Mideast Stocks: Most Gulf bourses fall on lower oil prices, ahead of US debt-limit talks

Mideast Stocks: Most Gulf bourses fall on lower oil prices, ahead of US debt-limit talks

Most stock markets in the Gulf ended lower on Tuesday as traders assessed lower oil prices and concerns over the U.S. government's debt-ceiling negotiations.

Saudi Arabia's benchmark index dropped 0.2%, hit by a 2.1% decline in oil giant Saudi Aramco. Oil futures steadied as support from a higher forecast for global demand from the International Energy Agency (IEA) was countered by weaker-than-expected Chinese economic data.

In another bullish factor, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August. Dubai's main share index retreated 0.5%, falling for a fourth consecutive session, weighed down by a 3.2% slide in Tecom Group.

The Dubai stock market extended its losses following some mitigated company earnings today and as global sentiment tilts toward caution, said Ahmed Negm, Head of Market Research MENA at XS.com.

"The main index veered away from its uptrend direction and could be exposed to more price corrections if traders continue to sell."

In Abu Dhabi, the index bucked the trend to close 0.1% higher.

The Qatari benchmark eased 0.1%. U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Monday prepared for critical debt-ceiling talks, with a