Mideast Stock Markets Trade Mixed With Oil in Focus: Inside EM - Bloomberg

Mideast Stock Markets Trade Mixed With Oil in Focus: Inside EM - Bloomberg:

The main equities gauge in Riyadh climbed while those in Kuwait and Abu Dhabi fell after leaders from Russia and Saudi Arabia discussed the OPEC+ agreement over the weekend and indicated further cooperation to support oil prices.

The Tadawul All Share Index climbed as much as 0.5% on Sunday in Riyadh, trimming its increase at the close to 0.1%. Gauges in Oman, Qatar and Israel also gained, while those in Dubai, Abu Dhabi, Kuwait and Egypt fell as much as 1.2%.

Russian President Vladimir Putin and Crown Prince Mohammed Bin Salman spoke Saturday in what the Kremlin said was a continuation of an Oct. 13 conversation. The latest call came two days before several OPEC+ ministers are set to discuss the implementation of production cuts during a meeting of the so-called Joint Ministerial Monitoring Committee.

This week’s intensive oil diplomacy comes as coronavirus cases surge in Europe and the Americas, weighing on the outlook for demand over the next few months.