U.S. stocks managed modest gains on Tuesday, with the S&P 500 gaining 0.29%.
Oil prices edged higher early on Wednesday, supported by extended output cuts by the Organization of the Petroleum Exporting Countries and its allies.
OPEC and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
Brent crude futures LCoc1 for September delivery were trading up 36 cents, or 0.6%, at $62.76 a barrel by 0244 GMT.
U.S. crude futures for August CLc1 were up 29 cents, or 0.5%, at $56.54 a barrel.
“The OPEC+ meeting showed the members sticking together in tough times, characterized by weakening global demand outlook, aiming for a more balanced oil market, despite clear market share implications,” said Amarpreet Singh, analyst at Barclays Commodities Research in a note, according to a Reuters report.
Middle East markets
Saudi Arabia’s index was down 0.2% on Tuesday with Al Rajhi Bank shedding 0.7% and Samba Financial Group falling 1.5%. The index snapped a five-day winning streak on Tuesday as most banks dropped.
In Dubai, the index was up 0.2%, lifted in part by a 0.7% rise in market heavyweight developer Emaar Properties.
The Abu Dhabi index traded flat with Abu Dhabi Commercial Bank adding 0.6%.
Qatar's index edged up 0.2% with banks leading the way. Qatar Islamic Bank advanced 1.2% and Doha Bank leapt 4.3%.
Egypt’s EGX30 rose 0.3 percent, Kuwait’s premier market index rose 1 percent while Oman’s index dropped 0.5 percent and Bahrain’s index added 1 percent.
The dollar dropped on Wednesday.
The dollar index .DXY, which measures the greenback against a basket of six major currencies was a shade lower at 96.697.
Gold prices rose sharply on a weaker dollar.
Spot gold rose 1.1% at $1,433.50 per ounce at 0144 GMT.
U.S. gold futures were up 2.1% at $1,437.7 an ounce.
Reporting by Gerard Aoun; Editing by Mily Chakrabarty)
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