SINGAPORE: Crude oil prices fell on Tuesday as investors lowered their demand growth expectations due to the ongoing trade war between the US and China, the world’s two biggest economies.

Brent crude futures fell by 78 cents, or 1.18 percent, to $65.08 per barrel by 10:49 a.m. Saudi time. US West Texas Intermediate crude futures fell 75 cents, or 1.21 percent, to $61.30 a barrel. Both benchmarks fell more than $1 on Monday.

“Markets are closely monitoring the US-China trade negotiations, understanding that deteriorating trade relations between the world’s two largest economies could lead the global economy toward a recession,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“The lack of confidence in future demand and the absence of concrete signals for demand revival in mainland China will continue to overshadow oil prices.”

US President Donald Trump’s push to reshape world trade by imposing tariffs on all US imports has created a high risk that the global economy will slip into a recession this year, according to a majority of economists in a Reuters poll.

China, hit with the steepest of those tariffs, has responded with its own levies against US imports, stoking a trade war between the top two oil consuming nations. That has prompted analysts to sharply lower their oil demand and price forecasts.

Barclays on Monday cut its 2025 Brent crude price forecast by $4 to $70 a barrel, citing elevated trade tensions and a pivot in production strategy by the OPEC+ group as drivers of a 1 million barrel per day oil supply surplus this year.

Meanwhile, several members of OPEC+, which comprises the Organization of the Petroleum Exporting Countries and its allies, will suggest an acceleration of output hikes for a second consecutive month in June, sources told Reuters last week.

“A substantial (oil) price decrease appears probable if exporting countries boost production,” oil analyst Philip Verleger said in a note.

US crude oil stockpiles also likely rose by about 500,000 barrels in the week ended April 15, according to a preliminary Reuters poll of analysts on Monday.

Industry group American Petroleum Institute will publish its estimates on US oil inventories on Tuesday. Official figures from the Energy Information Administration will follow on Wednesday.

RIYADH: Ministers on Monday showcased the achievements so far within Saudi Arabia’s real estate and housing sector since the launch in 2016 of Vision 2030, the Kingdom’s plan for national development and diversification, and the effects it is having on future strategies.

Housing minister Majid Alhogail highlighted in particular his ministry’s achievements over the past year, including the development of the Khuzam modern-housing suburb on the outskirts of Riyadh.

“This model is one of the examples that greatly helped in changing the concept of housing into a living environment,” he said.

“Last year was a leader in many achievements, investments, industry and logistics services, where the municipal sector plays a significant and influential role.”

The municipal and housing sector accounts for 14 percent of the Kingdom’s gross domestic product, the housing sector provides more than 500,000 jobs, and more than 300,000 entities operate under the supervision of the Ministry of Municipalities and Housing, Alhogail said.

He also noted the growth of investment in the real estate market, adding: “The construction and real estate sector contributed more than 16 percent of total foreign investment flows, reflecting investors’ confidence in the readiness of cities and the regulatory environment we are continuously developing.”

He also highlighted the important need to create a balanced environment within modern smart cities that can better serve the needs of citizens and enhance their quality of life, and said this is something to which he is fully committed.

“We have worked in the municipal and housing sector to redefine the city as a balanced, green, smart environment that meets needs and inspires ambition for residents,” he said as he stressed the importance of ensuring cities are designed for the benefit of people rather than for cars.

“By the end of this year, we also aim to achieve a 61 percent increase in residents’ access to public spaces within an 800-meter radius.

“Regarding quality of life in the municipal sector, we have been keen since day one to ensure that the city is not just a place to live but rather a complete space for life.”

Six Saudi cities are now officially ranked as smart cities by the IMD World Smart Cities Index, Alhogail noted — AlUla. Makkah, Madinah, Riyadh, Jeddah and Alkhobar — reflecting the achievements within the sector.

His ministry considers effective urban planning as the starting point for the development and improvement of municipal spaces, he continued. This was also reflected by the launch last month of the Saudi Architecture Characters Map, guided by Crown Prince Mohammed bin Salman, which aims to enrich the urban landscape through the celebration of 19 distinct architectural styles inspired by the Kingdom’s cultural and natural heritage.

The Saudi media minister, Salman Aldosari, also spoke about the achievements to date within the sector and noted that some objectives were met ahead of schedule.

Acknowledging the challenges and opportunities arising from Vision 2030, he said that Saudi ambitions have surpassed the obstacles, adding: “The year 2024 (was) the year of records.”