Oil slides on US stockpile build and demand fears | Financial Times:
Crude prices renewed their recent slide on Wednesday, as traders weighed the outlook for supply after closely watched US data showed a surprise build in domestic stockpiles.
Brent crude tumbled 3.7 per cent to $59.97 a barrel, its first close below the $60 mark since January, leaving the benchmark on track for its fourth consecutive weekly fall. West Texas Intermediate sank 4 per cent to $51.14, bringing the US marker into a fresh bear market — a drop of more than 20 per cent from its April peak.
Numbers released this week showing a rise in US inventories brought concerns of a supply glut back to the forefront. The Energy Information Administration said US crude inventories rose 2.2m barrels to 485.5m, bucking forecasts for a decline of 481,000 barrels, according to Reuters. Gasoline stocks grew slightly more than expected, sending futures in New York more than 4 per cent lower.
Wednesday, 12 June 2019
Saudis Heed China Request for More Oil as Supplies Squeezed - Bloomberg
Saudis Heed China Request for More Oil as Supplies Squeezed - Bloomberg:
The world’s biggest oil exporter seems willing for now to satisfy Chinese requests for extra crude as supplies are squeezed elsewhere.
At least one Chinese customer got additional oil from Saudi Arabian Oil Co. for loading in July on top of its normal contractual volumes, according to people with knowledge of the matter. The extra supply was at the request of the customer, the people said, asking not to be identified because the matter is private. At least five other Chinese buyers got what they requested, though it’s not clear if they asked for extra crude.
Aramco declined to comment on the matter in an emailed response.
The world’s biggest oil exporter seems willing for now to satisfy Chinese requests for extra crude as supplies are squeezed elsewhere.
At least one Chinese customer got additional oil from Saudi Arabian Oil Co. for loading in July on top of its normal contractual volumes, according to people with knowledge of the matter. The extra supply was at the request of the customer, the people said, asking not to be identified because the matter is private. At least five other Chinese buyers got what they requested, though it’s not clear if they asked for extra crude.
Aramco declined to comment on the matter in an emailed response.
Aramco Set to Peel Back Financial Veil With August Earnings Call - Bloomberg
Aramco Set to Peel Back Financial Veil With August Earnings Call - Bloomberg:
Now that Saudi Aramco has revealed itself as the world’s most profitable company, it’s preparing to host its first earnings call in August to discuss half-yearly results.
The world’s biggest crude exporter rolled back decades of secrecy over its business when it revealed an independent audit of its oil reserves in January and in April released a bond prospectus revealing financials for the first time, showing a $111 billion profit last year.
Now the company, officially known as Saudi Arabian Oil Co., is going a step further by posting results for 2017 and 2018 on a new investor relations page on its website. Holding a public conference call to discuss half-year earnings, as indicated on the investors’ page without specifying the exact day in August, would be another first.
Now that Saudi Aramco has revealed itself as the world’s most profitable company, it’s preparing to host its first earnings call in August to discuss half-yearly results.
The world’s biggest crude exporter rolled back decades of secrecy over its business when it revealed an independent audit of its oil reserves in January and in April released a bond prospectus revealing financials for the first time, showing a $111 billion profit last year.
Now the company, officially known as Saudi Arabian Oil Co., is going a step further by posting results for 2017 and 2018 on a new investor relations page on its website. Holding a public conference call to discuss half-year earnings, as indicated on the investors’ page without specifying the exact day in August, would be another first.
#Saudi Aramco reports 2018 net income of $111.1 billion - Reuters
Saudi Aramco reports 2018 net income of $111.1 billion - Reuters:
Saudi Aramco reported on Wednesday a net income attributable to shareholders of $111.1 billion in 2018, up from $75.9 billion the year before, according to a statement from the company.
Aramco said total revenues were at $355.9 billion in 2018, up from $264.2 billion, as oil prices improved. Total assets jumped to $358.9 billion in the same period, from $294 billion in 2017.
