Oil prices fell to near four-month lows on Monday after a steep drop in Chinese stock markets and on more evidence of a global oil supply glut that has halved prices over the past year.
Chinese stocks tumbled more than 8 per cent
Chinese shares tumbled more than 8 per cent on Monday amid renewed fears about the outlook for the world's No 2 economy, reviving the spectre of a full-blown market crash that prompted unprecedented government intervention earlier this month
US stocks added to a global selloff on Monday as Greece veered toward a default on its 1.6 billon euro ($1.7 billion) debt.
Greece will not pay a loan installment due the International Monetary Fund on Tuesday, a Greek government
Gulf stock markets fell in early trade on Sunday after militant attacks in Kuwait and Tunisia killed a total of 66 people last week, and because of concern about the Greek debt crisis.
The main Dubai stock Index sank 1.8 per cent.
Saudi Arabia's bourse rose on Sunday ahead of its opening to direct foreign investment, though it remained unclear if any foreign funds would be able to buy local shares when the new regulations take effect on Monday.
The opening of Saudi Arabia's bourse to direct foreign investment may create billions of dollars of business but international banks and fund managers are cautious about expanding their operations in the kingdom.
Shares in five listed Saudi Arabian companies will not be open to investment by foreigners when the market permits direct stock purchases by foreign institutions this month, according to the stock exchange's website.
Most Gulf stock markets slipped on Sunday after oil prices fell, while Egyptian equities extended gains following the delay of an unpopular capital gains tax.
Brent oil fell $1.17, or 1.8 per cent, to $65.37 a barrel on Friday, de
A new government policy-making council in Saudi Arabia may accelerate privatisations of state-owned companies, Saudi Stock Exchange chief executive Adel Al-Ghamdi said on Tuesday.
The Council of Economic and Development Affairs, c
Kuwait's Capital Markets Authority will separate the settlement of trades from its central depository and make the time allowed for the transfer of securities the same for all investors, to bring its practices in line with international norm