Oil up nearly $5 as supply outweighs recession fears

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Oil up nearly $5 as supply outweighs recession fears

RIYADH: The Saudi stock ended higher on Wednesday, following positive financial results from the banking sector.

This was fueled by Saudi National Bank, the Kingdom’s largest lender, which rose by 0.72 percent.

SNB has reported today a 59 percent surge in first-half profit to SR9 billion ($2.4 billion).

The main index, TASI gained 0.74 percent to 12,052, while the parallel market, Nomu, added 0.15 percent to 20,823.

This was also led by a 1.87 percent leap in Alinma Bank, after it posted a 29 percent increase in first-half profits to SR1.7 billion.

Bank Albilad gained 1.13 percent, following a 24 percent jump in profits for the first half of the year, hitting SR1 billion.

Shares of Saudi Aramco, the largest player on the Saudi oil market, surged 2.45 percent, while the Kingdom’s largest valued bank, Al Rajhi, rose 1.26 percent.

Brent crude increased to $105.18 a barrel, while US West Texas Intermediate hit $95.86 a barrel, as of 3: 31 p.m. Saudi time.