Dubai Stocks Sink Most in World as Oil Slides to Four-Year Low - Bloomberg

Dubai Stocks Sink Most in World as Oil Slides to Four-Year Low - Bloomberg:



"Dubai’s stocks fell the most among global markets as Brent extended losses and Saudi shares slid following the death of two security personnel who were killed in nationwide arrest raids after an attack in the oil-rich east.



The benchmark DFM General Index (DFMGI) slumped 3.3 percent, the most since Oct. 16, to 4,398.00 as of 1:49 p.m. local time. That’s the steepest drop among 93 gauges tracked by Bloomberg worldwide so far today. Saudi Arabia’s Tadawul All Share Index, the Arab world’s largest bourse, decreased 2.9 percent to the lowest since April, taking a two-day decline to 6.3 percent.



Brent crude sank to $82.05 a barrel, the lowest level since October 2010. Global oil prices slid into a bear market last month on bets the biggest OPEC producers were discounting their crude to maintain market share. Saudi Arabia deepened the selloff as its state-owned producer lowered the cost of oil to the U.S., where production is the highest in three decades. The six-nation Gulf Cooperation Council is home to about a third of the world’s proven oil reserves."



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