Mideast Stocks: Gulf Bourses in Red As Oil Prices Fall

Stock markets in the Gulf were trading lower early on Thursday, weighed down by a more-than-1.5% drop in oil prices and growing concerns over a deteriorating fiscal outlook in the U.S.

Oil prices, a catalyst for the Gulf financial markets, had dropped 1.6% by 0651 GMT after a Bloomberg News report that OPEC+ is discussing another super-sized increase in output in July.

Investors' attention is also focused on U.S. President Donald Trump's tax bill, expected to face a vote within hours, amid concerns it could add $3.8 trillion to the already $36 trillion U.S. national debt.

Saudi Arabia's benchmark stock index was down 0.51% and Qatar's benchmark stock index was down 0.56%.

Dubai's main share index, which had scaled record highs earlier in the week, was down 0.12% and Abu Dhabi's benchmark index inched 0.01% lower.