By
DUBAI: Most Gulf stock markets closed lower on Sunday amid falling oil prices, with Saudi Arabia’s index declining for the ninth time in 10 sessions.
Oil prices - a catalyst for the Gulf’s financial markets - had fallen on Friday as a weak US jobs report dimmed the outlook for energy demand, while swelling supplies may increase further after Sunday’s meeting of OPEC and allied producers.
Eight OPEC+ countries agreed to raise oil output in October by 137,000 barrels per day, an OPEC+ source told Reuters while the meeting was underway.