Gulf markets subdued on weak oil prices

Gulf stock markets were subdued in early Tuesday sessions on soft oil prices, while investors awaited US economic data to gauge the Federal Reserve’s policy path.

Oil prices held firm as traders weighed up risks from Ukrainian drone strikes on Russian energy sites, US-Venezuela tension and mixed expectations for US fuel inventories.

Brent crude futures rose 7 cents, or 0.1%, to $63.24 a barrel by 0657 GMT.

Crude prices, even after the recent rebound, are still hovering near multi-month lows, putting pressure on the fiscal balances of oil-dependent Gulf nations through lower revenues.

Saudi Arabia’s benchmark index added 0.1% in choppy trade, with ACWA Power advancing 3.1%.

In Qatar, the index dropped 0.4%, hit by a 1% fall in Qatar National Bank. Dubai and Abu Dhabi markets were closed for a public holiday.