Shares in Saudi Arabia, the world’s biggest oil exporter, fell as crude declined on concern over demand from China and tension simmered on Iran’s naval exercises in the Strait of Hormuz.
The Tadawul All Share Index (SASEIDX) lost less than 0.01 percent to 6,417.73 at the 3:30 p.m. close in Riyadh, after falling the most in more than two weeks. Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, retreated 0.8 percent.
Oil fell 0.8 percent to close at $98.83 a barrel yesterday as Chinese manufacturing contracted for a second month in December, spurring concern that demand from the world’s second- largest crude-consuming country may slow. Iran last week threatened to block the Strait of Hormuz, a shipping channel through which a sixth of the world’s is transported, if sanctions are imposed on its crude exports.
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