Saudi Aramco reported on Wednesday a net income attributable to shareholders of $111.1 billion in 2018, up from $75.9 billion the year before, according to a statement from the company.
Aramco said total revenues were at $355.9 billion in 2018, up from $264.2 billion, as oil prices improved. Total assets jumped to $358.9 billion in the same period, from $294 billion in 2017.
Oil slumps 4% on U.S. crude build, slowing demand fears - Reuters
Oil slumps 4% on U.S. crude build, slowing demand fears - Reuters:
Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.
Brent crude futures fell $2.32, or 3.7%, to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.
U.S. West Texas Intermediate crude futures ended $2.13, or 4.0%, lower at $50.72 a barrel, its lowest settlement since Jan. 14.
Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.
Brent crude futures fell $2.32, or 3.7%, to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.
U.S. West Texas Intermediate crude futures ended $2.13, or 4.0%, lower at $50.72 a barrel, its lowest settlement since Jan. 14.
UPDATE 1- #Dubai developer The First Group to issue $135 mln sukuk - Reuters
UPDATE 1-Dubai developer The First Group to issue $135 mln sukuk - Reuters:
The First Group, a Dubai-based developer and real estate investor, plans to issue $135 million in sukuk, or Islamic bonds, a company spokeswoman said.
The developer has appointed investment bank Shuaa Capital to arrange the planned transaction, she said, without disclosing details on the planned use of proceeds.
It is one of few debt issues in the pipeline in the Gulf region after business slowed sharply during the holy month of Ramadan, which ended last week.
The First Group, a Dubai-based developer and real estate investor, plans to issue $135 million in sukuk, or Islamic bonds, a company spokeswoman said.
The developer has appointed investment bank Shuaa Capital to arrange the planned transaction, she said, without disclosing details on the planned use of proceeds.
It is one of few debt issues in the pipeline in the Gulf region after business slowed sharply during the holy month of Ramadan, which ended last week.
Algeria floats idea of larger OPEC+ oil cut, rollover still likely - sources - Reuters
Algeria floats idea of larger OPEC+ oil cut, rollover still likely - sources - Reuters:
Algeria has floated an idea of increasing an oil supply cut by OPEC and its allies in the second half of 2019 as demand falters, OPEC sources said, although rolling over current output curbs is still the most likely scenario.
Oil has tumbled from a 2019 peak above $75 a barrel in April to $61 a barrel now on concerns about weakening demand due to a U.S.-China trade dispute and an economic slowdown, raising alarm among some oil exporters.
The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have implemented a deal since Jan. 1 to cut output by 1.2 million barrels per day (bpd).
Algeria has floated an idea of increasing an oil supply cut by OPEC and its allies in the second half of 2019 as demand falters, OPEC sources said, although rolling over current output curbs is still the most likely scenario.
Oil has tumbled from a 2019 peak above $75 a barrel in April to $61 a barrel now on concerns about weakening demand due to a U.S.-China trade dispute and an economic slowdown, raising alarm among some oil exporters.
The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have implemented a deal since Jan. 1 to cut output by 1.2 million barrels per day (bpd).
World's biggest sovereign wealth fund to ditch fossil fuels | Business | The Guardian
World's biggest sovereign wealth fund to ditch fossil fuels | Business | The Guardian:
The world’s largest sovereign wealth fund, which manages $1tn (£786bn) of Norway’s assets, has been given the go ahead for the largest fossil fuel divestment to date by dropping more than $13bn of investments.
Norway’s parliament on Wednesday voted into law plans for the fund to dump investments in eight coal companies and an estimated 150 oil producers.
The divestment plan means the fund will drop coal investments worth an estimated $6bn, which could include shares in mining giants Anglo-American, Glencore and German energy company RWE.
The world’s largest sovereign wealth fund, which manages $1tn (£786bn) of Norway’s assets, has been given the go ahead for the largest fossil fuel divestment to date by dropping more than $13bn of investments.
