Markets across the Arabian Gulf were mixed on Monday after Sunday’s record sell-off, as oil continued to weaken.
Brent crude futures fell to another multiyear low of US$27.72 per barrel on Monday, on fears that Iran’s re-entry to the international oil market would exacerbate a supply gut.
"The prospect of additional oil from Iran is likely to preclude any price recovery for the foreseeable future, yet should no longer weigh so heavily on prices," said analysts from Commerzbank in a research note on Monday, stating that the market had already priced in Iran's intention.
Saudi Arabia’s Tadawul All Share Index, which has been sensitive to oil’s dwindling fortunes, closed marginally up.
Shares in Dubai and Abu Dhabi briefly bounced back during the morning, before gradually retreating to end the day largely unchanged. The Dubai Financial Market General Index closed down 0.2 per cent at 2,677.50, while Abu Dhabi's headline index closed up 0.2 per cent at 3,794.98.
Dubai Parks and Resorts was among the main gainers, rising 1.9 per cent to Dh1.04 on news that it had leased nearly two-thirds of units at its Riverland theme park in Jebel Ali.
Emirates NBD rose 0.9 per cent to Dh6.50 after announcing a 74 per cent increase in fourth-quarter profit.
jeverington@thenational.ae
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