MIDEAST STOCKS-Markets rise, Saudi budget helps them shrug off oil below $60 | News by Country | Reuters:
"Gulf stock markets rose on Sunday despite oil's weakness as Saudi Arabia's plan to maintain government spending at a high level boosted investor confidence.
The Saudi government released a 2015 state budget last Thursday that provides for a 0.6 percent increase in spending from this year's plan. That cheered the retail investors who dominate Gulf stock markets; they had feared falling oil revenues would trigger spending cuts across the region.
The new mood of optimism in the Gulf helped investors largely ignore the fresh decline in the price of Brent crude oil, which closed below $60 a barrel on Friday."
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