MIDEAST STOCKS-Saudi index up on higher oil prices, real estate stocks weigh on Dubai - Agricultural Commodities - Reuters:
Saudi Arabian stocks rose in early trade on Sunday led by banks, mirroring Friday’s gains in oil prices, while Dubai was pressured by losses in property stocks.
On Friday, Brent crude settled up $1.51, or 5.1%, at $30.97 a barrel after U.S. producers cut output with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns.
Saudi Arabia’s benchmark index climbed 0.8%, buoyed by a 0.9% rise in Al Rajhi Bank and a 0.8% increase in oil giant Saudi Aramco.
Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday.
No comments:
Post a Comment