MIDEAST STOCKS-Weak oil, recession fears pressure most Gulf stocks | Nasdaq

MIDEAST STOCKS-Weak oil, recession fears pressure most Gulf stocks | Nasdaq:

Most Middle Eastern bourses fell on Wednesday, with Dubai leading the losses, hurt by plunging oil prices and the prospect of a deep global recession due to the coronavirus pandemic.

Brent LCOc1 tumbled $1.45, or 5.5%, at $24.90 by 0830 GMT as a report showing a big rise in U.S. inventories and a widening rift within OPEC heightened oversupply concerns. O/R

Prices fell to $21.65 on Monday, the lowest since 2002 and the global benchmark has fallen 66% in the first three months of 2020 in its biggest ever quarterly loss.

Dubai's main share index .DFMGI fell 2.9%, weighed down by a 5% slide in Dubai Islamic Bank DISB.DU and a 4.6% drop in Emirates NBD Bank ENBD.DU.

In Abu Dhabi, the index .ADI edged up 0.3% in a choppy trading session. Telecoms firm Etisalat ETISALAT.AD gained 1.9% and First Abu Dhabi Bank FAB.AD gained 1%.