Oil falls 4%, pressured by surprise U.S. crude, gasoline build | Reuters
Oil prices slid about 4% on Wednesday, with losses accelerating after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd).
Brent crude futures settled down $3.76, or 3.7%, at $96.78 a barrel. West Texas Intermediate (WTI) crude futures fell $3.76, or 4%, to $90.66. Both contracts had seesawed earlier in the session.
The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating waning concern about tight supply. The same premium for WTI futures neared a four-month low.
U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.
Wednesday, 3 August 2022
Oil falls 2% on U.S. crude, gasoline build, slight OPEC+ hike | Reuters
Oil falls 2% on U.S. crude, gasoline build, slight OPEC+ hike | Reuters
Oil prices slid 2% on Wednesday as U.S. crude and gasoline stockpiles unexpectedly surged higher last week and after OPEC+ said it would raise its oil output target by only 100,000 barrels per day (bpd).
Brent crude futures were down $2.35, or 2.4%, at $98.19 a barrel by 11:09 a.m. ET (1509 GMT). West Texas Intermediate (WTI) crude futures slipped by $2.30, or 2.5%, to $92.10. Both contracts had seesawed previously.
The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating concern over tight supply are abating. The premium for WTI futures for the same months touched a near four-month low.
U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered their runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.
Oil prices slid 2% on Wednesday as U.S. crude and gasoline stockpiles unexpectedly surged higher last week and after OPEC+ said it would raise its oil output target by only 100,000 barrels per day (bpd).
Brent crude futures were down $2.35, or 2.4%, at $98.19 a barrel by 11:09 a.m. ET (1509 GMT). West Texas Intermediate (WTI) crude futures slipped by $2.30, or 2.5%, to $92.10. Both contracts had seesawed previously.
The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating concern over tight supply are abating. The premium for WTI futures for the same months touched a near four-month low.
U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered their runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.
Mideast Stocks: Most Gulf markets close lower amid U.S.-China tensions
Mideast Stocks: Most Gulf markets close lower amid U.S.-China tensions
Most stock markets in the Gulf ended lower on Wednesday amid U.S.-China tensions over House Speaker Nancy Pelosi's visit to Taiwan and as investors booked profits from a recent rally, with the Abu Dhabi index ending three sessions of gains.
Saudi Arabia's benchmark index fell 0.2%, hit by a 2.5% fall in Bupa Arabia for Cooperative Insurance and a 1.3% decline in Saudi Cement Co. Losses were limited by a 0.7% gain in Saudi British Bank, which reported a rise in quarterly profit.
The kingdom's non-oil private sector kept up a steady pace of growth in July, albeit slowing slightly from June, helped by increases in customer numbers, purchasing and output, a business survey showed on Wednesday.
Dubai's main share index dropped 0.3%, with blue-chip developer Emaar Properties losing 1.1% and sharia-compliant lender Dubai Islamic Bank retreating 0.5%.
In Abu Dhabi, the equities closed 0.5% lower, ending three sessions of gains, driven down by a 1.9% fall in conglomerate International Holding.
The Qatari benchmark, however, gained 0.6%, led by a 1.1% rise in Qatar Islamic Bank. The Qatari index recorded some volatility as traders sought to secure gains even as natural gas prices rose, said Daniel Takieddine, CEO MENA BDSwiss. "The main index could maintain a positive profile if natural gas prices stay high."
Oil prices inched up erasing earlier losses, as the OPEC+ producer group was set for a small output increase of 100,000 barrels per day, a document seen by Reuters showed, dashing U.S. hopes of a meaningful supply boost.
Outside the Gulf, Egypt's blue-chip index advanced 1%, as most of the stocks on the index were in positive territory. According to Takieddine, the Egyptian stock market could gain with local fundamentals improving gradually, while resuming grain exports from Ukraine could help alleviate price pressures around food products.
Most stock markets in the Gulf ended lower on Wednesday amid U.S.-China tensions over House Speaker Nancy Pelosi's visit to Taiwan and as investors booked profits from a recent rally, with the Abu Dhabi index ending three sessions of gains.
