Drop in oil price prints fairs Middle East
The price of Brent, a measure of oil from the Middle East, is for the first time since november under the 50 dollar per barrel dropped.
The stock market in Saudi Arabia, the main oil producer in the Middle East, lost 1 percent. In Dubai decreased with 1 percent and in Kuwait with 2.8 percent. Also the markets elsewhere in the Gulf region showed losses.
The price of oil goes down, among other things, by higher production in the US. For prices to oil cartel OPEC has Struts along with Russia the production reduced, but this seems insufficient to the oversupply on the market. The cartel is considering now to extend the production reduction.