World Economy

UAE Stocks Advance on Brent’s Climb

UAE Stocks Advance on Brent’s ClimbUAE Stocks Advance on Brent’s Climb

Stocks rose in the United Arab Emirates on Sunday, home to about 6% of the world’s proven oil reserves, after Brent crude climbed above $50 a barrel and global stocks rallied, Bloomberg reported. The DFM General Index increased 0.3% to 3,710.40 at 12:01 p.m. local time and Abu Dhabi’s ADX General Index added 0.5%. Brent crude, a benchmark for half the world’s oil, advanced after Baker Hughes Inc. said rigs targeting oil in the US fell to a five-year low last week, raising speculation the nation’s output may drop. Oil revenue is one of the UAE’s biggest sources of income, and similar to other nations in the six-member Gulf Cooperation Council, government spending is a big driver of growth. The region is home to about 30% of the world’s proven oil reserves. Brent crude rose 1.5% to $50.46 a barrel, curbing last week’s decline. Global equities are on the upswing as a run of weaker-than-estimated economic reports from Asia to Europe boosted speculation central banks will maintain stimulus measures. US equities are on track for the best performance in four years, as the Standard & Poor’s 500 Index capped a third weekly advance on Friday, and the Stoxx Europe 600 Index rose for a second day.