MIDEAST STOCKS-Gulf markets may stall as oil slips | Reuters

MIDEAST STOCKS-Gulf markets may stall as oil slips | Reuters:



"The rebound of Gulf stock markets may stall on Wednesday, at least temporarily, after oil prices slipped back slightly in Asian trade. Also, most bourses are largely done with their earnings seasons, so there may be fewer fresh incentives to buy stocks.



Brent crude traded below $58, down 0.2 percent, after surging almost 6 percent on Tuesday when oil major BP and top Chinese offshore energy producer CNOOC said they would deepen capital investment cuts this year to adapt to lower oil prices.



Oil's surge, which began last Thursday, had been a key factor supporting Gulf markets and, in particular, Saudi Arabian petrochemicals such as Saudi Basic Industries."



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