Oil prices tumbled as much as 5 per cent on Wednesday, pushing US crude to five-year lows near $60 a barrel after data showed a spike in US inventories and Saudi Arabia's oil minister reiterated that he has no plans to cut output.
Brent crude futures fell to near $92 a barrel on Monday, extending this year's rout that saw the international benchmark hit a 27-month low in the previous session due to a strong US dollar and ample oil supply.
Brent lost nea
Two Gulf Arab borrowers have attracted heavy investor demand for international bond sales in the past two weeks, but higher yield premiums are prompting many other potential issuers in the region to seek alternative funding sources.
Gold edged up on Monday after robust US economic data lifted prices in the previous session, but gains could be capped by a firmer U.S. dollar, as well as lingering concerns about Greece's debt woes and a possible bailout for Spain.
The Saudi currency will not be affected by the depreciation of the US dollar, leading Turkish economist and strategist, Erda Gercek, said at a seminar hosted by Sidra Capital.
The currency exchange prices in the kingdom and
Gold lost its footing on Thursday after the US dollar jumped against other currencies, but euro zone debt jitters could limit losses as investors fretted about the lack of resolution to solve the crisis in Greece.
The Greek prime minister
Oman, which pegs its currency to the US dollar along with most Gulf Arab states, said on Wednesday a US debt default would destabilise Gulf reserves.
'We are discussing it within the central bank,' said a senior central bank o
The dollar fell to three-month lows on Monday on expectations that the threat to growth from high oil prices would keep US monetary policy loose, contrasting with a more hawkish outlook elsewhere.
The dollar index, which tracks the greenba
Oil prices fell by more than $2 to below $89 per barrel for the first time in 10 days as concerns about high US inventories and Chinese inflation outweighed positive US jobless data.
US crude futures fell by two per cent to $88.62 per barr
US Treasury Secretary Timothy Geithner has vowed that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.
"It is not going to happen in this country." Ge