MIDEAST STOCKS-Most Gulf markets weak as Saudi opens higher on oil price rise | Reuters

MIDEAST STOCKS-Most Gulf markets weak as Saudi opens higher on oil price rise | Reuters:

Saudi Arabia’s stock market opened higher on Wednesday as oil prices rose and the global reaction to the latest escalation in the United States-China trade dispute remained relatively limited.

Oil edged up on concerns that producers may not be able to cover a shortfall in supply once U.S. sanctions on Iran come into effect, despite gains in U.S. stockpiles.

Saudi Arabia’s main index was up 0.7 in morning trade as petrochemical company Saudi Kayan jumped 4.0 percent and Al-Rajhi Bank added 0.7 percent.