Most Gulf markets fall on weak oil prices | Reuters

Most Gulf markets fall on weak oil prices | Reuters

Most Gulf stock markets closed lower on Sunday amid falling oil prices, with Saudi Arabia's index declining for the ninth time in 10 sessions.

Oil prices - a catalyst for the Gulf's financial markets - had fallen on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may increase further after Sunday's meeting of OPEC and allied producers.

Eight OPEC+ countries agreed to raise oil output in October by 137,000 barrels per day, an OPEC+ source told Reuters while the meeting was underway.

Saudi Arabia's benchmark index (.TASI), opens new tab declined 0.6%, with Al Rajhi Bank (1120.SE), opens new tab declining 1.3% and oil major Saudi Aramco (2222.SE), opens new tab down 0.8%.

In Qatar, the index (.QSI), opens new tab, however, gained 0.3%, helped by a 0.5% rise in Qatar Islamic Bank (QISB.QA), opens new tab.

Figures on Friday showed U.S. job growth weakened sharply in August and the unemployment rate increased to a near four-year high of 4.3%, confirming that labor market conditions were softening and increasing the case for a Federal Reserve interest rate cut later this month.

The Fed’s stance carries weight in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 0.9%, hit by a 2% slide in Commercial International Bank (COMI.CA), opens new tab.