Low oil prices are hitting most of the region’s markets

Low oil prices are hitting most of the region's markets

Most Gulf stock markets closed lower on Sunday due to Friday’s oil price decline.

On Friday, the Gulf region’s financial markets saw a decline in oil prices following the release of several Gaza detainees. This led to a subsequent reduction in the premium linked to geopolitical risks.

The Qatari index dropped by 0.7%, driven by 1.5% losses in Qatar Islamic Bank and Industries Qatar.

Four sources within the OPEC+ alliance have informed Reuters that the alliance is on the verge of reaching a compromise with African oil producers on production levels for 2024. Disagreements over these objectives had led to the postponement of a major meeting amongst the group of oil-producing countries.

The market is anticipating Saudi Arabia’s decision on whether to extend the voluntary production cut of one million barrels per day, which is set to expire at the end of December.

Egypt’s leading stock index fell 0.8%, with Commercial International Bank’s shares dropping 2%.