Saudi Stocks Slide Most In 3 Weeks As Post-Doha Hangover Begins

In the first market glimpse of the fallout from a disappointing Doha conclusion, Saudi stocks have fallen by the most in three weeks retracing most of last week's exuberantly hopeful gains.

 

 

As Reuters reports,

Early on Sunday it appeared that producers were close to agreeing an oil output freeze, but negotiations were later delayed into the afternoon as a new proposal called for all OPEC members to agree even though Iran has said it will not take part.

 

"Investors interpreted the delay to possibly mean a lack of a solid deal," said a Jeddah-based trader, adding that investors would prefer to wait until an agreement was reached.

We look forward to the chaos that the machines have in store when crude futures re-open.