Saudi Arabian Shares Drop Fourth Day on Oil Slump; Qatar Gains - Bloomberg

Saudi Arabian Shares Drop Fourth Day on Oil Slump; Qatar Gains - Bloomberg:



"Shares in Saudi Arabia retreated for a fourth day as some investors speculated that declining oil prices may hurt OPEC’s biggest producer. Qatari stocks advanced.



The Tadawul All Share Index lost 1.3 percent to 9,553.81, the lowest close in a month. Saudi Basic Industries Corp. (SABIC), among the world’s largest petrochemicals producers, fell 1.6 percent, and Al Rajhi Bank declined 1.7 percent. Qatar’s QE Index added 0.1 percent to 13,744.80.



Oil prices may keep sliding in coming months, mounting pressure on OPEC to reduce production, according to the International Energy Agency. Brent, the benchmark grade for more than half the world’s crude, fell for an eighth week last week, dropping 4.8 percent and trading as low as $76.76 a barrel, a four-year low. Saudi Arabia will need oil to average $99.2 a barrel this year to balance its budget, according to Deutsche Bank AG."



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