Saudi bourse gains on rising oil prices; Egypt falls – Reuters
- Date: 30-Apr-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi bourse gains on rising oil prices; Egypt falls – Reuters
April 30 (Reuters) - Saudi Arabia's stock market ended higher on Sunday in response to Friday's rise in oil prices, while the Egyptian index was in the red on profit-taking.
Oil prices - a key catalyst for the Gulf's financial markets - rose over 2% on Friday after energy firms posted positive earnings and U.S. data showed crude output was declining while fuel demand was growing.
EIA data this week showed U.S. crude oil and gasoline inventories fell more than expected last week as demand for the motor fuel picked up ahead of the peak summer driving season.
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