Saudi Arabia's benchmark index fell 0.2%, hit by a 2.5% fall in Bupa Arabia for Cooperative Insurance and a 1.3% decline in Saudi Cement Co. Losses were limited by a 0.7% gain in Saudi British Bank, which reported a rise in quarterly profit.
The kingdom's non-oil private sector kept up a steady pace of growth in July, albeit slowing slightly from June, helped by increases in customer numbers, purchasing and output, a business survey showed on Wednesday.
Dubai's main share index dropped 0.3%, with blue-chip developer Emaar Properties losing 1.1% and sharia-compliant lender Dubai Islamic Bank retreating 0.5%.
In Abu Dhabi, the equities closed 0.5% lower, ending three sessions of gains, driven down by a 1.9% fall in conglomerate International Holding.
The Qatari benchmark, however, gained 0.6%, led by a 1.1% rise in Qatar Islamic Bank. The Qatari index recorded some volatility as traders sought to secure gains even as natural gas prices rose, said Daniel Takieddine, CEO MENA BDSwiss. "The main index could maintain a positive profile if natural gas prices stay high."
Oil prices inched up erasing earlier losses, as the OPEC+ producer group was set for a small output increase of 100,000 barrels per day, a document seen by Reuters showed, dashing U.S. hopes of a meaningful supply boost.
Outside the Gulf, Egypt's blue-chip index advanced 1%, as most of the stocks on the index were in positive territory. According to Takieddine, the Egyptian stock market could gain with local fundamentals improving gradually, while resuming grain exports from Ukraine could help alleviate price pressures around food products.
#UAE Al Ansari Exchange Considers #Dubai IPO Early Next Year - Bloomberg
UAE Al Ansari Exchange Considers Dubai IPO Early Next Year - Bloomberg
Al Ansari Exchange is considering an initial public offering early next year, according to people familiar with the matter, in a sign that companies are pushing ahead with plans to go public despite a recent dip in investor appetite.
The UAE-based money-exchange firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023, the people said, asking not to be identified as the information isn’t public. Details are preliminary and may change, they said.
“Al Ansari Exchange has been evaluating the idea of going public for some time, however no final decision has been made yet,” Chief Executive Officer Rashed Al Ansari said in response to a request for comment. The company will monitor the market and “make an announcement accordingly,” he said.
The Gulf region has largely been a standout market for IPOs during the first half, despite a few lackluster trading debuts in recent months. High oil prices have contributed to a flurry of share sales and significant equity inflows, in sharp contrast to most other global markets where listings have slowed to a trickle due to soaring inflation and concerns about a potential economic recession.
Now, the global downturn may be catching up with Gulf markets and dampening investor appetite. After being among the world’s best performers at the start of the year, the region’s main equity indexes have since given up many of their gains. The last two listings in Dubai -- supermarket operator Union Coop and property firm Tecom Group -- both slumped on their debuts.
Al Ansari Exchange was set up almost 60 years ago and currently has over 200 branches in the United Arab Emirates, making it one of the largest exchange companies in the country. In addition to exchange services it offers remittances, services for paying domestic workers and savings schemes, according to its website.
Al Ansari Exchange is considering an initial public offering early next year, according to people familiar with the matter, in a sign that companies are pushing ahead with plans to go public despite a recent dip in investor appetite.
The UAE-based money-exchange firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023, the people said, asking not to be identified as the information isn’t public. Details are preliminary and may change, they said.
“Al Ansari Exchange has been evaluating the idea of going public for some time, however no final decision has been made yet,” Chief Executive Officer Rashed Al Ansari said in response to a request for comment. The company will monitor the market and “make an announcement accordingly,” he said.
The Gulf region has largely been a standout market for IPOs during the first half, despite a few lackluster trading debuts in recent months. High oil prices have contributed to a flurry of share sales and significant equity inflows, in sharp contrast to most other global markets where listings have slowed to a trickle due to soaring inflation and concerns about a potential economic recession.
