Saudi Arabian shares rose to the highest level in a month as the world’s largest oil producer said there is no need for an output increase at an OPEC meeting later in the day.
Saudi Basic Industries Corp., the largest petrochemical maker, Sahara Petrochemical Co. and Saudi Kayan Petrochemical Co. paced the rally. The 146-company Tadawul All Share Index rose 0.2 percent to 6,467.8, the highest since Nov. 10, at 12:46 p.m. in Riyadh.
“Investors are feeling good about the performance of the oil markets lately, with seemingly no desire by OPEC and the Saudis to raise current output levels,” said Amro Halwani, a trader at Shuaa Capital PSC in Riyadh.
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