Mubasher: New forecasts regarding the extension of the agreement by the Organization of Petroleum Exporting Countries (OPEC) to cut production pushed up oil prices to record their highest levels in two years, a new report showed.

Brent crude reached $62.07 per barrel (pb), while West Texas Intermediate (WTI) or Nymex, closed at $55.64 pb on Thursday, 2 November.

Five out of the eight regional indices registered a positive note in the week ended 2 November, while the remaining three dropped on the back of the oil price movements, among others macroeconomic data, according to Al Masah Capital’s weekly report.

Egypt topped the regional indices, gaining 2.6% in a week due to economic improvement and a recent positive declaration by the International Monetary Fund (IMF) regarding the Egyptian economy, Al Masah Capital added.

The IMF described Egypt’s economic growth in Egypt as “driven by a broad-based recovery across industries”, the report revealed.

Meanwhile, indices in Oman, Saudi Arabia, Bahrain, and Qatar rose 1.6%, 0.7%, 0.4% and 0.2%, respectively.

On the other hand, Kuwait led the three losers, declining by 1.1% over the week, followed by the UAE’s markets Dubai and Abu Dhabi, which tumbled 0.8% and 0.1%, respectively, Al Masah Capital stated.

Trading activities could be boosted in the new week by positive news concerning Emaar Development’s initial public offering (IPO) as well as by higher oil prices, the report concluded.