Norway’s parliament on Wednesday voted into law plans for the fund to dump investments in eight coal companies and an estimated 150 oil producers.
The divestment plan means the fund will drop coal investments worth an estimated $6bn, which could include shares in mining giants Anglo-American, Glencore and German energy company RWE.
Oil slides as US stockpiles grow | Financial Times
Oil slides as US stockpiles grow | Financial Times:
Crude prices renewed their recent slide on Wednesday, as traders weighed the outlook for supply after closely watched US data showed a surprise build in domestic stockpiles.
Brent crude fell 1.8 per cent to $61.15 a barrel in morning trading in New York, leaving the benchmark on track for its fourth consecutive weekly fall after numbers released on Tuesday showed a rise in US inventories. US marker WTI fell 2.1 per cent to $52.15, putting it on track to close in a fresh bear market.
The Energy Information Administration said US crude inventories rose 2.2m barrels to 485.5m, bucking forecasts for a decline of 481,000 barrels, according to Reuters. Gasoline stocks grew slightly more than expected, sending futures in New York more than 2 per cent lower.
Crude prices renewed their recent slide on Wednesday, as traders weighed the outlook for supply after closely watched US data showed a surprise build in domestic stockpiles.
Brent crude fell 1.8 per cent to $61.15 a barrel in morning trading in New York, leaving the benchmark on track for its fourth consecutive weekly fall after numbers released on Tuesday showed a rise in US inventories. US marker WTI fell 2.1 per cent to $52.15, putting it on track to close in a fresh bear market.
The Energy Information Administration said US crude inventories rose 2.2m barrels to 485.5m, bucking forecasts for a decline of 481,000 barrels, according to Reuters. Gasoline stocks grew slightly more than expected, sending futures in New York more than 2 per cent lower.
Mideast Stocks: #Saudi continues winning streak, other Gulf markets mixed | ZAWYA MENA Edition
Mideast Stocks: Saudi continues winning streak, other Gulf markets mixed | ZAWYA MENA Edition:
Saudi Arabia's stock market rose for a fifth straight session on Wednesday as nearly all its banks gained, while other major Middle Eastern markets were mixed.
Saudi's index closed 1.1% higher with National Commercial Bank, the country's largest lender, gaining 2.7% and Al Rajhi Bank adding 1%.
The index has gained nearly 16% year-to-date, outperforming its major Gulf peers in a rally led by foreign investors, who have been net buyers of Saudi stocks every month this year.
Saudi Arabia's stock market rose for a fifth straight session on Wednesday as nearly all its banks gained, while other major Middle Eastern markets were mixed.
Saudi's index closed 1.1% higher with National Commercial Bank, the country's largest lender, gaining 2.7% and Al Rajhi Bank adding 1%.
The index has gained nearly 16% year-to-date, outperforming its major Gulf peers in a rally led by foreign investors, who have been net buyers of Saudi stocks every month this year.
Second Merger Wave May Hit #UAE Lenders as Industry Shrinks - Bloomberg
Second Merger Wave May Hit U.A.E. Lenders as Industry Shrinks - Bloomberg:
Banks in the United Arab Emirates may go through a second wave of consolidation as lenders seek to improve profitability and tackle inefficiencies, according Bloomberg Intelligence.
Amid rising regulatory requirements and digital spending, “inefficient, less profitable and less well-capitalized banks are susceptible” to consolidation, BI banking analyst Edmond Christou said in a report on Wednesday. The absence of common shareholders and a lack of cross-Emirate deals have so far hindered transactions, he said.
Abu Dhabi Islamic Bank PJSC and Commercial Bank International PSC are among lenders that have under-performed in some areas and could benefit from “commercially driven” mergers, according to Christou. Mashreqbank PSC and National Bank of Ras Al-Khaimah PSC could be viewed as attractive targets, though Mashreqbank’s less supportive ownership makes it a less likely candidate, he said.
Banks in the United Arab Emirates may go through a second wave of consolidation as lenders seek to improve profitability and tackle inefficiencies, according Bloomberg Intelligence.
