Saudi shares close higher after oil price rise

Saudi stocks closed slightly up on Saturday after gains on international equity markets and a rise in the oil price.

The all-share index closed up 0.20 percent at 7,058 points, with petrochemical stocks up 0.30 percent and banking stocks up 0.16 percent.

However, shares in the kingdom's two largest listed companies did not rise. Saudi Basic Industries (SABIC) shares were flat on the day and Al Rajhi Bank shares slipped 0.36 percent after rising in early trade.

On Friday, Saudi King Abdullah appointed his youngest half-brother, Prince Muqrin, as second-deputy prime minister, providing reassurance about who would be running the country if both the monarch and his heir, Crown Prince Salman, were abroad.

US stocks rose to five-year highs on Friday, with the Dow closing above 14,000 points for the first time since October 2007.

Benchmark Brent front-month crude rose to $116.76 a barrel, a five-month high.