MIDEAST STOCKS-Gulf stocks close higher as oil rebounds - Reuters

MIDEAST STOCKS-Gulf stocks close higher as oil rebounds - Reuters:

Middle Eastern stocks ended higher on Tuesday,
recovering from record falls a day earlier, as oil prices rebounded on hopes of
a global economic stimulus and Russia signalled possible cooperation with OPEC. 

Brent futures rose 10% by 1041 GMT, a day after it slumped 25% as
Saudi Arabia slashed crude prices for April and planned output hikes after
Russia refused to support deeper oil production cuts.
The Russian Energy Ministry has called a meeting with oil companies on
Wednesday to discuss future cooperation with the OPEC, sources told Reuters. 

U.S. President Donald Trump on Monday said he will be taking "major" steps
to gird the U.S. economy, while Japan's government plans to spend more than $4
billion in a second package of steps to cope with coronavirus. 

Saudi Arabia's index surged 7.1%, its biggest intra-day gain since
August 2015, snapping a four-session losing streak. Financial shares weighed on
the index most, with Al Rajhi Bank rising 8.8%. 

Saudi Aramco closed up 9.9% at 31.15 riyals ($8.30). The Oil
giant, whose stock declined sharply in last two sessions, said it would raise
its crude supply to 12.3 million barrels per day in April. 

Food and beverage firm Almarai jumped 9.9% after it appointed Naif

Bin Sultan Bin Mohammed Bin Saud Al Kabeer as its chairman.