OREANDA-NEWS. March 16, 2015. Oil's fresh slide may pressure Gulf stock markets on Sunday, while Egypt may rise after Gulf Arab allies pledged a further \\$12 billion of investments and central bank deposits for Cairo at an international summit.

Global oil prices tumbled on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is growing.

Brent crude settled near a one-month low below \\$55 a barrel.

Some traders also worried about the prospect of Iran reaching a partial nuclear deal with world powers by the end of March and a full agreement by June.

Such a deal could end sanctions against Tehran, enabling it to export more crude, which would suppress prices.

US Secretary of State John Kerry said on Saturday that he hoped "in the next days" it would be possible to reach an interim deal with Iran if Tehran can show that its nuclear power programme is for peaceful purposes only.

Oil prices have the biggest direct impact on corporate earnings in Saudi Arabia, which has listed petrochemicals firms whose sales prices are often linked to crude.

The Saudi index, which last closed at 9,691 points, has not yet broken cleanly above major technical resistance on the 200-day average, now at 9,662 points; a pull-back from that resistance would not be surprising.

However, an influx of fresh investment funds ahead of the Saudi market's planned opening to direct foreign investment in the first half of this year has in the last few weeks shielded Saudi equities from heavy sell-offs.

One particular stock, Saudi Kayan Petrochemical Co , may come under pressure after the firm said on Thursday it had extended the maintenance work on an olefins plant due to a technical fault.

Around the Gulf, dividend chasers may bid up stocks with upcoming payouts such as Arab National Bank, National Bank of Abu Dhabi, Dubai Financial Market and Air Arabia.

Dubai's Drake & Scull may attract buyers after forming a joint venture with Habtoor Leighton Specon to execute a 395 million dirham (\\$108 million) mechanical, electrical and plumbing contract.

Meanwhile, Egypt's market may rise after Kuwait, Saudi Arabia and United Arab Emirates each offered \\$4 billion to the Cauri government at an international investment conference in Sharm el-Sheikh.

A number of companies also pledged to invest large sums in the country, such as the United Arab Emirates' Dana Gas , global energy majors BP, BG and Eni , and soft drinks giant PepsiCo.

The carefully orchestrated stream of positive announcements from Sharm had been expected, but they may nevertheless buoy sentiment in Egypt.

On global markets, Wall Street fell on Friday on concern about the impact of expected higher interest rates and a stronger dollar on corporate profits, while European stocks edged up, supported by the massive bond-buying programme at the European Central Bank.