Friday 17 April 2015

MIDEAST STOCKS-Strong oil lifts Gulf; Dubai property stocks surge | Reuters

MIDEAST STOCKS-Strong oil lifts Gulf; Dubai property stocks surge | Reuters:



"Oil's rally supported stock markets across the Gulf on Thursday, while Dubai property stocks surged after the emirate's biggest listed real estate developer announced a bullish 2015 profit forecast.



Brent crude hit 2015 highs above $63 per barrel after a rally of more than 5 percent in the previous session, and analysts said more price rises were likely despite market oversupply. The price pulled back slightly later in the day but stayed above $62.



The main Saudi stock index climbed 1.0 percent to 9,251 points as petrochemicals giant Saudi Basic Industries , which is poised to benefit from oil's rebound, jumped 2.1 percent."



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