Gulf equities ended mostly lower as oil prices, a key driver for financial markets in the Middle East, fluctuated wildly as the market balanced demand worries related to looming recession risks with fears that Russia will halt all oil and gas supplies. Most GCC countries have their currencies pegged to the dollar and generally follow the Federal Reserve's policy moves, exposing the region to a direct impact from any monetary tightening by the U.S. central bank.

Gulf equities slide on volatile oil; Abu Dhabi gains

Posted On: November 10, 2022

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Gulf equities ended mostly lower as oil prices, a key driver for financial markets in the Middle East, fluctuated wildly as the market balanced demand worries related to looming recession risks with fears that Russia will halt all oil and gas supplies. Most GCC countries have their currencies pegged to the dollar and generally follow the Federal Reserve’s policy moves, exposing the region to a direct impact from any monetary tightening by the U.S. central bank.