(MENAFN- Jordan News Agency) Stock markets in the Gulf Arab states took a tumble on Sunday, driven by a steep drop in global oil prices.
Oil prices fell to a five-year low of just above $70 a barrel after a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna failed to agree on a production cut to shore up prices that had fallen over 30 per cent in the past months. Bourses in Dubai, Qatar and Muscat today dropped by more than four percent, while the Abu Dhabi and Kuwait stock markets posted a day's decline of over three percent and the Saudi Arabian equity market was down 5.5 per cent.
The United Arab Emirates' energy minister, Suheil Mazroui, had sought to allay fears of an oil price crash, saying, "Producer and exporter nations needed a fair oil price to supply the world with energy in the next four or five years.
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