Dubai stock markets rise on higher oil prices

Stock markets in Dubai rose on Friday as upbeat demand growth forecasts from OPEC and the International Energy Agency (IEA) lifted oil prices, while lender FAB weighed on Abu Dhabi's index, reports Reuters.
The IEA warned that global inventories could fall sharply over the rest of 2023, after the Organization of Petroleum Exporting Countries on Thursday said it expects global oil demand to rise by 2.25 million bpd in 2024, compared with growth of 2.44 million bpd this year.
Brent crude was up 57 cents, or 0.7 per cent, at $86.96 a barrel at 1206 GMT.
In Dubai, the main share index added 0.4 per cent after falling for four consecutive sessions. Emirates NBD Bank, Dubai's largest lender, rose more than 3 per cent while toll operator Salik Company was up 2 per cent after reporting second quarter earnings.
Emaar Properties, Dubai's largest listed real estate firm, was also up more than 0.7 per cent the day after reporting second-quarter earnings.
The Index fell 0.5 per cent over the course of the week.
In Abu Dhabi, the benchmark index dropped 0.3 per cent, for a third negative session in a row, pressured by a 1.1 per cent fall for the country's largest lender First Abu Dhabi Bank and a 1.6 per cent drop in Alpha Dhabi Holding.
The index was up 1 per cent on the week.