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Saudi Arabia stocks were higher after the close on Monday, as gains in the Industrial Investment, Retail and Media & Publishing sectors led shares higher.

At the close in Saudi Arabia, the Tadawul All Share rose 1.05%.

The best performers of the session on the Tadawul All Share were Saudi Industrial Export Co (TADAWUL:4140), which rose 9.97% or 3.80 points to trade at 41.90 at the close. Meanwhile, Arab Sea Information Systems Co SJSC (TADAWUL:7201) added 8.40% or 6.80 points to end at 87.80 and Saudi Arabian Amiantit Co. (TADAWUL:2160) was up 7.45% or 2.60 points to 37.50 in late trade.

The worst performers of the session were Al Aseel Co Ltd (TADAWUL:4012), which fell 2.22% or 0.90 points to trade at 39.60 at the close. Tanmiah Food Company SCJSC (TADAWUL:2281) declined 1.90% or 2.00 points to end at 103.00 and Al Etihad Cooperative Insurance Co SJSC (TADAWUL:8170) was down 1.40% or 0.20 points to 14.12.

Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 184 to 53 and 15 ended unchanged.

Crude oil for November delivery was up 5.31% or 4.22 to $83.71 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 4.52% or 3.85 to hit $88.99 a barrel, while the December Gold Futures contract rose 0.86% or 14.30 to trade at $1,686.30 a troy ounce.

EUR/SAR was unchanged 0.00% to 3.68, while USD/SAR unchanged 0.05% to 3.76.

The US Dollar Index Futures was down 0.13% at 111.93.

The U.S. Supreme Court on Monday declined to hear an appeal by two former Platinum Partners executives of their conviction on charges that they defrauded bondholders of one of the defunct hedge fund's portfolio companies as they seek a new trial.

The justices turned away an appeal by Platinum co-founder Mark Nordlicht and co-chief investment officer David Levy of a lower court ruling that reversed the trial judge's decision to overturn their convictions after jurors found them guilty.

Nordlicht and Levy were convicted in 2019 of securities fraud and conspiracy for cheating bondholders at the Platinum-controlled Black Elk Energy Offshore Operations LLC to limit Platinum's losses if Black Elk went bankrupt. They are scheduled to be sentenced in November.

Prosecutors said the scheme involved diverting tens of millions of dollars from sales in 2014 of Black Elk oil fields after rigging a bondholder vote to ensure that Platinum and not bondholders would be paid first. Black Elk creditors filed an involuntary bankruptcy petition against that company in August 2015.

In 2019, U.S. District Judge Brian Cogan overturned the convictions.

The judge ordered a new trial for Nordlicht, saying it would be "manifest injustice" to uphold his conviction after Nordlicht went to "great lengths" during the vote to follow rules governing a Platinum affiliate. Cogan granted Levy acquittal or alternatively a new trial, saying prosecutors had not proven he had criminal intent.

The New York-based 2nd U.S. Circuit Court of Appeals in 2021 reversed the rulings, finding that jurors had seen sufficient evidence to convict the two men. Nordlicht and Levy have argued that the 2nd Circuit's decision set too high a bar for courts to review verdicts.

Nordlicht and Levy petitioned the Supreme Court to undo the 2nd Circuit decision, arguing that it deepened a disagreement among U.S. appeals courts over whether a judge considering a request for a new trial may "reweigh" evidence heard by a jury.

Prosecutors said the appeal mischaracterized the 2nd Circuit ruling, which they said did not conflict with other courts.

The final quarter of the year got a boost Monday as U.S. stocks surged in early trading, shaking off a gloomier start in global markets while oil prices jumped over 5%.

Oil prices rocketed upwards after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, said it would consider reducing output, while sterling rallied after the British government said it would reverse a controversial tax cut that had rocked UK markets.

In early trading, the Dow Jones Industrial Average rose 1.27%, the S&P 500 gained 1.14% and the Nasdaq Composite added 0.82%. The early jump came after U.S. stocks posted their worst September in roughly two decades, as sentiment remained frail given worries that aggressive interest rate hikes from the U.S. Federal Reserve and others raise global recession risks.

The MSCI world equity index, which tracks shares in 45 countries, was last up 0.76%.

European equity markets were a sea of red, with the STOXX 600 index down 0.4%, pulling back from earlier losses of 1.4%. Shares in beleaguered Swiss bank Credit Suisse fell around 10% in early trading, reflecting market concern about the group as it finalises a restructuring programme due to be announced on Oct. 27.

News of the British government's tax U-turn didn't appear to lift broader sentiment but probably helps to calm market worries about fiscal excess, said Kallum Pickering, senior economist at Berenberg Bank in London.

"Markets seem to have lowered their expectations for the BoE bank rate while gilt yields have fallen further from their recent highs. Less tight financial conditions may ease the near-term shock on economic performance," said Pickering.

Oil prices rallied on reports what OPEC+ will this week consider cutting output by more than 1 million barrels a day, for its biggest reduction since the pandemic, in a bid to support the market. Brent crude rose more than 5% to almost $90 a barrel and U.S. West Texas Intermediate crude was up over 6%, at over $84 a barrel.

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