MIDEAST STOCKS-Oil buoys Saudi, Aramco's Q1 profit slides - Agricultural Commodities - Reuters:
Saudi Arabian stocks gained in early trade on Tuesday amid rising oil prices following the kingdom’s pledge to deepen an output cut, while other Middle Eastern bourses were little changed.
Brent crude futures advanced 1.6% to $30.09 by 0717 GMT, buoyed by an unexpected Saudi commitment to deepen production cuts in June to help drain the global glut that has built up as the coronavirus crushed fuel demand.
Saudi Arabia’s benchmark index rose 0.8%, with petrochemical firm Saudi Basic Industries gaining 2.3%, while oil giant Saudi Aramco was up 0.5% despite reporting a drop in first-quarter profit.
Aramco on Tuesday reported a 25% fall in first-quarter net profit, below analyst estimates, which it blamed on lower crude oil prices as the pandemic slashed demand.
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