Shares in Saudi Arabia, OPEC’s biggest oil producer, headed for the biggest slump in 10 months after crude fell to the lowest since October as employment reports in the U.S. and Europe signalled fuel demand may tumble.
Al Rajhi Bank (RJHI), the kingdom’s largest bank by market value, retreated to the lowest since January and Saudi Basic Industries Corp. (SABIC), known as Sabic, the world’s biggest petrochemical maker, slid 2.4 percent, the most since April 15. The Tadawul All Share Index (SASEIDX) tumbled 3.2 percent, set for the biggest drop since Aug. 6, to 6,753.64 at 12:24 p.m. in Riyadh. The measure lost 7.7 percent in May, the biggest monthly decline in two years.
Oil dropped 3.8 percent to $83.23 a barrel in New York after the Labor Department said American employers added the fewest workers in a year in May. Oil prices are down 24 percent from this year’s closing high in February. Brent dropped below $100 for the first time since October. Gulf Arab oil exporters, including the Saudi Arabia and the United Arab Emirates, supply about a fifth of the world’s oil.
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