2012-01-12 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: Despite market bellwether Sabic losing a quarter per cent Wednesday, the Tadawul All Share Index (Tasi) added 0.15% to close at SR94.50. Shares of Arab National Bank closed 0.36% higher at SR27.60. Earlier in the day Arab National Bank announced that its net profit for the twelve months reached SR2.17bn compared to SR1.91bn for the same period last year representing an increase of 13.6%. As oil prices fluctuate around $100 per barrel, the advance-decline ratio worsened to 71 to 59. According to Gary Dugan, Chief Investment Officer (CIO) at Emirates NBD in Dubai, the tightness of supply (in commodities) has been a particular feature of the oil market where prices remained strong even in the face of the weakness of the global economy in 2011. Dugan added, that "Goldman Sachs forecasts that although in 2012 demand for oil from developed markets will fall 0.25 million b/d, emerging market demand could increase by 1.25 million b/d." Dugan concluded that a WTI oil price of $115-120 is still "very possible in 2012."  

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