Now, the global downturn may be catching up with Gulf markets and dampening investor appetite. After being among the world’s best performers at the start of the year, the region’s main equity indexes have since given up many of their gains. The last two listings in Dubai -- supermarket operator Union Coop and property firm Tecom Group -- both slumped on their debuts.
Al Ansari Exchange was set up almost 60 years ago and currently has over 200 branches in the United Arab Emirates, making it one of the largest exchange companies in the country. In addition to exchange services it offers remittances, services for paying domestic workers and savings schemes, according to its website.
OPEC+ set to approve minuscule oil output rise in rebuff to Biden | Reuters
OPEC+ set to approve minuscule oil output rise in rebuff to Biden | Reuters
OPEC+ is set to raise oil output by a tiny 100,000 barrels per day in what analysts described as an insult to U.S. President Joe Biden after his trip to Saudi Arabia last month to persuade OPEC's leader to pump more to help the U.S. and global economy.
The increase, equivalent to 86 seconds of global oil demand, comes after weeks of speculation that Biden's trip to the Middle East and Washington's clearance of missile defence system sales to Riyadh and the United Arab Emirates will bring in more oil. read more
An OPEC+ document showed the group was set to raise output by 100,000 bpd from September and two sources said it has been effectively rubber-stamped by a close-door meeting.
"That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting," said Raad Alkadiri, managing director for energy, climate, and sustainability at Eurasia Group.
OPEC+ is set to raise oil output by a tiny 100,000 barrels per day in what analysts described as an insult to U.S. President Joe Biden after his trip to Saudi Arabia last month to persuade OPEC's leader to pump more to help the U.S. and global economy.
The increase, equivalent to 86 seconds of global oil demand, comes after weeks of speculation that Biden's trip to the Middle East and Washington's clearance of missile defence system sales to Riyadh and the United Arab Emirates will bring in more oil. read more
An OPEC+ document showed the group was set to raise output by 100,000 bpd from September and two sources said it has been effectively rubber-stamped by a close-door meeting.
"That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting," said Raad Alkadiri, managing director for energy, climate, and sustainability at Eurasia Group.
S&P gives #Oman oil and gas firm EDO 'BB-' rating | Reuters
S&P gives Oman oil and gas firm EDO 'BB-' rating | Reuters
S&P Global Ratings assigned Oman state oil and gas producer Energy Development Oman (EDO) a "BB-" rating with a stable outlook, citing access to sizeable hydrocarbon reserves and a leading share of Omani production.
EDO's low operating cost structure, along with its reserves and market share, all support cash flow visibility, the rating agency said. The rating is in line with Oman's sovereign rating.
EDO, set up in late 2020 to take majority ownership of Oman's largest oil block called Block 6 and to help raise debt, raised a $2.5 billion loan last August.
Omani media outlet WAF News Agency reported in November that EDO would raise around $1.5 billion through a bond sale, depending on market conditions, citing Oman's then-energy and minerals minister, who was replaced in June.
"We view positively the company's access to sizable reserves via concession agreements until 2044. These total more than 1.5 billion barrels of oil equivalent (boe) in proven (1P) reserves and include more than 60% of Oman's 1P oil and nonassociated gas condensate (NAGC) reserves," S&P said.
S&P Global Ratings assigned Oman state oil and gas producer Energy Development Oman (EDO) a "BB-" rating with a stable outlook, citing access to sizeable hydrocarbon reserves and a leading share of Omani production.
EDO's low operating cost structure, along with its reserves and market share, all support cash flow visibility, the rating agency said. The rating is in line with Oman's sovereign rating.
EDO, set up in late 2020 to take majority ownership of Oman's largest oil block called Block 6 and to help raise debt, raised a $2.5 billion loan last August.
Omani media outlet WAF News Agency reported in November that EDO would raise around $1.5 billion through a bond sale, depending on market conditions, citing Oman's then-energy and minerals minister, who was replaced in June.
"We view positively the company's access to sizable reserves via concession agreements until 2044. These total more than 1.5 billion barrels of oil equivalent (boe) in proven (1P) reserves and include more than 60% of Oman's 1P oil and nonassociated gas condensate (NAGC) reserves," S&P said.
