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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.

Financialtribune.com