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Tadawul bourse falls after ‘worst’ OPEC meeting

Saudi Arabia's Tadawul index fell 1.11% to 6,540.65 points on its last trading day of the week. The Organization of the Petroleum Exporting Countries (OPEC) failed to rech an agreement to hike output in order to reduce oil prices. The Saudi Oil Minister Ali Al-Naimi called this meeting in Vienna one of the worst ever. Algeria, Libya, Iran and Venezuala led a group of six member states refusing to agree on a hike. West Texas Oil increased 1.55% to $100.71. Insurance shares in particular fell in Riyadh. Gulf General Cooperative Insurance Company dived 9.81% to SR33.10. AXA Cooperative Insurance Company plummeted 6.97% to SR42.70. Bellwether Sabic declined to SR102.75 (off 1.20%) , the lowest level since March 29, 2011. Year-to-date the Tadawul bourse fell back in the red, down 1.21% since Januar 1st 2011.