Mideast Stocks: Major stock markets decline as oil prices drop

Mideast Stocks: Major stock markets decline as oil prices drop

Major stock markets in the Gulf traded in negative territory early on Wednesday, tracking an extended fall in oil prices as a rebound in COVID-19 cases in some countries undermined hopes for a steady recovery in global demand.Brent crude was down 30 cents, or 0.8%, at $39.48 a barrel by 0719 GMT, after dropping more than 5% on Tuesday to fall below $40 a barrel for the first time since June. Lower prices and disruptions to crude exports could impact the fiscal balances of countries reliant on oil income.Saudi Arabia's benchmark index fell 0.6%, with oil giant Saudi Aramco losing 0.6% and Jabal Omar Development shedding 2.2%.Dubai's main share index dropped 0.7%, dragged down by a 0.9% fall in Emirates NBD Bank and a 0.7% decrease in sharia-compliant lender Dubai