Mideast Stocks: Markets gain on global rally, rising oil prices | ZAWYA MENA Edition:
Stock markets in the Middle East rebounded on Tuesday, tracking a rally in global equities and as crude oil prices rose on record supply cuts and improving fuel demand.
Brent crude rose 77 cents, or 1.94%, to $40.49 a barrel by 0918 GMT, extending gains into a third session.
The International Energy Agency forecast oil demand at 91.7 million barrels per day for 2020, 500,000 bpd higher than its estimate in May's report, citing higher-than-expected consumption during the lockdowns.
Saudi Arabia's benchmark stock index added 0.6%, with oil giant Saudi Aramco rising 0.9% and Dr Sulaiman Al-Habib Medical Services 4013.SE gaining 2%.
Dubai's main share index rose 0.9%, driven by a 1.5% rise in Emaar Properties and a 3% jump in logistic company Aramex.
On Monday, Aramex announced the launch of Aramex SMART, a delivery, payment and returns solution for e-tailers, to boost e-commerce in the region.
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