MIDEAST STOCKS-Saudi stocks claw back from losses as oil supply fears ease - Agricultural Commodities - Reuters:
Saudi Arabian stocks on Monday recouped some of the previous session’s losses after top oil producer Saudi Aramco (IPO-ARMO.SE) assured some of its clients that there will be no shortage in supplies.
An attack on Saudi Arabian oil facilities on Saturday shut about 5% of global supply, sending oil prices higher as much as 19.5%, their biggest intra-day percentage gain since the Gulf War in 1991.
Stock market sentiment was also helped by a Barclays statement that attacks were unlikely to reduce the kingdom’s oil exports “dramatically”.
Saudi’s stock index was up 0.5%, with Al Rajhi Bank and its biggest petrochemical maker, Saudi Basic Industries, both climbing 0.9%.
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