| Stock markets in the Gulf closed sharply lower Sunday as tumbling oil prices sparked concerns about the economic growth prospects for the crude-exporting region. Saudi Arabia and its Gulf neighbors are among the biggest sellers of oil globally, using billions of dollars in revenue from hydrocarbon sales to bolster local economies.
But the Organization of the Petroleum Exporting Countries—of which Saudi Arabia is the de facto leader—decided late last week to maintain crude output levels, which means a glut in the market is likely to remain and keep oil prices at multiyear lows...............................................Full Article: Source
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