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Thursday, 1 December 2016

MIDEAST STOCKS-Saudi, Qatar rise sharply on OPEC oil deal; petchems surge | Reuters

MIDEAST STOCKS-Saudi, Qatar rise sharply on OPEC oil deal; petchems surge | Reuters:
"Stock markets in Saudi Arabia and Qatar rose sharply in early trade on Thursday, led by petrochemicals on news of OPEC's first agreement on oil output cuts since 2008 to prop up prices.

Expectations for the agreement had already boosted oil prices and Gulf bourses in late trade on Wednesday, but the deal included bigger production cuts than many analysts had expected, so oil prices continued rising on Thursday morning. Brent crude hit a six-week high of $52.73 a barrel before falling back slightly.

The Saudi stock index gained 1.5 percent to 7,103 points in heavy trade during the first half-hour. It is technically very bullish after confirming on Wednesday a break of major technical resistance on its April peak of 6,876 points; that triggered a double bottom formed by this year's lows and pointing up to around 8,400 points in the long term."

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