Gulf stock markets opened slightly in the red on Tuesday as oil prices fell. Oil prices, a key catalyst for the Gulf’s financial markets, edged lower on expectations that further interest rate hikes in the United States, the world’s biggest oil consumer, will slow economic growth and limit fuel demand.

Brent futures for March fell 33 cents to $79.32 a barrel, a 0.4% drop, by 0719 GMT.

Abu Dhabi’s share index slipped 0.3%, extending losses to the fifth session in a row, pressured by a 0.6% decline in conglomerate International Holding Company, while its unit Multiply Group was down 1.1%. Dubai’s main share index eased 0.1%, as Sharia-compliant lender Dubai Islamic Bank dropped 1.1% and Business park operator TECOM Group fell 0.9%.

Saudi Arabia’s benchmark index also retreated 0.1%, dragged down by a 1.3% decline in Saudi British Bank and a 0.3% drop in Al Rajhi Bank. National Company For Learning And Education, however, jumped 2.4% after posting a 43% jump in first quarter net profit.

Gulf stocks rise on hopes of smaller rate hike, demand recovery

Separately, Singapore commodity trader Olam Group on Tuesday said it plans to conduct an initial public offering for majority-owned Olam Agri Holdings as early as the first half of this year, listing the unit domestically and concurrently in Saudi Arabia.

The benchmark Qatari index also fell 0.1%, pressured by a 1.2% decline in its largest lender Qatar National Bank .