MIDEAST STOCKS-Oil plunge may depress Gulf Emaar Misr key for Egypt

MIDEAST STOCKS-Oil plunge may depress Gulf Emaar Misr key for Egypt

Brent crude dived more than 6 percent on Monday into the $56 a barrel level pressured by the Greek debt crisis and volatility in China’s stock markets, before recovering 63 cents to $57.17 a barrel in Asia on Tuesday morning.

Gulf stock markets have been resilient to weak oil prices over the past week, as local retail investors have repeatedly come in to buy on dips.

Oil’s latest slide, however, is so deep that it may call into question investors’ hopes for a gradual recovery of crude prices later this year, and raise the possibility of Gulf governments adopting additional spending restraints.

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