Gulf markets rebound on Thursday after recent weakness, tracking higher oil prices and as an MSCI upgrade play returns to the market.
Brent crude rose to $118 on Thursday after Saudi Arabia failed to convince OPEC to raise output targets, and data showed United States crude stocks fell sharply last week.
The United Arab Emirates and Qatar are under review for an index upgrade by compiler MSCI and will announce around June 21 whether it will upgrade the countries from the “frontier markets” category, a move that could open up the countries' bourses to multi-billion dollar liquidity and drive index fund investments.
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