MIDEAST STOCKS-Saudi retreats as oil falls below $30; other bourses gain - Reuters:
Saudi Arabia’s stock market slipped in early trade on Thursday, after volatile oil prices dropped below $30, while other bourses rebounded as traders bought on dips.
Brent crude was down by 45 cents, or 1.5%, to $29.27 a barrel at 0720 GMT, after dropping 4% on Wednesday, as the industry grappled with the growing global surplus of crude and the sharp coronavirus-led downturn in demand.
Saudi Arabia’s benchmark index lost 0.3%, with Al Rajhi Bank easing 0.8% and oil giant Saudi Aramco shedding 0.8%.
Aramco is about to finalise a $10 billion loan with a group of roughly 10 banks as the world’s largest oil producer seeks cash amid record low oil prices, Reuters reported citing three sources familiar with the matter.
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