Kuwait

Qatar

Saudi

UAE

Bahrain

Oman

Brent

0.796*

(1.686)

0.164***

0.045***

0.157***

0.062***

0.038***

0.029**

0.043***

(2.979)

(3.058)

(4.873)

(3.170)

(2.672)

(2.073)

(3.735)

0.802***

−0.756***

0.239**

0.836***

−0.206**

0.327***

(2.608)

(−6.588)

(2.312)

(8.345)

(−2.378)

(3.132)

0.172***

0.346***

0.268**

−0.242***

(5.837)

(7.489)

(2.017)

(−2.981)

0.035***

(2.635)

0.398***

0.478***

0.531***

0.446***

0.423***

0.563***

0.267***

(7.747)

(4.711)

(5.98)

(4.894)

(5.312)

(5.138)

(4.863)

0.285**

0.468***

0.268***

0.327***

0.168***

0.192***

0.639***

(2.079)

(2.665)

(2.896)

(2.874)

(2.973)

(2.679)

(3.248)

1.685***

2.830***

2.396***

2.618***

2.887***

3.332***

1.733***

(8.347)

(4.684)

(5.885)

(10.541)

(9.752)

(7.530)

(6.292)

0.435***

0.825***

0.732***

0.601***

0.467***

0.752***

0.563***

(6.234)

(6.672)

(7.894)

(6.637)

(3.744)

(12.703)

(4.729)

0.259***

0.269***

0.179***

0.331***

0.185***

0.156***

0.321***

(8.572)

(4.194)

(6.783)

(2.968)

(3.307)

(3.679)

(3.681)

−0.029***

−0.008***

0.209***

−0.007**

−0.057***

0.074***

−0.068***

(−2.871)

(−2.689)

(3.761)

(−1.968)

(−2.689)

(2.791)

(−2.847)

2.704***

2.295***

4.985***

2.413***

2.217***

2.259***

2.564***

(13.735)

(15.886)

(10.643)

(15.891)

(23.561)

(24.358)

(14.576)

Skw

−0.783***

−0.938***

−0.857***

−0.957***

0.768***

−0.921***

−0.162***

Ex. Kurt

3.479***

4.367***

4.452***

3.694***

2.637***

4.995***

1.987***

20.436

22.768

19.639

17.652

14.369

18.437

14.768

17.847

16.453

14.573

12.758

13.739

16.752

12.678