Saudi Arabian Stocks Advance After Crude Climbs; Israel Rallies - Bloomberg Business

Saudi Arabian Stocks Advance After Crude Climbs; Israel Rallies - Bloomberg Business:

"Equities in Saudi Arabia, OPEC’s biggest oil producer, led most Arab markets higher after Brent crude rebounded to above $50 a barrel and global stocks rallied. Israeli shares headed for the best close in almost a month.
The Tadawul All Share Index climbed 0.8 percent to 7,760.48 as of 11:14 a.m. in Riyadh, led by Saudi Basic Industries Corp., one of the world’s largest petrochemical producers. Dubai’s DFM General Index added 0.3 percent, while Abu Dhabi’s ADX General Index rose 0.5 percent.
Brent crude, a benchmark for half the world’s oil, advanced after Baker Hughes Inc. said rigs targeting oil in the U.S. fell to a five-year low last week, raising speculation the nation’s output may drop. Saudi Arabia, which relies on crude for about 90 percent of government revenue, has seen its benchmark equities gauge lose 15 percent in the second half of the year amid the slump in oil prices. That’s among the world’s 10 worst performing indexes over the period."



'via Blog this'