Major stock markets in the Gulf dropped in early trade on Thursday on weak oil prices with the Qatari index on course to fall for a fifth session.

Oil prices, a catalyst for Gulf markets, reclaimed some ground after falling nearly 4% overnight to their lowest settlements since June, but investors remained concerned about sluggish demand and economic slowdowns in the US and China.

Saudi Arabia’s benchmark index eased 0.1%, hit by a 1.5% fall in Saudi Arabian Mining Co and a 0.2% decrease in oil giant Saudi Aramco.

The kingdom’s real gross domestic product (GDP) contracted by 4.4% in the third quarter, government data showed on Thursday, as oil activity plummeted 17% compared with a year earlier following crude output cuts under OPEC+ agreements.

Meanwhile, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman met to discuss further oil price cooperation on Wednesday as members of OPEC+, which may strengthen the market’s confidence in the impact of output cuts.

Most Gulf markets in red as focus turns to US jobs data

Dubai’s main share index lost 0.6%, weighed down by a 1.2% decline in top lender Emirates NBD and a 0.8% decrease in blue-chip developer Emaar Properties.

In Abu Dhabi, the index was down 0.4%. The Qatari benchmark retreated 1%, on course to fall for a fifth session, as all its constituents were in negative territory including Qatar Islamic Bank, which was down 1%.