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Thursday, 1 December 2016

MIDEAST STOCKS-Gulf markets firm as OPEC deal lifts state revenue prospects | Reuters

MIDEAST STOCKS-Gulf markets firm as OPEC deal lifts state revenue prospects | Reuters:
"Petrochemicals companies led Gulf stock markets higher on Thursday in response to OPEC's first agreement on output cuts to prop up oil prices since 2008 -- a deal that could allow governments to ease austerity policies slightly.

Expectations for the deal had already boosted oil and Gulf bourses on Wednesday, but the agreement included bigger production cuts than many analysts had expected, lifting oil prices higher on Thursday. Brent crude hit a six-week high of $52.73 a barrel before retreating slightly.

Saudi Arabia is to take the lion's share of cuts, lowering production by almost 0.5 million barrels per day (bpd) to 10.06 million bpd, potentially hitting the kingdom's gross domestic product growth in coming quarters."

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