Mideast Stocks: Most Gulf stocks extend losses; Saudi bucks the trend | ZAWYA MENA Edition:
Most Gulf stock markets declined on Tuesday, as investors remained worried by the chronic weakness of oil prices and lockdowns across much of the world, while Saudi Arabia bucked the trend.
Brent crude was up 3.1% at $23.46 a barrel by 1206 GMT after closing on Monday at $22.76, its lowest finish since November 2002.
Global oil refiners, meanwhile, have cut their throughput because of the slump in demand for transportation fuel, with European refineries slashing output by at least 1.3 million barrels per day, sources told Reuters.
Dubai's main share index dropped 1%, with blue-chip developer Emaar Properties losing 4.7%, while sharia-compliant lender Dubai Islamic Bank was down 1.1%.
In Abu Dhbai, the index slipped 0.3%, hurt by a 4.9% fall in Abu Dhabi Commercial Bank .
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