|01-13-2015, 03:17 PM||#1|
Gulf markets tumble in early trade, oil losses continue to weigh
Most of the Gulf bourses pointed lower Tuesday morning, tracking losses in U.S. stock markets as crude oil prices swung to fresh six-year lows.
Declines were broadly seen across the stock markets today, with the West Texas Intermediate falling below $45 a barrel on the New York Mercantile Exchange, a level not seen in nearly six years, after Goldman Sachs cut its crude outlook, forecasting prices will remain low an extended period.
Yesterday, Wall Street saw heavy losses at the closing, with energy shares being the heaviest drag. The three key benchmarks closed as follows:
- Dow Jones Industrial Average dropped 0.54%
- Standard & Poor`s 500 lost 0.81%
- NASDAQ Composite Index fell 0.84%
Back to the Gulf region, Dubai`s bourse opened lower by 2.6% to 3,648 points, weighed by declines in shares of real estate and investment.
The broad slump in the Gulf markets also took its toll on Qatari and Bahraini markets, dropping more 1% than respectively.
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