Gulf markets falls on oil slump, Saudi riyal down in forwards market - Reuters

Gulf markets falls on oil slump, Saudi riyal down in forwards market - Reuters:

Gulf stock markets fell on Tuesday and the Saudi currency dropped in the forwards market, after U.S. crude oil futures collapsed below $0 on a coronavirus-induced supply glut.

The Saudi stock index .TASI dropped 1.5% at the market open with oil company Aramco (2222.SE) down 1.7%.

Shares in the Dubai market .DFMGI fell 1.4% while the Abu Dhabi index .ADI lost 0.5% and the Kuwaiti premier index .BKP declined 2%. 


The cost of insuring against a potential debt default of Saudi Arabia - the world’s biggest oil exporter - increased slightly to 168 basis points from 166 on Monday, according to data from IHS Markit. It is up 13 bps in the past week.

U.S. crude oil futures fell below $0 on Monday for the first time in history as demand cratered. Brent crude, the international benchmark, also slumped, though that contract was nowhere near as weak.