While oil prices have won support in recent weeks on a decline in operating US oil rigs and as energy giants cut investment, markets-watchers say volatility is likely to continue for some time. Petrochemical prices are closely linked to prevailing oil prices because naphtha, a common feedstock, closely tracks the price of crude. The Saudi stock market?s petrochemical Industries index dropped 1.33 percent to 6,321.39 points on Monday. ?Oil will stay around the $60 price range for sometime and its finding a bottom at the $55-$60 level,? said John Sfakianakis, Middle East director at Ashmore Group.
02-24-2015, 01:15 PM
Saudi investors remain optimistic amid oil volatility
While oil prices have won support in recent weeks on a decline in operating US oil rigs and as energy giants cut investment, markets-watchers say volatility is likely to continue for some time. Petrochemical prices are closely linked to prevailing oil prices because naphtha, a common feedstock, closely tracks the price of crude. The Saudi stock market?s petrochemical Industries index dropped 1.33 percent to 6,321.39 points on Monday. ?Oil will stay around the $60 price range for sometime and its finding a bottom at the $55-$60 level,? said John Sfakianakis, Middle East director at Ashmore Group.
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