Rising Oil Prices Fuel 8-Year High for Dubai Stock Market Index
The Dubai stock market index reached an eight-year high Tuesday, bolstered by rising oil prices. Other Gulf markets in Saudia Arabia, Abu Dhabi, and Qatar also registered increases.
Oil prices had climbed Tuesday afternoon by roughly 1.4%, based on announcements by Saudi Arabia and Russia that the two leading exporters would cut production.
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Saudi Arabia announced Monday that it would continue reducing oil exports by one million barrels daily in August. The kingdom began its voluntary production cut in July.
Russia, another major global exporter, also announced Monday that it would reduce oil exports by 500,000 barrels per day.
Dubai’s main share index, the DFM General Index, closed at 3,931 United Arab Emirates dirham ($1,070) on Tuesday, up 1.35% over the previous day’s close. This year, the Dubai benchmark has risen almost 31%.
Oil prices are down for the year but began to rally in late June.
