Oil prices tracked equities lower on Wednesday.
Front-month Brent crude futures, the international benchmark for oil prices, were at $69.60 a barrel at 0332 GMT, down 51 cents, or 0.7%, from the last session’s close.
U.S. West Texas Intermediate (WTI) crude futures were at $58.50 per barrel, down 64 cents, or 1.1%, from their last settlement.
“Crude oil was weak ... primarily as the bears on demand are winning compared to the bulls on supply,” James Mick, managing director and energy portfolio manager with U.S. investment firm Tortoise, said in an investor podcast, a Reuters report said.
“Investors are concerned from a macro perspective about worldwide demand, particularly in the face of the growing trade dispute between the U.S. and China,” he said.
Middle East markets
Saudi Arabia’s index rose 2 percent as Al Rajhi Bank increased 2.1% and petrochemical maker Saudi Basic Industries added 2%. MSCI said this month it would include MSCI Saudi Arabia in its emerging-markets index, effective from Tuesday's close.
In Dubai, the index was up 1.2%, led higher by real estate stocks. Major developer Emaar Properties traded 4.2% higher while its unit Emaar Malls closed 4.9% up in heavy trade.
The Abu Dhabi index was also up 0.3%, with Dana Gas gaining 4.5.% and Abu Dhabi Commercial Bank climbing 3%.
The Qatari index rose 1.2% with blue-chip lender, Qatar National Bank, adding 1.8%.
Egypt’s blue-chip index EGX30 gained 0.5 percent, Kuwait’s premier market index gained 1 percent while Oman’s index added 1.4 percent and Bahrain’s index added 1 percent.
The dollar steadied on Wednesday as equities dropped.
The dollar index, which measures the greenback against a basket of six major currencies, was steady at 97.929, having ended up 0.3% overnight.
Gold prices firmed on Wednesday.
Spot gold was unchanged at $1,279.12 per ounce, as of 0123 GMT.
U.S. gold futures were up 0.2% at $1,279.70 an ounce.
(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)
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