Bahrain –based Securities & Investment Company (SICO) is cautiously optimistic on the outlook for the GCC’s markets in 2009.  This is the conclusion of its 2009 GCC Markets Outlook issued today.  SICO’s position is based on its assessment that markets will react positively once we see more global economic clarity, which will in turn give clarity on oil price direction and range. SICO expects oil prices to be under severe stress during 1Q09, gradually increasing over the course of the year to an average of about USD40-50/bbl (Nymex crude) for 2009.

The full press release in English & Arabic can be downloaded here .