DUBAI, May 19 (Reuters) - Gulf stock markets may retreat moderately on Thursday in response to a pull-back of oil prices and speculation about a U.S. interest rate hike as soon as in June, which has dragged down global bourses.

Trading turnover has shrunk in several Gulf markets over the past couple of weeks - it dropped by about 40 percent in Saudi Arabia on Wednesday - which suggests investors are losing their appetite to push stocks higher for now.

This mood may be reinforced by Brent crude oil's drop to just above $48.00 per barrel in the past 24 hours from around $49.50, and by a hawkish signal from U.S. Federal Reserve minutes released on Wednesday.

The prospect of higher U.S. interest rates has pulled emerging Asian stock markets down about 1 percent on Thursday morning, and is negative for rate-sensitive stocks in the Gulf such as real estate firms.

(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))