MIDEAST STOCKS-Major Gulf indexes retreat amid falling oil prices - Agricultural Commodities - Reuters:
Stock markets in the Gulf traded lower on Thursday after oil prices fell on worries about slow demand growth as coronavirus cases rise, with U.S. crude stockpiles hitting an all-time high.
Brent crude futures fell 3.4%, or $1.42, to $40.31 a barrel by 0740 GMT, erasing Wednesday’s gains.
The benchmark index in Saudi Arabia, which has reported the highest number of new coronavirus infections in the six countries of the Gulf Cooperation Council, traded 0.9% down. Al Rajhi Bank dropped 1.2% and National Commercial Bank, the kingdom’s largest lender, declined 1.8%.
Elsewhere, petrochemical maker Saudi Basic Industries retreated 0.5%.
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