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Oil prices rallied in October -- Markaz

KUWAIT, Nov 5 (KUNA) -- Oil prices rallied in October rising by 6.7 percent and closing above the level of USD 60 per barrel, said Kuwait Financial Centre said in a report released on Sunday.
Recovery of the oil prices did not impact positively on the markets, where Standards and Poor's index for GCC countries dropped 2.7 percent, while international emerging markets performed robustly.
It said that a recent report by the International Monetary Fund regarding economic prospects for the Middle East and North Africa led to positive effects on economies of emerging states. Moreover, assessment of the Middle East markets was negative despite the general recovery in the global economy.
The report forecast average global growth at 3.7 percent in 2018, that of the emerging markets 4.9 percent and GCC countries 2.2 percent.
Meanwhile, the Gulf bond markets continued to thrive in shadow of floating sovereign bonds and issuances, worth USD 60 billion, during this year. (end) mke.rk