Abu Dhabi drops to 29-week low, Qatar falls - Stocks - ArabianBusiness.com

UAE markets fell to multi-month lows and Qatar dropped as a sharp decline in oil prices threatened regional fundamentals, spurring a strong reaction after weeks of negative performance in global equities.

Regional government spending and revenues of local chemical companies were correlated with the price of fuel, which impacted their bottom line.

Crude fell to a six-week low on Friday on fresh concerns about Europe's ability to manage debt and a possible banking crisis. US November crude fell 66 cents to settle at $79.85; its lowest close since Aug 9.

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