Etihad Airways orders seven A350F freighters to boost cargo operations | Aviation – Gulf News
Etihad Airways orders seven A350F freighters to boost cargo operations | Aviation – Gulf News
Etihad Airways has ordered seven new generation A350F freighters from Airbus, it was announced on Wednesday.
The latest order further expands Etihad’s relationship with the European company, adding to the existing order of the largest passenger version of A350-1000s, five of which have been delivered.
Tony Douglas, Group CEO, Etihad Aviation Group, said: “In building one of the world’s youngest and most sustainable fleets, we are delighted to extend our long-term partnership with Airbus to add the A350 freighter to our fleet. This additional cargo capacity will support the unprecedented growth we are experiencing in the Etihad Cargo division. Airbus has developed a remarkable fuel-efficient aircraft that, in tandem with the A350-1000 in our passenger fleet, supports our commitment to reaching net-zero carbon emissions by 2050.”
Etihad Cargo achieved a year-on-year revenue growth of 6 per cent compared to H1 2021, contributing 35 per cent of the group’s operating revenue, it announced earlier this week.
Etihad Airways has ordered seven new generation A350F freighters from Airbus, it was announced on Wednesday.
The latest order further expands Etihad’s relationship with the European company, adding to the existing order of the largest passenger version of A350-1000s, five of which have been delivered.
Tony Douglas, Group CEO, Etihad Aviation Group, said: “In building one of the world’s youngest and most sustainable fleets, we are delighted to extend our long-term partnership with Airbus to add the A350 freighter to our fleet. This additional cargo capacity will support the unprecedented growth we are experiencing in the Etihad Cargo division. Airbus has developed a remarkable fuel-efficient aircraft that, in tandem with the A350-1000 in our passenger fleet, supports our commitment to reaching net-zero carbon emissions by 2050.”
Etihad Cargo achieved a year-on-year revenue growth of 6 per cent compared to H1 2021, contributing 35 per cent of the group’s operating revenue, it announced earlier this week.
First #AbuDhabi Bank subsidiary FAB Securities raises #Saudi National Bank's target price
First Abu Dhabi Bank subsidiary FAB Securities raises Saudi National Bank's target price
FAB Securities, a subsidiary of First Abu Dhabi Bank (FAB), has revised the target price of Saudi National Bank (SNB), the kingdom’s largest lender, to SAR83 ($22.08) and maintained a buy rating on the stock. The Saudi bank is expected to benefit from revenue and cost synergies following its merger with Samba Financial Group, said FAB Securities.
SNB's net profit for the second quarter of the year nearly doubled to SAR4.58 billion primarily due to higher funded income and lower operating expenses, which have been partially offset by a decline in non-funded income.
FGB said SNB is expected to realize a cost synergy of SAR800 million and SAR1.2 billion by 2022 and 2023, respectively. The Saudi lender realized cost synergies worth SAR720 million in the first quarter of the year.
The rising interest rate regime, following Saudi SAMA's move to hike key rates by 75bps, is also expected to benefit SNB's net interest margins.
FAB Securities, a subsidiary of First Abu Dhabi Bank (FAB), has revised the target price of Saudi National Bank (SNB), the kingdom’s largest lender, to SAR83 ($22.08) and maintained a buy rating on the stock. The Saudi bank is expected to benefit from revenue and cost synergies following its merger with Samba Financial Group, said FAB Securities.
SNB's net profit for the second quarter of the year nearly doubled to SAR4.58 billion primarily due to higher funded income and lower operating expenses, which have been partially offset by a decline in non-funded income.
FGB said SNB is expected to realize a cost synergy of SAR800 million and SAR1.2 billion by 2022 and 2023, respectively. The Saudi lender realized cost synergies worth SAR720 million in the first quarter of the year.
The rising interest rate regime, following Saudi SAMA's move to hike key rates by 75bps, is also expected to benefit SNB's net interest margins.
OPEC+ might have to raise oil output so market doesn't overheat, Kazakhstan says | Reuters
OPEC+ might have to raise oil output so market doesn't overheat, Kazakhstan says | Reuters
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.
