MIDEAST STOCKS-Ease in restrictions buoys Dubai, Saudi extends gains - Agricultural Commodities - Reuters:
Shares in Saudi Arabia rose on Wednesday, extending gains from the previous session after the kingdom committed to deeper oil output cuts, while a further easing in coronavirus-related restrictions cheered Dubai’s index.
On Monday, the kingdom said it would deepen output cuts in June beyond its quota under the latest OPEC+ deal to help drain a supply glut.
Saudi Arabia’s benchmark index advanced 1.1% in early trade, led by a 2.6% increase in petrochemical maker Saudi Basic Industries (SABIC).
Oil giant Saudi Aramco has closed a $10 billion one-year loan provided by a group of 10 banks, LPC, a fixed income news service which is part of Refinitiv, reported.
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