Dubai Stocks Rise Most in 6 Weeks on Oil; Saudi Jumps on Payout - Bloomberg Business

Dubai Stocks Rise Most in 6 Weeks on Oil; Saudi Jumps on Payout - Bloomberg Business:



"Dubai stocks advanced the most in six weeks after oil rallied on signs a price slump will curb output. Saudi Arabia’s benchmark rose after the new king ordered a bonus of two months’ salary for government workers.



The DFM General Index added 4.5 percent, the most since Dec. 21, to close at 3,840.22. Abu Dhabi’s ADX General Index climbed 2.2 percent, its first increase in five days, and Qatar’s QE Index gained 1.4 percent, the strongest close since Jan. 8. Saudi Arabia’s Tadawul All Share Index advanced 3.7 percent at 1:23 p.m. in Riyadh.



Brent crude, the benchmark for more than half the world’s oil, surged the most in almost six years on Jan. 30 after Baker Hughes Inc. reported that the U.S. rig count fell to a three-year low. The Organization of Petroleum Exporting Countries, of which four of six Gulf Cooperation Council states are members, has maintained output amid the lowest prices since 2009, challenging the growth in U.S. production."



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