#Dubai stocks log third weekly gain as #UAE's shares end higher | Reuters

Dubai stocks log third weekly gain as UAE's shares end higher | Reuters

Stock markets in the United Arab Emirates ended higher on Friday, supported by a broad-based gains, with the Dubai index posting its third weekly gain.

Dubai's benchmark stock index (.DFMGI), opens new tab rebounded after the previous session of losses to end 0.6% higher, with almost all of its constituents posting gains.

Emirates Central Cooling Systems (EMPOWER.DU), opens new tab advanced 2.7% and the blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its unit Emaar Development (EMAARDEV.DU), opens new tab gained 0.9% and 2.2% respectively.

For the week, the index was up for a third week in a row.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab gained 0.7%, snapping its previous session of losses. For the week, the index was up 0.9%.

Investment company Q Holding (QHOLDING.AD), opens new tab rose 1.4% and its owner International Holding Co (IHC.AD), opens new tab climbed 2.3%, the highest intraday gain in nearly six months.

The conglomerate IHC shareholders approved a share buyback programme of up to 5 billion dirhams on Thursday.

Oil prices set for second week of gains on signs demand improving | Reuters

Oil prices set for second week of gains on signs demand improving | Reuters

Crude oil futures were little changed on Friday but were set to rise for a second week amid signs of improving demand and falling oil and fuel inventories in the U.S., the world's biggest oil consumer.

Brent futures for August settlement dipped 18 cents to $85.53 a barrel by 0656 GMT, after rising 0.8% in the previous session.

U.S. West Texas Intermediate crude futures for August delivery were down 14 cents to $81.15 per barrel. The July contract expired on Thursday at $82.17, up 0.7%.

Prices have risen about 5% since the beginning of the month to their highest in over seven weeks.

"The seasonal demand increase, as shown by the latest EIA data, renewed confrontation between Israel and Hezbollah, and the hurricane season could sustain price strength into the summer," Citi analysts said in a note.

U.S. government data released on Thursday showed total product supplied, a proxy for the country's oil demand, rose by 1.9 million barrels per day (bpd) in the week ending June 14 to 21.1 million bpd.