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SINGAPORE: Oil prices declined on Tuesday amid concerns the brewing trade war between major crude consumers, the US and the EU, will curb fuel demand growth by lowering economic activity.

Brent crude futures were down 28 cents, or 0.40 percent, to $68.93 a barrel at 8:58 Saudi time. US West Texas Intermediate crude was at $66.83 a barrel, down 37 cents, or 0.55 percent. Both benchmarks settled slightly lower on Monday.

The August WTI contract expires on Tuesday, and the more active September contract was down 29 cents, or 0.44 percent, to $65.66 a barrel.

“Broad demand concerns continue to simmer amid escalating global trade tensions, especially as markets eye the latest tariff threats between major economies and Trump’s potential announcements ahead of the August 1 deadline,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Investors are also eyeing the ripple effects of fresh US sanctions on Russian crude,” she added.

Supply concerns have largely been alleviated by major producers raising output, and since a ceasefire on June 24 ended the conflict between Israel and Iran. However, investors are increasingly worried about the global economy amid US trade policy changes.

A weaker US dollar has provided some backing for crude as buyers using other currencies are paying relatively less.

Prices have slipped “as trade war concerns offset the support by a softer (US dollar),” IG market analyst Tony Sycamore wrote in a note.
Sycamore also pointed to the possibility of an escalation in the trade dispute between the US and the EU over tariffs.

The EU is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. The US has threatened to impose a 30 percent tariff on EU imports on Aug. 1 if a deal is not reached.

There are also signs that rising oil supply has entered the market as the Organization of the Petroleum Exporting Countries and its allies unwind output cuts.

��������’s crude oil exports in May rose to their highest in three months, data from the Joint Organizations Data Initiative showed on Monday. 

RIYADH: ��������’s Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17.

The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining. 

The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88. 

The Kingdom’s parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks, 38 gained while 44 fell. 

The best-performing stock on the main market was SHL Finance Co., whose shares jumped 10 percent to SR23.87. 

Other notable gainers included Salama Cooperative Insurance Co., up 5.58 percent to SR13.62, Miahona Co. Limited, which gained 5.23 percent to SR26.94, Alamar Foods Co., rising 5.17 percent to SR53.95, and Fawaz Abdulaziz Alhokair Co., which climbed 4.92 percent to SR31.16. 

On the downside, Sahara International Petrochemical Co. posted the steepest drop of the day, falling 5.69 percent to SR17.90.  

Saudi Azm for Communication and Information Technology Co. declined 5.42 percent to SR 28.60, Alistithmar AREIC Diversified REIT Fund slipped 4.92 percent to SR 8.70, Wafrah for Industry and Development Co. fell 4.63 percent to SR27.20, and Riyadh Cables Group Co. dropped 4.13 percent to SR130. 

On the announcement front, Sports Clubs Co. is set to make its trading debut on ��������’s main market on July 22. 

The listing follows an initial public offering in which Sports Clubs floated 34.32 million shares, representing 33 percent of its issued capital, at a nominal value of SR1 each.  

Demand saw the individual tranche oversubscribed by 5.3 times, with investors guaranteed a minimum allotment of ten shares. 

To help stabilize the share price in early trading, the bourse has set a plus or minus 30 percent daily price limit and a 10 percent static limit. 

Founded in 1994, Sports Clubs operates a network of 56 branches across 18 Saudi cities.  

Its portfolio includes 41 Body Masters men’s gyms, a brand established decades ago, and 15 Body Motions women’s clubs, introduced four years ago as part of the company’s gender-segmented expansion strategy.