UPDATE 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 oil extended declines while Saudi shares slumped amid heightened security concerns.



The benchmark DFM General Index (DFMGI) dropped 3.3 percent, the most in three weeks, to 4,400.80 at the close. That’s the steepest slide among 93 gauges worldwide tracked by Bloomberg so far today. Saudi Arabia’s Tadawul All Share Index lost 1.6 percent for the third-worst decrease, taking its two-day decline to 5.1 percent.



Brent crude sank to $82.31 a barrel at 4:35 p.m. in Dubai, the lowest level since October 2010, extending the bear market reached last month on signs the biggest OPEC producers are discounting prices to keep market share. Saudi Arabia’s state-owned producer lowered its charges to the U.S., where production is the highest in three decades. The six-nation Gulf Cooperation Council that includes Saudi Arabia and the United Arab Emirates holds about a third of the world’s proven oil reserves."



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