Financial news from the region that can impact the regional markets today
1. Oil prices rise: The US crude price rose 31 cents to $52.22 on Monday after the US Energy Information Administration (EIA) said it expected the US shale oil output to record its first monthly decline in more than four years.
2. Saudi stock market rises: Rising oil supported Saudi stocks on Monday and the index climbed 0.9 per cent as most of the stocks rallied.
3. Saudi banks, Samba and SABB, have posted small profit gains. Samba has posted a 3.1 per cent rise in Q1 to SAR1.28 billion, while SABB’s profits rose by 3.2 per cent to SAR1.12bn.
4. Qatari market falls: Strong oil may have supported Saudi but the Qatar stock market fell on Monday as drilling provider Gulf International Services announced it was suffering from cheap oil. Qatar’s index lost 1.4 per cent.
5. Oman’s PDO to increase output: The Sultanate’s leading oil and gas producer, Petroleum Development Oman (PDO) has announced that it aims to increase output of crude by five per cent by 2019.