Dubai’s stocks snapped a two-day decline as oil advanced and China’s economic growth beat estimates, buoying demand for riskier assets amid Europe’s efforts to contain a debt crisis.
OPEC crude oil production jumped last month as Saudi Arabia, the group’s biggest exporter, pumped the most since 2008.
The Organization of Petroleum Exporting Countries forecast world oil demand will grow at a slower pace for a second year in 2012 as consumption declines in Europe and slows in other industrialized nations.
In his first week in office, President Barack Obama made a consequential choice. By appointing three special envoys to tackle three important problems, he established his foreign-policy priorities.
Aviation Lease & Finance Co. said profit in the first nine months of its fiscal year rose fourfold because of a one-time gain of 20 million dinars ($72.8 million).
Kuwait narrowed the discount for August oil shipments to Asia to the slimmest margin in almost two years after Saudi Arabia last week raised the price for its comparable Arab Medium crude to refiners in the Far East.
Saudi Arabia’s stocks fell the most in almost three weeks after second-quarter earnings at Saudi Arabian Fertilizer Co. missed analysts’ estimates.
Petrochemical Industries Co., a unit of state-run Kuwait Petroleum Corp., posted first-quarter profit of more than 100 million dinars ($363.8 million), Al-Rai reported, citing the company’s Chairman and Managing Director Maha Mulla Hussain.
Kuwait National Airlines Co. K.S.C. faces lawsuits from banks and owes Burgan Bank about 16 million dinars ($58 million), Kuwait National’s Chairman Abdul Salam al- Bahar said.
A Kuwaiti opposition lawmaker said he may seek to question the government if it fails to create a public shareholding company to build the new Al-Zour refinery.