MIDEAST STOCKS-Saudi Arabia rises in otherwise weak Gulf; Egypt slides | Reuters:
"Most Gulf stock markets fell on Wednesday as oil remained volatile, but Saudi Arabia resumed its rally. Egypt's Orascom Construction tumbled in Dubai as Egyptian investors appeared to sell the stock to acquire hard currency.
The main Saudi benchmark edged up 0.5 percent on late buying as the price of Brent crude oil rebounded towards $57 per barrel, after hitting a one-month low below $56.
The index closed exactly on its 200-day average of 9,662 points, a strong technical resistance level. Oil's rebound allowed the petrochemicals sector to recover from early losses and close flat, while other stocks climbed."
'via Blog this'
Wednesday 11 March 2015
The big drop: Riyadh’s oil gamble - FT.com
The big drop: Riyadh’s oil gamble - FT.com:
"The oil traders and hedge fund managers who gathered for dinner at Mike’s Bistro in Manhattan vied for the attention of Nasser al-Dossary, Saudi Arabia’s representative to Opec and Freepoint Commodities’ guest of honour.
Scattered over half a dozen tables, the 30 attendees took turns sitting next to the man they believed had the ear of Ali al-Naimi, the kingdom’s 79-year-old oil minister and the most influential person in the energy industry.
It was October 7, and the price of oil had been falling precipitously since June. Everybody wanted to know when Saudi Arabia would take charge and stem the plunge. “Of course you’re going to cut production,” declared one guest."
'via Blog this'
"The oil traders and hedge fund managers who gathered for dinner at Mike’s Bistro in Manhattan vied for the attention of Nasser al-Dossary, Saudi Arabia’s representative to Opec and Freepoint Commodities’ guest of honour.
Scattered over half a dozen tables, the 30 attendees took turns sitting next to the man they believed had the ear of Ali al-Naimi, the kingdom’s 79-year-old oil minister and the most influential person in the energy industry.
It was October 7, and the price of oil had been falling precipitously since June. Everybody wanted to know when Saudi Arabia would take charge and stem the plunge. “Of course you’re going to cut production,” declared one guest."
'via Blog this'
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