Nevertheless, Saudi Energy Minister Khalid Al-Falih reassured observers that ties to the West remain intact.
“The U.S. will remain a key part of the Saudi economy because the interests that tie us are bigger than what is being weakened by the failed boycotting campaign of the conference,” Al-Falih told state television.
Further supporting the market rebound Thursday, corporate earnings showed a vibrant economy. Al Rajhi Bank reported a 13.6% rise in third-quarter profit, which was in line with analyst estimates. Arab National Bank also revealed third-quarter profit rose 14.7% due to lower operating expenses.
For more information on the developing economies, visit our emerging markets category.