The oil industry in the Middle East is displaying a positive outlook for the final months of the year, it has been suggested.

Predictions for the fourth quarter of 2009 are optimistic thanks to the rise in oil prices throughout the previous three months.

This is according to the Bahrain Autos Report, which pointed out that values of black gold began to improve in tandem with reports of recovery in global markets.

It stated: "Economic reports have presented increasingly positive indications that the European economy is stabilising, which in turn will lead to a greater demand for oil."

Furthermore, the favourable outlook for the oil industry is expected to have a positive effect on other sectors in countries such as Bahrain and the United Arab Emirates, including the car manufacturing business.

In fact, it is anticipated that a period of relative calm due to the stabilisation of oil prices and an improving global economy is set to hit the automotive sector, which could potentially boost sales.

These sentiments have been echoed recently by Opec, which claimed there would be a modest demand recovery in 2010.

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