Oil prices, a key driver of the Gulf financial markets, are on track to post a second weekly rise after trading above $95 per barrel on Friday. Earlier in the week, they were trading around $88.
The Organization of the Petroleum Exporting Countries, or “OPEC,” and its allies, including Russia, decided to decrease production ahead of a European Union ban on Russian oil, which will limit supplies in a market that is already constrained.
Stock changes
The Dubai Financial Market saw its first weekly rise in three weeks, of more than 1%.
The increase of Emirates NBD Bank by 1.5 percent helped the main stock index in Dubai rise by 0.7% during Friday’s trade.
The main index of the Abu Dhabi Financial Market increased by 1.65% throughout the week to a level of 9872 points, marking the first weekly increase in three weeks.
The index gained 0.1% at the close on Friday, helped by a 1.
E&E, formerly known as Emirates Telecom, has increased by 3%.
UAE markets increase in a week as a result of the increase in oil prices.
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