MIDEAST STOCKS-Oil surge lifts most Gulf stock markets; Abu Dhabi falls | Nasdaq:
Most Gulf stock markets rose on Thursday, as crude oil futures surged on hopes for a deal to end the price war between Saudi Arabia and Russia, although mounting fears of a deep global recession due to the coronavirus outbreak weighed on sentiment.
Brent crude LCOc1 futures jumped 11.36%, or $2.81, to $27.55 by 0701 GMT, after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war and Russian President Vladimir Putin called for a solution to "challenging" oil markets.
Saudi Arabia's benchmark stock index .TASI advanced 1.5%, led by a 2.8% rise in oil giant Saudi Aramco 2222.SE.
Petrochemical stocks also made solid gains, with Saudi Basic Industries 2010.SE climbing 3.3% and Rabigh Refining and Petrochemical 2380.SE jumping 6.3%.
Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand triggered by the virus outbreak and U.S. pressure on the kingdom to stop flooding the market.
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