x

Abu Dhabi, UAESaturday 23 June 2018

Oil above $50 may give local market a boost

Crude returns to upwards trajectory

A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation. Oil has topped $50 a barrel. Anna Driver / Reuters
A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation. Oil has topped $50 a barrel. Anna Driver / Reuters

An overnight rebound in oil prices may buoy Arabian Gulf stock markets on Wednesday, while Saudi Arabia could regain some strength as the latest corporate earnings have been in line with analysts' expectations.

Brent oil has added about US$2 to above $50.50 a barrel since Tuesday, while global equities are little changed.

Saudi British Bank posted a 1.9 per cent drop in its second-quarter net profit to 1.13 billion Saudi riyals (Dj1.1bn), at the high end of the forecasts of analysts, who had on average predicted 1.01 billion riyals.

Retailer United Electronics was in line with analysts' forecasts at it reported that quarterly net profit jumped to 43.4m riyals from 11m riyals, citing higher sales and wider margins on some products.

Reuters