(Reuters) – Saudi Arabian shares surged on Monday as crude prices rose to their highest in just over a year, while the markets in the United Arab Emirates finished lower after a spike in coronavirus cases in recent weeks soured sentiment.
Oil prices, the most crucial catalyst for the Saudi financial market, were boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures that could boost demand. [O/R]
The oil market continues to tighten with deeper cuts from Saudi Arabia, which pledged extra reductions in February and March after cuts by other members of the Organization of the Petroleum Exporting Countries and its allies.
Saudi Arabia’s benchmark index firmed 1.4%, extending its gains to a third session and posting its best day since Dec.