21.12.2015 - Gulf markets spooked with oil price at seven-year low
Arabian Gulf stock markets slid on Sunday amid fears about the economic effect of the falling price of oil, which closed on Friday at a seven-year low. The global crude benchmark Brent ended Friday down 0.5 per cent to US$36.88 a barrel, and West Texas Intermediate finished 0.6 per cent lower at $34.73 a barrel. Oil declined after a report from the oil services firm Baker Hughes showed an increase in rig counts in the United States, a factor that would exacerbate the current oil glut. The oil price decline contributed to the slide in US equities on Friday, with the S&P 500 and Dow Jones Industrial Average indexes ending the session lower. Oil, which has shed more than half its value since last year’s prices of more than $100 a barrel, took a beating this month when Opec, the organisation pumping 40 per cent of the world’s oil, could not reach a decision on its output ceiling, leaving members to produce at will...............................................Full Article: Source
Print