| Arabian Gulf shares began the week in quiet fashion on Sunday, with a return to US$50 oil proving little stimulus for investors. Brent crude futures closed the week at above $50 per barrel despite drifting lower on Friday, ahead of Opec talks next month to discuss production levels.
Analysts are sceptical about the chances of such talks producing a cut in production, with further significant price gains unlikely in the short term. "We see the upside as being limited from here and expect Brent crude will find resistance in the $50 to $52 [per barrel] area before correcting lower back into our preferred third-quarter range between $45 and $50 [ per barrel]," wrote Ole Hanson, the head of commodity strategy at Saxo Bank...............................................Full Article: Source
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