Gulf Bourses Rise after Petroleum Prices Hike

2020-06-17 - 10:11 م

Bahrain Mirror: Gulf bourse markets rebounded on Tuesday, tracking the impact of global equities, supported by the increasing oil prices due to record cuts in supplies and increase on oil demands.

Brent crude rose 77 cents, or 1.94%, to $40.49 a barrel, continuing its gains for the third straight session.

The International Energy Agency (IEA) expected that oil demand reaches 91.7 million barrels per day in 2020, i.e. an increase of 500,000 barrels per day more than its estimations in May report.

The agency attributed this to consumption that exceeded expectations during the period of general isolation. 

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