Contracts used to bet on a devaluation of the Saudi riyal jumped on Monday after talks in Doha between the world’s major oil producers to freeze output failed. Twelve-month forwards for the currency gained the most in three weeks on a closing basis as Brent crude, a benchmark for half the world’s oil, had the biggest drop since February. Speculation that the kingdom, the largest crude exporter, might abandon its three-decade old peg to the dollar peaked in January amid the oil rout.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE