Stronger oil price to slash Saudi budget deficit says brokerage

Stronger oil price to slash Saudi budget deficit says brokerage:

Stronger oil prices could cut the Saudi budget deficit by as much as 28 percent this year according to a report from a top brokerage.

Al-Rajhi Capital expects oil revenues to reach SR134 billion ($35.7 billion) in the second quarter and some SR547.5 billion for the full year.

Oil traded down below $74 yesterday amid concerns that a trade row between the US and China could dampen global demand for oil.