Amid rising regulatory requirements and digital spending, “inefficient, less profitable and less well-capitalized banks are susceptible” to consolidation, BI banking analyst Edmond Christou said in a report on Wednesday. The absence of common shareholders and a lack of cross-Emirate deals have so far hindered transactions, he said.
Abu Dhabi Islamic Bank PJSC and Commercial Bank International PSC are among lenders that have under-performed in some areas and could benefit from “commercially driven” mergers, according to Christou. Mashreqbank PSC and National Bank of Ras Al-Khaimah PSC could be viewed as attractive targets, though Mashreqbank’s less supportive ownership makes it a less likely candidate, he said.
Oil Demand Signals Are Flashing Red as Price Dives Toward $50 - Bloomberg
Oil Demand Signals Are Flashing Red as Price Dives Toward $50 - Bloomberg:
Oil demand is shriveling as the trade war between the U.S. and China trips up the global economy.
Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley. Indicators including the profit from making plastics have been sinking while refining margins in Europe recently hit multiyear lows.
Even support from one of the tightest physical markets in years is starting to weaken -- premiums refineries pay to procure immediate supplies are slumping. That’s despite output being hit by a combination of OPEC+ production cuts, U.S. sanctions on major producers Iran and Venezuela, and an unprecedented halt to Russia’s giant Druzhba crude pipeline. Analysts are now taking increasingly bearish views on consumption for this year.
Oil demand is shriveling as the trade war between the U.S. and China trips up the global economy.
Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley. Indicators including the profit from making plastics have been sinking while refining margins in Europe recently hit multiyear lows.
Even support from one of the tightest physical markets in years is starting to weaken -- premiums refineries pay to procure immediate supplies are slumping. That’s despite output being hit by a combination of OPEC+ production cuts, U.S. sanctions on major producers Iran and Venezuela, and an unprecedented halt to Russia’s giant Druzhba crude pipeline. Analysts are now taking increasingly bearish views on consumption for this year.
The Buying Craze for #Saudi Telecom Stocks Has Analysts Frowning - Bloomberg
The Buying Craze for Saudi Telecom Stocks Has Analysts Frowning - Bloomberg:
Two Saudi Arabian telecom stocks have delivered the best returns in the nation’s equity market this year in a rally spurred by retail investors hoping for dividends. Most analysts see the gain as unsustainable.
Mobile Telecommunications Co., or Zain KSA, and Etihad Etisalat Co. advanced over 40% this year, almost three times the advance of the main Saudi index. Analysts surveyed by Bloomberg are skeptical and have an average target price for them at about a 10% and 20% discount from their current values respectively.
Etihad Etisalat, known as Mobily, climbed in 2019 after posting a smaller-than-expected loss for last year and an unexpected first-quarter profit. The company has to find a balance between dividends and repaying debt, according to its Chief Financial Officer Kais Ben Hamida, after the company halted payouts in 2014.
Two Saudi Arabian telecom stocks have delivered the best returns in the nation’s equity market this year in a rally spurred by retail investors hoping for dividends. Most analysts see the gain as unsustainable.
Mobile Telecommunications Co., or Zain KSA, and Etihad Etisalat Co. advanced over 40% this year, almost three times the advance of the main Saudi index. Analysts surveyed by Bloomberg are skeptical and have an average target price for them at about a 10% and 20% discount from their current values respectively.
Etihad Etisalat, known as Mobily, climbed in 2019 after posting a smaller-than-expected loss for last year and an unexpected first-quarter profit. The company has to find a balance between dividends and repaying debt, according to its Chief Financial Officer Kais Ben Hamida, after the company halted payouts in 2014.
