Stock markets in the United Arab Emirates closed lower on Friday, in line with oil prices as oversupply concerns amid uncertainty around tariff talks between the U.S. and China dampened market sentiments.
Worries are growing about excess supply. Several OPEC+ members had suggested the group accelerate oil output for a second month in June, Reuters reported earlier this week.
Brent crude futures fell 1.07% to $65.84 a barrel by 1059 GMT.
Dubai's main index (.DFMGI), opens new tab slipped 0.6%, weighed down by a 1.5% decline in top lender Emirates NBD Bank (ENBD.DU), opens new tab and 1.4% fall in toll-gate operator Salik Company (SALIK.DU), opens new tab.
Among the losers, Dubai Investments (DINV.DU), opens new tab and Deyaar Development (DEYR.DU), opens new tab slumped 6.5% and 3.6% respectively as both the stocks went ex-dividend.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.4% down, breaking two sessions' gains, dragged down by a decline in banking sector stocks.
UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab dipped 1%, while third-largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab lost 1.9%.
However, energy infrastructure firm NMDC Energy (NMDCENR.AD), opens new tab jumped 3.8% after the firm signed an extension for its long-term agreement with Aramco.
Dubai and Abu Dhabi indices gained 2.3% and 2.2% respectively on a weekly basis - LSEG data.
