Mideast Stocks Drop as OPEC Decision Signals No End to Oil Rout
- Dubai's equity benchmark leads losses as oil glut continues
- Output target cuts investor appeal of energy-exporting nations
OPEC's Decision to Keep Pumping Sends Oil Below $40
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Dubai stocks fell to a three-week low, leading declines in most Middle Eastern markets, after OPEC decided to forgo an output reduction that might have propped up oil prices and eased the pressure on the region’s export revenues. Abu Dhabi equities dropped the most in a week.
Shares in the Middle East are catching up with Friday’s losses across emerging markets after the Organization of Petroleum Exporting Countries kept production at about 31.5 million barrels a day, amid a glut in global oil supply.