#Kuwait Stocks Backed by Fundamentals: Shuaa Capital – Bloomberg
Kuwait Stocks Backed by Fundamentals: Shuaa Capital – Bloomberg:
Aarthi Chandrasekaran, portfolio manager at Shuaa Capital Asset Management, talks about Saudi Arabia, Kuwait and Egypt stocks. She speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Aarthi Chandrasekaran, portfolio manager at Shuaa Capital Asset Management, talks about Saudi Arabia, Kuwait and Egypt stocks. She speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
As IMF urges #Saudi VAT rate hike, economists weigh implications | ZAWYA MENA Edition
As IMF urges Saudi VAT rate hike, economists weigh implications | ZAWYA MENA Edition:
Economists are divided in their opinion of International Monetary Fund’s (IMF) recommendation last month to Saudi Arabia’s authorities to consider raising the value-added-tax (VAT) rate from the current 5 percent.
While some economists argued that any hike would impede the drive to stimulate the private sector and risk higher unemployment, others believed the increase is sorely needed and any resultant cost would be short-lived, until the economy makes the required adjustments.
In addition, as oil prices show an upward potential, some analysts said that it would be possible for the government to meet fiscal balance targets without recourse to higher taxes. However, others noted that it is the right time to increase alternative sources of revenue to counter depleting financial reserves.
Economists are divided in their opinion of International Monetary Fund’s (IMF) recommendation last month to Saudi Arabia’s authorities to consider raising the value-added-tax (VAT) rate from the current 5 percent.
While some economists argued that any hike would impede the drive to stimulate the private sector and risk higher unemployment, others believed the increase is sorely needed and any resultant cost would be short-lived, until the economy makes the required adjustments.
In addition, as oil prices show an upward potential, some analysts said that it would be possible for the government to meet fiscal balance targets without recourse to higher taxes. However, others noted that it is the right time to increase alternative sources of revenue to counter depleting financial reserves.
#Dubai's non-oil trade sees strongest growth rate since 2015 | ZAWYA MENA Edition
Dubai's non-oil trade sees strongest growth rate since 2015 | ZAWYA MENA Edition:
Dubai recorded a non-oil foreign trade of 339 billion ($92.3 billion) in the first quarter of 2019, an increase of 7 per cent compared to 2018 figures. According to Emirates NBD research, it is the strongest growth rate recorded since ‘at least’ 2015.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council, said in a statement that the growth figures support the emirate’s plans for economic diversification.
“This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-year Charter,” he said.
Dubai recorded a non-oil foreign trade of 339 billion ($92.3 billion) in the first quarter of 2019, an increase of 7 per cent compared to 2018 figures. According to Emirates NBD research, it is the strongest growth rate recorded since ‘at least’ 2015.
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Dubai Executive Council, said in a statement that the growth figures support the emirate’s plans for economic diversification.
“This robust performance and marked growth of Dubai’s non-oil foreign trade is an indication that we are on the right path of revenue diversification in alignment with the values and standards outlined in the 50-year Charter,” he said.
#Iran to ask Japan's Abe to mediate over U.S. oil sanctions: officials - Reuters
Iran to ask Japan's Abe to mediate over U.S. oil sanctions: officials - Reuters:
Iran will ask Japan to mediate between Tehran and Washington to ease oil sanctions imposed by the United States, Iranian officials told Reuters ahead of a visit to Iran by Japanese Prime Minister Shinzo Abe.
Abe, who is the first Japanese leader to visit Iran since its 1979 Islamic Revolution, arrives in Tehran as heightened tensions between Iran and the United States raise fears of another military conflict in the crisis-hit Middle East.
“Japan can help easing the ongoing tension between Iran and America ... as a goodwill gesture, America should either lift the unjust oil sanctions or extend the waivers or suspend them,” a senior Iranian official told Reuters.
Iran will ask Japan to mediate between Tehran and Washington to ease oil sanctions imposed by the United States, Iranian officials told Reuters ahead of a visit to Iran by Japanese Prime Minister Shinzo Abe.
Abe, who is the first Japanese leader to visit Iran since its 1979 Islamic Revolution, arrives in Tehran as heightened tensions between Iran and the United States raise fears of another military conflict in the crisis-hit Middle East.
