Gulf stock markets fell on Wednesday in early trade, amid a decline in oil prices as investors kept their eyes peeled for the minutes of a U.S. Federal Reserve meeting that is likely to shed light on the central bank’s next interest rate hike.

Brent crude futures for April delivery fell 30 cents to $82.75 a barrel by 0721 GMT.

Investors will be closely watching as the Fed is slated to release the minutes of its latest meeting on Wednesday, which will give a glimpse of how high officials are projecting interest rates to rise after recent data showed stronger-than-expected U.S. employment and consumer prices.

Gulf bourses mixed as Saudi stocks fall, Dubai gains

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions as most regional currencies are pegged to the U.S. dollar, exposing the region to a direct impact from any monetary tightening by the central bank.

The Qatari Stock index fell 0.7%, dragged down by losses in financials, with the Gulf’s largest lender, Qatar National Bank, and Sharia-compliant lender, Masraf Al Rayan, dropping 1.3% and 1.4%, respectively.

Among other stocks, Qatar Insurance, the biggest insurer in the Gulf, plunged nearly 5% after it swung to a loss of 648.1 million riyals ($177.56 million) in fiscal year 2022.

Dubai’s benchmark stock index dropped 0.4%, pressured by a 0.9% fall in blue-chip developer Emaar Properties and a 2.5% slide in TECOM Group.

In Abu Dhabi, the benchmark stock index also opened down 0.4%, dragged down by a 0.1% drop in conglomerate International holding Company and a 2.2% decline in Abu Dhabi Islamic Bank.

Stock markets in Saudi Arabia were closed on the occasion of Saudi Founding day and are likely to resume trading on Thursday.