Monday 5 January 2015

MIDEAST STOCKS-Gulf markets slide as oil hits fresh low | Reuters

MIDEAST STOCKS-Gulf markets slide as oil hits fresh low | Reuters:



"Gulf stock markets extended their declines in broad sell-offs on Monday as the price of Brent crude oil fell below $55 per barrel for the first time since 2009.



Brent futures tumbled more than 3 percent as data showed that Russian oil output and Iraq's oil exports had hit their highest levels in decades.



Saudi Arabia, Dubai and Oman have announced large state budgets in the past couple of weeks, suggesting that lower oil revenues will not translate into spending cuts and that economic growth in the region will stay strong."



'via Blog this'

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