“Japan can help easing the ongoing tension between Iran and America ... as a goodwill gesture, America should either lift the unjust oil sanctions or extend the waivers or suspend them,” a senior Iranian official told Reuters.
#AbuDhabi sovereign fund buys full ownership of New York office block - Reuters
Abu Dhabi sovereign fund buys full ownership of New York office block - Reuters:
Abu Dhabi Investment Authority (ADIA) said on Wednesday it had bought a 25% stake in 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the office block close to New York’s Grand Central Station.
ADIA, which the Sovereign Wealth Fund Institute estimates manages nearly $700 billion in assets, has between 5% to 10% of its portfolio in real estate.
The stake was bought by a subsidiary of ADIA, a spokesman of ADIA told Reuters, adding ADIA already owned 75% of the property for 30 years.
Abu Dhabi Investment Authority (ADIA) said on Wednesday it had bought a 25% stake in 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the office block close to New York’s Grand Central Station.
ADIA, which the Sovereign Wealth Fund Institute estimates manages nearly $700 billion in assets, has between 5% to 10% of its portfolio in real estate.
The stake was bought by a subsidiary of ADIA, a spokesman of ADIA told Reuters, adding ADIA already owned 75% of the property for 30 years.
#UAE's #Sharjah Islamic Bank readies capital-boosting dollar sukuk - sources - Reuters
UAE's Sharjah Islamic Bank readies capital-boosting dollar sukuk - sources - Reuters:
United Arab Emirates’ Sharjah Islamic Bank is expected to issue U.S. dollar-denominated sukuk, or Islamic bonds, by the end of June to boost its Tier 1 core capital, sources familiar with the matter said.
The planned deal would come at a relatively quiet time in Gulf debt markets, where issuance slowed down during the holy month of Ramadan, but it follows a busy start to the year, with more than $40 billion in new international bond issues.
Sharjah Islamic Bank, which is listed on the Abu Dhabi stock exchange, declined to comment.
United Arab Emirates’ Sharjah Islamic Bank is expected to issue U.S. dollar-denominated sukuk, or Islamic bonds, by the end of June to boost its Tier 1 core capital, sources familiar with the matter said.
The planned deal would come at a relatively quiet time in Gulf debt markets, where issuance slowed down during the holy month of Ramadan, but it follows a busy start to the year, with more than $40 billion in new international bond issues.
Sharjah Islamic Bank, which is listed on the Abu Dhabi stock exchange, declined to comment.
Oil prices fall on weaker demand growth, surprise gain in US crude stocks - Reuters
Oil prices fall on weaker demand growth, surprise gain in US crude stocks - Reuters:
Oil prices fell nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Brent crude futures, the international benchmark for oil prices, were down $1.16, or 1.86%, at $61.13 a barrel by 0616 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down $1.04, or 1.95%, at $52.23 per barrel.
Oil prices fell nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Brent crude futures, the international benchmark for oil prices, were down $1.16, or 1.86%, at $61.13 a barrel by 0616 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down $1.04, or 1.95%, at $52.23 per barrel.
MIDEAST STOCKS-Oil price fall, renewed global woes weigh on Gulf stocks - Reuters
MIDEAST STOCKS-Oil price fall, renewed global woes weigh on Gulf stocks - Reuters:
All major Gulf markets dropped on Wednesday, mostly with financial sector shares taking a hit from falling oil prices and renewed weakness in global equity markets.
Oil prices fell nearly 2% on Wednesday, weighed down by weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Saudi’s index was down 0.3% in early trading with Al Rajhi Bank dropping 0.8% and lender Samba Financial Group dipping 0.7%.
All major Gulf markets dropped on Wednesday, mostly with financial sector shares taking a hit from falling oil prices and renewed weakness in global equity markets.
Oil prices fell nearly 2% on Wednesday, weighed down by weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Saudi’s index was down 0.3% in early trading with Al Rajhi Bank dropping 0.8% and lender Samba Financial Group dipping 0.7%.
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