MIDEAST STOCKS-Most markets gain, Saudi retreats amid falling oil prices - Reuters:
Most stock markets in the Gulf region
closed higher on Wednesday, with Qatar rising the most, while
the Saudi index fell after oil prices weakened due to doubts
about an early meeting of OPEC+ nations.
OPEC leader Saudi Arabia and non-OPEC Russia have
preliminary agreed to extend existing record oil production cuts
by one month, sources told Reuters.
But oil prices retreated after Bloomberg reported that the
Thursday meeting was in doubt. Brent crude futures for August
were down 31 cents, or 0.8%, at $39.26 by 1310 GMT,
having earlier touched their highest since March 6.
Saudi Arabian benchmark index lost 0.9%, with Al
Rajhi Bank dropping 1% and petrochemical maker Saudi
Basic Industries declining 1.8%.
In Dubai, the index firmed 0.8%, with
sharia-compliant lender Dubai Islamic Bank rising 2%
and logistics firm Aramex leaping 3.8%.
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