"We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh energy minister Bolat Akchulakov told reporters.
The market has been largely expecting OPEC+ to keep output steady or opt for a slight increase. Three OPEC+ sources said on Wednesday they still saw little chance for an output policy change when commenting on the Kazakh minister's statement.
The United States has put OPEC leaders Saudi Arabia and United Arab Emirates under pressure to pump more oil to help rein in prices boosted by rebounding demand and Moscow's invasion of Ukraine.
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.
"We have always said that the preferred price corridor is $60-80 per barrel. Today the price is $100. So we might have to raise output to avoid overheating," Kazakh energy minister Bolat Akchulakov told reporters.
The market has been largely expecting OPEC+ to keep output steady or opt for a slight increase. Three OPEC+ sources said on Wednesday they still saw little chance for an output policy change when commenting on the Kazakh minister's statement.
The United States has put OPEC leaders Saudi Arabia and United Arab Emirates under pressure to pump more oil to help rein in prices boosted by rebounding demand and Moscow's invasion of Ukraine.
#Dubai BNPL Buy Now, Pay Later Firm Tabby Gets $150 Million Financing - Bloomberg
Dubai BNPL Buy Now, Pay Later Firm Tabby Gets $150 Million Financing - Bloomberg
Dubai-based buy now, pay later startup Tabby secured debt financing worth $150 million from two US-based investors, in what the company said is the largest credit facility for a fintech firm in the Gulf region.
Part of the financing comes from New York’s Atalaya Capital Management, its first deal in the Middle East and North Africa. In addition, San Francisco-based Partners for Growth increased its initial $50 million commitment, Tabby said.
Firms like Tabby allow customers to purchase goods and pay for them in installments. While concerns over inflation and a looming recession have hurt such companies in developed markets, Tabby expects demand to continue rising in the Gulf where access to credit is scarce.
Less than 20% of the population has a credit card in Saudi Arabia -- the largest Gulf economy -- compared to more than 70% in the United States, the firm said.
Dubai-based buy now, pay later startup Tabby secured debt financing worth $150 million from two US-based investors, in what the company said is the largest credit facility for a fintech firm in the Gulf region.
Part of the financing comes from New York’s Atalaya Capital Management, its first deal in the Middle East and North Africa. In addition, San Francisco-based Partners for Growth increased its initial $50 million commitment, Tabby said.
Firms like Tabby allow customers to purchase goods and pay for them in installments. While concerns over inflation and a looming recession have hurt such companies in developed markets, Tabby expects demand to continue rising in the Gulf where access to credit is scarce.
Less than 20% of the population has a credit card in Saudi Arabia -- the largest Gulf economy -- compared to more than 70% in the United States, the firm said.
#Saudi, #UAE Business Conditions Improve as Inflation Cools - Bloomberg
Saudi, UAE Business Conditions Improve as Inflation Cools - Bloomberg
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Business conditions in the United Arab Emirates and Saudi Arabia improved in July as price pressures edged slightly lower and employment expanded.
Input costs in the Arab world’s two largest economies eased marginally after soaring to an 11-year high in June, according to S&P Global. Its Purchasing Managers’ Index for the UAE was at 55.4, up from 54.8 during the previous month and well above the 50-mark separating growth from contraction. The Saudi PMI stood at 56.3 in July, down from 57. The 50 mark separates expansion from contraction.
Although price pressures are building, the oil-rich Gulf is among regions where inflation has remained relatively muted, thanks in part to limits on domestic fuel costs in some nations. Still, countries including Saudi Arabia and the UAE have had to set aside billions of dollars in inflation relief to support low-income citizens and stockpile key commodities.
Saudi PMI:
UAE PMI:
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Business conditions in the United Arab Emirates and Saudi Arabia improved in July as price pressures edged slightly lower and employment expanded.
Input costs in the Arab world’s two largest economies eased marginally after soaring to an 11-year high in June, according to S&P Global. Its Purchasing Managers’ Index for the UAE was at 55.4, up from 54.8 during the previous month and well above the 50-mark separating growth from contraction. The Saudi PMI stood at 56.3 in July, down from 57. The 50 mark separates expansion from contraction.
