Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices lower.<\/p>\n
Oil prices – a catalyst for the Gulf’s financial markets – slipped, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.<\/p>\n
Prices tumbled in the middle of last week after the Organization of the Petroleum Exporting Countries and their allies, including Russia, known as OPEC+, postponed a ministerial meeting to Nov. 30 to iron out differences in production targets for African producers.<\/p>\n
Saudi Arabia’s benchmark index fell 0.2%, with oil behemoth Saudi Aramco losing 0.3% and a 0.7% decrease in auto rental firm Lumi.<\/p>\n
In Abu Dhabi, the index eased 0.3%.<\/p>\n
Dubai’s main share index lost 0.2%, weighed down by a 1.4% fall in top lender Emirates NBD.<\/p>\n
However, the United Arab Emirates is set to ramp up exports of flagship Murban crude early next year as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.<\/p>\n
The Qatari benchmark retreated 1%, on course to extend losses for a third session, with petrochemical maker Industries Qatar.<\/p>","protected":false},"excerpt":{"rendered":"
Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices lower. Oil prices – a catalyst for the Gulf’s financial markets – slipped, with Brent […]<\/p>\n","protected":false},"author":1,"featured_media":1013,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n