Monitoring conducted by «Okaz» revealed that the main stock market index «TASI» continued to rise for the ninth session in a row, as the index's profits in these sessions amounted to about 598 points, an increase of 5.78%.
The stock market index closed yesterday (Tuesday) up 142 points, an increase of 1.31%.
Contributing to the rise in the index were the expectations that oil prices would continue to rise during the coming period, after many countries, led by Saudi Arabia and Russia, voluntarily reduced their oil production, bringing the total production reduction to about 1.6 million barrels of oil per day, starting from May until the end of the current year 2023.
And senior oil analysts issued forecasts that prices would reach a level very close to $100 a barrel after the decision that was taken last (Sunday), with some expecting that the global balance of supply and demand would be in deficit earlier than expected.
Oil fell to a 15-month low in March due to the turmoil caused by the banking crisis, but prices recovered slightly as conditions stabilized. Brent crude closed just below $80 a barrel at the end of March, up 14% from its lowest levels during the same month.
Abdul Rahman Al-Misbahi (Jeddah) @ sobhe90