Saudi Arabian stock market closed lower on Sunday, in response to fall in oil prices on Friday amid concern about the European Union embargo on Russian refined products.
Oil, which fuels the region’s growth, declined on Friday, with Brent crude ending down $2.23, or 2.7%, at $79.94 a barrel.
Meanwhile, Saudi Arabia’s Energy Minister warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies in future.
The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports.
Saudi Arabia’s benchmark index (.TASI) dropped 1.34%, the worst day since Dec. 7. The index was undermined by losses in almost all sectors barring real estate.
Saudi oil giant Aramco (2222.SE) sank 1.5%, while the world’s largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), dropped 1.9%.
This report’s information was first seen on REUTERS; to read more, click this link.
