Most stock markets in Gulf track oil prices higher - Business Recorder
Most stock markets in Gulf track oil prices higher - Markets - Business Recorder
Most stock markets in the Gulf ended higher on Sunday in the wake of Friday’s rise in oil prices, with the Saudi index gaining for a third consecutive session.
Oil prices - a key catalyst for the Gulf’s financial markets - edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to their seventh straight week of gains, the longest such streak since 2022.
On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said it expects global oil demand to rise by 2.44 million bpd this year, unchanged from its previous forecast. Prospects for the oil market look healthy for the second half of the year, OPEC said.
Most Gulf markets in red on oil, weak Chinese data; Saudi gains
Saudi Arabia’s benchmark index advanced 1.1%, rising for a third consecutive session, led by a 1.6% leap in oil giant Saudi Aramco.
Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended.
In Qatar, the index added 0.4%, with petrochemical maker Industries Qatar putting on 0.8%.
Outside the Gulf, Egypt’s blue-chip index finished 0.8% higher.
Egypt will auction 600 million euros in one-year euro T-bills on Monday, according to the Egyptian central bank.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.