Stocks in Mideast Plunge as Producers Head Toward Oil-Price War - Yahoo Finance

(Bloomberg) -- Stocks in the Middle East nosedived as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall.

The main benchmarks in Dubai, Abu Dhabi and Kuwait declined between 5.3% and 6.4% within the first half hour of trading on Sunday, with banking shares losing the most.

Emirates NBD PJSC, Dubai’s biggest lender, fell as much as 9.6%, while First Abu Dhabi Bank PJSC and National Bank of Kuwait SAKP dropped as much as 8.5% and 8.2%, respectively.

Oil prices plunged the most since 2008 on Friday on signs of a breakdown in the global producer alliance that helped engineer crude’s recovery from the worst crash in a generation.

The three equity indexes extend a retreat triggered by this year’s spread of the coronavirus, accumulating losses for the year of more than 13%.

Read more:

Oil Plunges Most Since 2008 on Unraveling Saudi-Russia AllianceGlobal Oil Producers Face Brutal Reckoning After Epic OPEC+ FailAramco Slashes Crude Pricing, Starting Oil War as OPEC Flops Putin Dumps MBS to Start a War on America’s Shale Oil Industry

To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Shaji Mathew, Justin Carrigan

For more articles like this, please visit us at bloomberg.com

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Stocks in Mideast Plunge as Producers Head Toward Oil-Price War - Yahoo Finance
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