MIDEAST STOCKS-Oil sinks Gulf markets; Dubai down 7.4 pct | Reuters:
"Gulf stock markets fell sharply on Thursday as panic selling spread across the region after oil dropped to a fresh five-year low; Dubai's main index sank 7.4 percent, its biggest daily loss in six years.
Brent crude tumbled on Wednesday to $63.56 per barrel on comments by Saudi Arabia's oil minister again implying that Riyadh would make no output cut to support prices. It ticked up early on Thursday but was still trading below $65 when most markets in the region closed.
Dubai's index slid to 3,595 points, breaking major technical support at 3,731 points, the July trough, and hitting its lowest level since January. There is no major chart support left in the vicinity."
'via Blog this'
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