Drop in oil price prints fairs Middle East

Stock markets in the Middle East Sunday across a broad front went down, under pressure from the sharp fall in oil prices.

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.

oil prices
middle east