Most Middle Eastern stocks climb as oil extends gains

Dubai: Most equities markets in the Middle East extended gains on Sunday, following another positive week for crude prices.

Equities gauges in Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and Israel advanced as much as 0.8%, while those in Dubai and Abu Dhabi slipped less than 0.1%.

Oil, the main export for Gulf countries, posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year. Brent crude futures rose 1.1% for the week that ended June 11 to $72.69 per barrel, the highest since April 2019.

As Saudi stocks keep rising, a technical measure shows the Tadawul All Share Index has been trading in overbought territory for the past two weeks. The gauge is up about 25% for the year, versus a 7% advance for the MSCI Emerging Markets Index.

Israel's TA-35 rose as much as 0.8%, heading for its third day of increases, as lawmakers are set to vote on a coalition that has conflicting ideologies but is united in ousting Prime Minister Benjamin Netanyahu. The index is up 14% this year.

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