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Tuesday, 13 October 2015

MIDEAST STOCKS-Gulf slips slightly on oil; Egypt outperforms | Reuters

MIDEAST STOCKS-Gulf slips slightly on oil; Egypt outperforms | Reuters:

"Most Gulf stock markets pulled
back slightly on Tuesday because of a plunge of oil prices,
while Egypt's bourse bucked weakness in other emerging markets
and held firm.

Brent crude oil sank 5.3 percent to below $50 a
barrel on Monday, denting - though not destroying - hopes in the
Gulf that oil prices have finally bottomed out.

This dampened some of the petrochemical stocks which had
surged in the previous several days in response to stronger oil.
Saudi Basic Industries, which had jumped 12 percent in
the past four days, fell back 1.1 percent as the petrochemical
index lost 0.6 percent. A few petchems stayed firm,
however, with Saudi Kayan gaining 2.5 percent."



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MIDEAST STOCKS-Saudi knocked back by oil prices, Egypt mixed | Reuters

MIDEAST STOCKS-Saudi knocked back by oil prices, Egypt mixed | Reuters:

"Saudi Arabia's stock market retreated moderately early on Tuesday because of a plunge of oil prices, while Egypt's market moved little after four days of gains.

Brent crude oil sank 5.3 percent to below $50 a barrel on Monday, denting - though not destroying - hopes that oil prices had finally bottomed out.

The Saudi stock index slipped 0.3 percent in the opening minutes as top petrochemical producer Saudi Basic Industries, which had jumped 12 percent in the past four days because of stronger oil prices, fell back 0.6 percent."



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Poland and Baltic states set to sign deal to build gas pipeline - FT.com

Poland and Baltic states set to sign deal to build gas pipeline - FT.com:

"Poland is set to sign a deal to build a highly strategic gas pipeline to the Baltic states as part of an effort to break Russia’s energy stranglehold over the three EU members.
The deal is a sign of mounting international support for Lithuania, Latvia and Estonia, coming only days after the UK said it would send troops to join US and German forces in the region to shore up defences against Russia.
Energy supplies are one of the chief weak spots Moscow is able to exploit against the Baltic countries. Until recently, they were entirely dependent on Soviet-era pipelines, giving them no leverage to haggle over prices."



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Still on the rebound I Authers Note - YouTube

Still on the rebound I Authers Note - YouTube: ""



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MIDEAST STOCKS-Gulf markets pull back slightly on oil price plunge | Reuters

MIDEAST STOCKS-Gulf markets pull back slightly on oil price plunge | Reuters:

"Gulf stock markets pulled back slightly on Tuesday after Brent crude oil tumbled 5.3 percent to below $50 a barrel overnight, casting doubt on hopes that oil may finally have bottomed out.

Qatar's stock index edged down 0.3 percent as drilling rig provider Gulf International Services, which had jumped as oil rebounded in the past several days, fell 1.3 percent.

Islamic Holding climbed 2.4 percent, however, after an extraordinary general assembly of shareholders approved a 50 percent capital increase via a rights issue."



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Oil Surplus to Persist in 2016 as IEA Sees Demand Growth Slowing - Bloomberg Business

Oil Surplus to Persist in 2016 as IEA Sees Demand Growth Slowing - Bloomberg Business:

"Global oil markets will remain oversupplied next year as demand growth slows and Iranian exports are poised to recover with the lifting of sanctions, the International Energy Agency said.
While supplies outside OPEC will decline in 2016 in response to lower prices, demand growth will ease from this year’s five-year high amid a weaker outlook for the world economy, allowing the crude surplus to endure, the IEA predicted. Iran could swell the glut if restrictions on its sales are removed with the completion of a nuclear accord, while Iraq has replaced the U.S. as the biggest source of new supplies as its output reaches record levels.
“The market may be off balance for a while longer,” the Paris-based adviser to 29 nations said in its monthly report. “A projected marked slowdown in demand growth next year and the anticipated arrival of additional Iranian barrels -- should international sanctions be eased -- are likely to keep the market oversupplied through 2016.”"



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Iran's parliament backs nuclear deal - BBC News

Iran's parliament backs nuclear deal - BBC News:

"Iran's parliament has approved a deal on its nuclear programme agreed with six world powers, state media say.
The deal was passed with 161 votes in favour, 59 against and 13 abstentions, the official IRNA news agency said.
However, parliament insisted that international inspectors would have only limited access to military sites."



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