPEC+ earlier this week. The oil group maintained its forecasts for strengthening demand,” analysts at ANZ Research said.

Traders are also watching ongoing talks for a ceasefire in Gaza, which, if resolved, would reduce fears of potential supply disruptions from the oil producing region.

In the latest attack on shipping, Iran-allied Houthi militants on Wednesday took responsibility for small watercraft and missile attacks that left a Greek-owned coal carrier in need of rescue near Yemen’s Red Sea port of Hodeidah.

The militant group has attacked international shipping in the Red Sea region since November in solidarity with the Palestinians in the war between Israel and Hamas.

Late on Wednesday, Palestinian militant group Hamas issued a statement stressing its “positivity” in the ceasefire negotiations.

US Secretary of State Antony Blinken said Hamas had proposed numerous changes to a US-backed proposal for a ceasefire, adding that mediators were determined to close the gaps. 


Early-stage funding momentum stable in MENA region

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Early-stage funding momentum stable in MENA region

RIYADH: Startups operating in the Middle East and North Africa region have witnessed multiple funding rounds across various sectors in recent weeks, as they aim to push geographical boundaries and increase offerings. 

This momentum builds on the record $7.5 billion funding received by startups in 2025, representing a 225 percent increase compared to the previous year, according to Wamda data. 

The report revealed that Saudi Arabia emerged as the most funded ecosystem, raising $5 billion across 211 deals, followed by the UAE with $2 billion, and Egypt with $263 million. 

Wamda revealed that investment momentum in the MENA region accelerated in the second half of 2025, with 310 startups raising $5.7 billion, compared to $2 billion raised in the first six months. 

The sustained momentum in early-stage funding reflects continued investor interest in the region amid global economic headwinds.

KNOT Technologies raises $1m

Egypt-based KNOT Technologies, an AI-native ticketing and access control platform, has raised $1 million in a pre-seed funding round, led by A15, an early-stage venture capital firm headquartered in Cairo. 

In a press statement, KNOT Technologies said that the funding will be used for product development, international expansion, and deeper integrations across the live events ecosystem.

“Ticketing has become a financial black hole, with value leaking into unregulated channels and no modern tools to prevent it. Organizers lack visibility and control, and fans are paying the price. That is why we started KNOT, to unlock real economic value and rebuild trust between businesses and their customers,” said Ahmed Abdalla, co-founder and CEO of KNOT. 

Karim Beshara, founder at A15, said that the VC firm decided to invest in KNOT because the company is tackling a “complex global problem with a genuinely novel approach.” 

Beshara added: “Their technology has the potential to reshape how trust and identity work in ticketing, and we believe they are uniquely positioned to lead this transformation.” 

OpenCX raises $7m

OpenCX, a Jordan-based AI-native enterprise customer communication platform, has raised $7 million in a seed funding round led by Y Combinator and X by Unifonic. 

In a press statement, the company said the round also witnessed the participation of Shorooq, acting as a fund manager, and Sadu Capital.

The firm added that the funding will be used to accelerate growth across global enterprise customers, as it prepares to explore the Gulf market. 

The company is also preparing to expand its presence in Saudi Arabia, where it plans to establish a regional office in the coming months as part of its broader Gulf Cooperation Council strategy. 

OpenCX is an AI-powered enterprise customer communication platform that automates over 70 percent of customer interactions across voice, chat, email, and messaging channels. 

Designed for complex, high-volume, and regulated environments, OpenCX enables enterprises to scale customer engagement with empathy, reliability, and operational confidence. 

“Enterprises today aren’t struggling with customer support volume alone— they’re struggling with complexity,” said Mohammad Gharbat, CEO and co-founder of OpenCX.

He added: “Our focus has always been on helping organizations scale confidently, without customer communication becoming a limiting factor. OpenCX is built to operate where the stakes are high, the workflows are complex, and trust matters.” 

Grove closes $5m seed round

Grove, a Saudi-based agriculture tech startup, has closed a $5 million seed round led by Outliers VC with participation from a group of angel investors. 

Founded in 2024 and headquartered in Riyadh, the company is specialized in producing and marketing fresh agricultural products directly to consumers through strategic partnerships with local farmers, according to a press statement. 

The company connects farms, markets, and households, operating as a vertically coordinated system rather than a loose collection of suppliers, ensuring the entire harvest finds its optimal path to value that is designed around what the actual consumer wants. 

The latest funding comes as the Kingdom’s agricultural market continues to expand, with the sector valued at an estimated $31.5 billion and plant-based food imports reaching $10.7 billion in 2025.

“For generations, farming was rooted in responsibility to the land and community. Over time, short-term commercial pressure has pushed practices that damage soil, water, and long-term sustainability. At Grove, we are restoring that balance by equipping farmers with the data, tools, and incentives needed to protect resources and build for the future,” said Mohammed bin Ghanam, co-founder of Grove. 

Mohammed Al-Meshekah, Outliers VC founder, said: “What drew us to Grove was not just the product, but the team’s ability to rethink the relationship between farmers and the market. Their integrated approach brings quality back to the center, reconnects consumers with the source, and positions Grove as a key contributor to a more resilient and sustainable food system in Saudi Arabia.” 

Dataroid raises $6.6m to boost global expansion

Dataroid, a Turkiye-based AI-powered digital analytics and customer engagement platform, has completed a $6.6 million pre-series A investment round led by the FinAI Venture Capital Fund of Tacirler Asset Management.

According to a press statement, the round also witnessed the participation of Tacirler Asset Management Future Impact Venture Capital Fund and Endeavor Catalyst.

With the new investment, the company plans to expand its operational footprint across new geographies, particularly in Europe, the Middle East and Africa. 

The funding will also be used to accelerate the company’s global marketing efforts and strengthen its self-service analytics capabilities through ongoing AI-powered product development initiatives.

“Working with banks in Turkiye that reach tens of millions of digital customers gives Dataroid a strong foundation for global expansion. As the market-leading digital analytics platform for banking and financial services in Turkiye, our platform today enhances the digital experience of more than 120 million users,” said Fatih İşbecer, co-founder of Dataroid. 

He added: “We see expanding this value to new markets as a priority. With this new funding, we aim to strengthen Dataroid’s AI-focused capabilities in line with customer needs and accelerate our global marketing initiatives to bolster our presence in international markets, particularly across EMEA and Western Europe.” 

Resquad AI raises $1.5m to scale recruitment capabilities

Saudi-based Resquad AI, a recruitment platform powered by artificial intelligence technology, raised $1.5 million in a seed funding round led by SRG, with participation from a group of angel investors.

In a press statement, the company said that the funding will support its regional and international expansion plans and accelerate its growth in the global technology recruitment market.

Resquad AI is also preparing for the official launch of its platform, an AI-powered Software-as-a-Service solution and global B2B marketplace for developers, enabling companies to access technical talent beyond geographical boundaries.

Commenting on the funding round, Abdullah Al-Jaafari, founder and CEO of Resquad AI said that the investment is expected to support the company’s vision of building a global recruitment ecosystem driven by innovation and high-impact partnerships across both the public and private sectors, with a strong focus on expansion across the GCC. 

Founded in 2024, Resquad AI has now established its presence in 52 countries, positioning itself as one of the Saudi platforms supporting cross-border recruitment.