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Wednesday, 28 September 2016

MIDEAST STOCKS-Most of region drops on weak oil prices | Reuters

MIDEAST STOCKS-Most of region drops on weak oil prices | Reuters:

"Most stock markets in the Gulf fell in early trade on Wednesday after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise at a meeting in Algiers to help ease a global glut of oil.

Brent oil futures sank about 3 percent to around $46 a barrel on Tuesday after Iran rejected an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply.

Saudi Arabia's index, which retreated 3.8 percent on Tuesday after the government said it would scale back financial bonuses for public sector workers in an austerity drive, fell a further 0.5 percent in the first half-hour on Wednesday to 5,703 points, approaching technical support on its February low of 5,551 points."



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