Mideast Stocks - Saudi petchems lead Gulf lower on oil price tumble | ZAWYA MENA Edition

Mideast Stocks - Saudi petchems lead Gulf lower on oil price tumble | ZAWYA MENA Edition:

Saudi Arabia's stock market led Gulf bourses lower early on Sunday after oil prices plunged nearly 8 percent at the end of last week because of intensifying fears of a supply glut.

The slide of the Brent oil price from $85 a barrel at the start of October to below $65 has wiped $130 billion or 9 percent of gross domestic product off the Gulf's oil export revenues on an annualised basis, London-based Capital Economics estimated last week.

That may do little direct damage to Gulf economies; fiscal reforms in the last few years mean most governments will remain able to spend more on economic growth next year, and do not face balance of payments crises.