MIDEAST STOCKS-Most major Gulf markets dip but #Qatar up on energy stocks | Nasdaq

MIDEAST STOCKS-Most major Gulf markets dip but Qatar up on energy stocks | Nasdaq:

Most major Gulf markets slipped on Wednesday, with Saudi Arabia leading the losses amid falling oil prices, while Qatar bucked the trend on energy stocks.

Oil prices fell on Wednesday as hopes for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand. 


Brent crude futures LCOc1 fell 75 cents, or 1.25%, to $61.31 a barrel by 1030 GMT, while U.S. West Texas Intermediate crude CLc1 was at $56.30, down 50 cents or 0.9%.

In Saudi Arabia, the benchmark index .TASI slipped 0.7%, snapping a four-day winning streak with Al Rajhi Bank 1120.SE losing 0.8% and the Gulf's biggest petrochemical maker Saudi Basic Industries (SABIC) 2010.SE dropping 1.8%. 


Qatar's index .QSI rose 0.5% as market heavyweight Industries Qatar IQCD.QA increased 1.8% and Mesaieed Petrochemical MPHC.QA advanced 2.8%.