MIDEAST STOCKS-Saudi leads Gulf lower after attacks on oil plants - Reuters:
Saudi Arabian stocks dropped on Sunday with banking and
petrochemical shares taking the biggest hit after attacks on two key Saudi oil
plants a day earlier knocked out more than half of Saudi crude output.
The drone attacks, which were claimed by Yemen's Houthi group, are likely to
push up the oil price by $5-10 per barrel when it opens on Monday. Crude may
shoot up to $100 per barrel if Saudi Arabia fails to return to its full oil
supply capacity after Saturday's attacks on Aramco oil plants.
Saudi's index closed 1.1% lower to fall for a fourth straight
session, with Al Rajhi Bank down 1.2% and petrochemical maker Saudi
Basic Industries (SABIC) lower 2.6%.
SABIC and other petrochemicals firms announced significant reductions in
feedstock supplies.
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