Dubai, Abu Dhabi track fuel prices higher | Tech Rasta

Oct 7 (Reuters) – Stock markets in the United Arab Emirates hit record highs on Friday, following gains in oil prices following OPEC+’s agreement to boost global supply by agreeing to cut output targets by two million barrels a day. days (bpd).

Crude prices, the main driver of Gulf financial markets, were on course for a second weekly gain, trading above $95 a barrel, from around $88 earlier this week.

The cut from the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes before the European Union imposes sanctions on Russian oil and will reduce supply in an already tight market. Read more

Dubai’s main stock index (<.DFMGI>) rose 0.7%, led by a 1.5% increase in major lender Emirates NBD ().

The Dubai boss registered a weekly gain of more than 1%, the first in three weeks.

Separately, India-based cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have formed a joint venture to expand into the Gulf region, the companies said on Thursday. Read more

In Abu Dhabi, the index (<.FTFADGI>) fell a further 0.1% and also posted its first weekly gain in three weeks, helped by a 1.3% rise in telecommunications company e& (), formerly known as Emirates Telecommunications. .

Major stock markets elsewhere in the Gulf region are closed on Friday.

Reporting by Ateeq Shariff in Bengaluru Editing by Mark Potter

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