MIDEAST STOCKS-Saudi leads Gulf down on oil slide, economy fears | Reuters:
"Gulf stock markets fell sharply on Thursday, with Saudi Arabia plunging more than 4 percent and other major markets losing at least 3 percent, because of a fresh slide of oil prices and worries about the health of the regional and global economies.
Brent oil sank more than 4 percent to below $33 a barrel for the first time since April 2004. That was lower than many investors expected just a few days ago and if such prices persist, Gulf state finances will come under fresh pressure.
Saudi Arabia's 2016 state budget, released last week, projected an $87 billion deficit - assuming oil averaging about $40. Lower prices could force Riyadh to deplete its foreign reserves faster, adding to investor jitters."
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