RIYADH: Oil prices fell nearly 1 percent on Thursday on hopes of a compromise deal between OPEC producers on output.
It comes as US fuels stocks rise, spurring concerns about demand in the world’s largest economy.
Brent crude fell about 0.8 percent to $74.17 a barrel while US West Texas Intermediate (WTI) crude was down by about 0.9 percent to $72.51 in early trade.
OPEC+ talks were suspended earlier this month after the UAE sought a larger quota.
Although US crude oil stockpiles fell for an eighth consecutive week last week, gasoline and diesel inventories rose despite a drop in refinery utilization rates, Reuters reported, citing data from the Energy Information Administration showed on Wednesday.
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Oil falls on hopes of OPEC+ deal and rising US inventories
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Oil falls on hopes of OPEC+ deal and rising US inventories
- It comes as US fuels stocks rise, spurring concerns about demand in the world’s largest economy
Closing Bell: Saudi main index closes in red; Nomu gains
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend on Tuesday, as it shed 34.44 points or 0.33 percent to close at 10,290.76.
The total trading turnover of the benchmark index stood at SR3.57 billion ($950 million), with 80 of the listed stocks advancing and 178 declining.
The Kingdom’s parallel market Nomu advanced by 0.43 percent or 100.66 points to close at 23,327.60.
The MSCI Tadawul Index, however, declined by 0.19 percent to 1,368.49.
The best-performing stock on the main market was Almasane Alkobra Mining Co., as its share price increased by 7.83 percent to SR95.
The share price of Electrical Industries Co. advanced by 6.17 percent to SR11.18.
Saudi Arabian Mining Co., known as Maaden, also saw its stock price climb by 5.74 percent to SR64.50.
Conversely, the share price of Shatirah House Restaurant Co. declined by 8.14 percent to SR8.13.
On the announcements front, Saudi Telecom Co. said that it plans to issue a dollar-denominated international sukuk under its $5 billion International Trust Certificate Issuance program.
According to a Tadawul statement, the issuance program was set up on Jan. 6, following a board approval obtained on Sept. 30.
Stc added that the issuance will be conducted through an offshore special purpose vehicle established outside Saudi Arabia, adding that the proceeds will be used for the company’s general corporate purposes.
The statement further said that the sukuk may be issued in one or more tranches or series by way of an offer to eligible investors in the Kingdom and internationally.
The telecom giant added that the amount and terms of the offer of the sukuk will be determined based on market conditions.
The share price of stc edged down by 1.08 percent to SR42.06.
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