October 8, 2011

Markets advance on renewed optimism, crude price

Saudi Arabia’s benchmark stock index gained the most in three weeks after crude oil climbed above $80 a barrel. The Tadawul market index closed 1.09% higher at 6,084.55 points on Saturday.

Global markets advanced on Friday amid optimism that European leaders will curb the region’s debt crisis.

Oil rose in New York Friday, capping the biggest weekly gain in seven months, as larger-than-forecast U.S. jobs growth eased concern that the economy is slowing.

Crude oil for November delivery surged 4.8 percent last week to $82.98 a barrel. Saudi Arabia, holder of one-fifth of the world’s proven oil reserves, depends on oil for 86 percent of its revenue.

Oil back above the $80 level and the bounce U.S. markets had in the last two days is very much likely to push Abu Dhabi and Dubai higher.

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