Gulf markets tumble with crude oil yet again

Dubai: Gulf equities tumbled after Brent crude dropped below $60 per barrel mark on Tuesday.

Tadawul all-share index in Saudi Arabia was down 6.61% to 7,382.24 while Qatar's exchange index ended down 3.51 per cent lowet a 11,057.33.

The Dubai Financial Market General Index ended 7.27 per cent down at 3,083.69, after hitting a low of 3,052.66 earlier in the session.

The ADX General Index ends 6.90 per cent lower at 3,892.08.

Brent futures slumped as much 3.3 percent to trade below the keenly-watched $60 a barrel, its lowest since May 2009 in London. West Texas Intermediate, the New York-traded grade, dropped below $55 for the first time in five years.

Emaar Properties led the decline with 10 per cent fall to Dh6.12.

Oil extended losses, going below the psychological mark of $60 per barrel, from a five-year low amid speculation that US producers may further increase output as they battle OPEC for market share and as a Chinese manufacturing gauge missed estimates.