Sunday, November 30, 2014
"Panic Selling" Saudi Stocks Crash Into Bear Market Following OPEC Decision
It's not just Shale oil stocks in the US that are hurting. Following the OPEC decision to not cut production and squeeze US producers, Saudi Arabia's major stock market index has tumbled into a bear market territory, giving up all the year's gains.
As one analyst noted, "investors
are afraid if oil stays where it is, it will negatively impact the
government revenues, thus creating potential headwinds on government
spending."