Brent crude rose more than 5 percent in the week ending Friday.
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Saudi Arabian stock investors showed they care more about the price of oil than what New York-based Moody's Investors Service Inc. thinks about the kingdom's debt dynamics.A day after Moody's became the latest company to reduce the nation's credit rating, the Tadawul All Share Index added as much as 0.8 percent before closing little changed. Saudi Arabian Mining Co., known as Maaden, helped shore up stocks with a 3.8 percent gain. Elsewhere in the region Dubai's DFM General Index lost 1.2 percent as companies reported disappointing financial results.Traders exchanged almost 7 million Maaden shares, about twice the average in the past 20 days.The Tadawul has gained five of the past six weeks, with companies on the gauge trading at about 13.2 times expected earnings in the next 12 months, near the most expensive since August.Drake & Scull International, the Dubai-based contractor, declined 4.6 percent after reporting a 61 percent drop in first-quarter profit to 9.8 million dirhams ($2.7 million). Shuaa Capital, whose loss in the period widened to 27.5 million dirhams from 1.6 million dirhams, fell 3.7 percent.Moody's also reduced Bahrain's rating one level to Ba2.
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