Oil climbed to its highest in a week and local stocks followed suit despite sanctions on Syria triggering concern Middle East inventory may be threatened.
Emaar Properties, the region’s biggest developer, jumped 3 per cent to Dh2.57 on the Dubai Financial Market (DFM) exchange. Gulf Navigation,
the emirate’s only publicly traded oil tanker owner, advanced 4.5 per
cent to 23 fils a share. The DFM General Index climbed 1.2 per cent to
Brent oil for January settlement climbed 2.1 per cent to US$108.59 a barrel on the ICE Futures Europe exchange, based in London. Syria produced an average of 332,000 barrels of crude a day in August, according to the International Energy Agency.
“Higher oil prices on the back of an ease of fears in Europe have triggered a technical rebound after 17 continuous negative trading sessions,” said Wadah Taha, the chief investment officer at Al Zarooni Group in Dubai. “The gains are probably short-lived though, because it doesn’t take into consideration the broader macroeconomic picture.”