Middle East News: Dubai Shares Higher After OPEC Boosts Oil - Bloomberg:
Dubai shares climbed the most in the Gulf on after OPEC+ agreed to a one-month extension of its record output cuts, underpinning the recovery in oil prices.
The DFM General Index rose as much as 3.0%, trimming losses this year to 24%. Gauges in Saudi Arabia, Abu Dhabi, Kuwait, Oman and Qatar gained between 0.2% and 1.6%.
Major oil producers decided at the weekend on a production-curb extension as well as a stricter approach to ensuring OPEC members don’t break their pledges. Brent crude rose 19% last week in anticipation of the meeting, in the sixth consecutive weekly advance, with shares in developed and emerging markets also jumping.
“The recovery in oil prices and further extension of record production cuts by OPEC+ until the end of July will have a positive impact on domestic markets,” said Iyad Abu Hweij, a managing partner at Allied Investment Partners PJSC in Dubai.
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