Although price pressures are building, the oil-rich Gulf is among regions where inflation has remained relatively muted, thanks in part to limits on domestic fuel costs in some nations. Still, countries including Saudi Arabia and the UAE have had to set aside billions of dollars in inflation relief to support low-income citizens and stockpile key commodities.
- Expansion in the kingdom’s non-oil private sector was partially due to rising sales led by stronger export demand and better market conditions
- Firms still faced an increase in costs, with oil and material prices driving inflation
- Optimism regarding future activity slipped slightly but was still strong overall
UAE PMI:
- Companies increased output, with the pace of expansion being the joint-fastest this year
- Employment levels rose only slightly as firms responded to rising backlogs
- Sentiment fell to a 10-month low but companies were optimistic about the coming year
Most Gulf bourses fall in early trade; #Qatar gains | Reuters
Most Gulf bourses fall in early trade; Qatar gains | Reuters
Most stock markets in the Gulf fell in early trade on Wednesday, amid fears that a slowdown in global growth would hit fuel demand, although the Qatari index bucked the trend to trade higher.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE) and a 0.5% decrease in oil behemoth Saudi Aramco (2222.SE).
Crude prices , a key catalyst for the Gulf's financial markets, have soared in 2022 to their highest since 2008, climbing above $139 a barrel in March after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine.
Prices have since eased to below $100 a barrel as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Separately, Saudi Arabia has set up an agency to promote investment in the country, a key goal of an ambitious economic reform agenda, the investment minister and state media said on Twitter, citing a cabinet decision. read more
Dubai's main share index (.DFMGI) fell 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) losing 1.5%, while share-compliant lender Dubai Islamic Bank (DISB.DU) retreated 0.7%.
In Abu Dhabi, the index (.FTFADGI) lost 0.5%, on course to snap three sessions of gains, weighed down by a 1.3% fall in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari benchmark (.QSI), however, edged up 0.2%, helped by a 1% rise in petrochemical maker Industries Qatar (IQCD.QA).
Most stock markets in the Gulf fell in early trade on Wednesday, amid fears that a slowdown in global growth would hit fuel demand, although the Qatari index bucked the trend to trade higher.
Saudi Arabia's benchmark index (.TASI) dropped 0.3%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE) and a 0.5% decrease in oil behemoth Saudi Aramco (2222.SE).
Crude prices , a key catalyst for the Gulf's financial markets, have soared in 2022 to their highest since 2008, climbing above $139 a barrel in March after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine.
Prices have since eased to below $100 a barrel as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Separately, Saudi Arabia has set up an agency to promote investment in the country, a key goal of an ambitious economic reform agenda, the investment minister and state media said on Twitter, citing a cabinet decision. read more
Dubai's main share index (.DFMGI) fell 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) losing 1.5%, while share-compliant lender Dubai Islamic Bank (DISB.DU) retreated 0.7%.
In Abu Dhabi, the index (.FTFADGI) lost 0.5%, on course to snap three sessions of gains, weighed down by a 1.3% fall in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari benchmark (.QSI), however, edged up 0.2%, helped by a 1% rise in petrochemical maker Industries Qatar (IQCD.QA).
Oil prices dip ahead of OPEC+ meeting | Reuters
Oil prices dip ahead of OPEC+ meeting | Reuters
Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand.
Brent crude futures were down $1.34, or 1.3%, at $99.20 a barrel at 0815 GMT. West Texas Intermediate (WTI) crude futures fell $1.28, or 1.4%, to $93.14 a barrel.
The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating worries about current tight supply are abating.
Ministers for members of the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday from 1130 GMT.
OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.
Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand.
Brent crude futures were down $1.34, or 1.3%, at $99.20 a barrel at 0815 GMT. West Texas Intermediate (WTI) crude futures fell $1.28, or 1.4%, to $93.14 a barrel.
The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating worries about current tight supply are abating.
Ministers for members of the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday from 1130 GMT.
OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.