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Sunday, 11 December 2016

MIDEAST STOCKS-Saudi, Qatar gain after OPEC agrees with non-OPEC oil producers | Reuters

MIDEAST STOCKS-Saudi, Qatar gain after OPEC agrees with non-OPEC oil producers | Reuters:
"Stock markets in Saudi Arabia and Qatar posted broad-based gains on Sunday after OPEC and non-OPEC oil producers a day earlier reached their first deal since 2001 to curtail oil output jointly in a drive to prop up prices.

It is not clear whether oil prices can rise much further in response to the deal, and many fund managers think Saudi petrochemical shares are to a large extent now fairly valued after their rebound in the past six weeks.

Nevertheless, the oil producers' deal supported fresh buying of stocks and the main Saudi index added 1.1 percent to 7,198 points, its highest close this year, in heavy trade."

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