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Thursday, 8 September 2016

MIDEAST STOCKS-Bounce in oil supports Saudi in otherwise weak Gulf | Reuters

MIDEAST STOCKS-Bounce in oil supports Saudi in otherwise weak Gulf | Reuters:

"Petrochemical shares supported Saudi Arabia's stock index in early trade on Thursday after crude oil prices bounced back, although other Gulf markets lost ground.

Riyadh's index rose 0.3 percent in the first 30 minutes with Saudi Basic Industries, the largest petrochemical producer, gaining 0.9 percent and Yanbu National Petrochemicals (Yansab) adding 1.1 percent.

Brent crude climbed 1.5 percent to above $48.70 a barrel after U.S. crude inventories surprisingly plunged last week in their largest weekly drawdown for over three decades."



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