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Saudi Arabia's benchmark stock index continued to rise for the second day in a row Monday, while TASI cut a small portion of its losses on Sunday.
The parallel market closed down 0.5% Sunday, down 1.42% Sunday, while the TASI closed up 0.22% Sunday, down 1.3% Sunday.
The index of Saudi Arabia fell 1.3% on Sunday as the 12 banks and 13 of the 14 listed petrochemicals fell.
London's Capital Economics estimated last week that a drop in the price of Brent crude, from $ 85 a barrel in early October to less than $ 65, shattered $ 130 billion in Gulf oil revenue on an annualized basis , or 9% of GDP. Total
In recent days, oil prices have seen dramatic declines, causing panic among investors, resulting in lower demand and increased supply.
The price of US crude oil in the last week alone, losses of about 10%, fell below the level of 51 dollars a barrel for the first time since October 2017.
For its part, US President Donald Trump is congratulated after the fall in oil prices, calling on Saudi Arabia to continue cutting prices.
"How wonderful it is for oil prices to drop (thanks to President Trump)," Trump said via his Twitter account on Sunday.
"Add to that other good economic news, such as a significant tax cut, the pace of inflation is slowing, do you hear the Fed," he told the Fed in his country.
Trump, in a tirade, thanked Saudi Arabia for the fall in oil prices, calling on the Kingdom to continue this approach.
– Donald J. Trump (@realDonaldTrump) November 25, 2018
The Middle East A British newspaper in a translated report "Arabian 21"In September and October, Saudi Arabia increased oil production by 127,000 barrels a day, according to data from the Organization of the Petroleum Exporting Countries (OPEC).
The British site says that lowering oil prices, while in the interest of Tramp and its allies, will return in the near future with the anticipation of slowing the wheel of the US economy and the world.
"The Saudis are not the only ones to have flooded the market, the UAE has increased production by 142,000 barrels a day, while Libyan production has increased by 60,000 and Qatar by 14,000 barrels.
Thanks to this initiative by three OPEC member countries, it was possible to offset the deficit caused by the decline in Iranian production of 156,000 barrels a day over the same period.
The "Arab"Criticized social networking sites for Saudi authorities' reaction to pressure from President of the United States and Crown Prince Mohammed bin Salman on US President's demands for increased production of oil and low prices.
Mohammed bin Salman heads the Supreme Council of the Saudi oil giant Aramco, the largest oil exporter in the world.
– ABEER999 (@Abrgwhby) November 25, 2018
– …. 48 Oman ABUHussain Aldosari (@ HussainAldosar3) November 24, 2018
– BO-MESHAL ???? (@ QATAR__4EVER) November 24, 2018
– Saeed Saeed Al-Nuaimi (@jumaalnaimi) November 23, 2018
– ?? d ?????? (@Omani_gent) November 22, 2018
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