Most Gulf stock markets declined on Tuesday, as investors remained worried by the chronic weakness of oil prices and lockdowns across much of the world, while Saudi Arabia bucked the trend.
Brent crude was up 3.1% at $23.46 a barrel by 1206 GMT after closing on Monday at $22.76, its lowest finish since November 2002.
Global oil refiners, meanwhile, have cut their throughput because of the slump in demand for transportation fuel, with European refineries slashing output by at least 1.3 million barrels per day, sources told Reuters. Dubai's main share index dropped 1%, with blue-chip developer Emaar Properties losing 4.7%, while sharia-compliant lender Dubai Islamic Bank was down 1.1%.
In Abu Dhbai, the index slipped 0.3%, hurt by a 4.9% fall in Abu Dhabi Commercial Bank.
However, the fall was cushioned by gains at telecoms firm Etisalat, which traded 2% up.
The UAE has confirmed 611 coronavirus infections, with five deaths. It plans to open more drive-thru testing centres after the first was opened last week in the capital, Abu Dhabi.
The Qatari index retreated 0.9%, led by a 2.6% fall in Qatar National Bank.
The total number of infections in the six Gulf Arab states stands at more than 3,700, with 18 deaths.
Saudi Arabia's benchmark index advanced 2.1%. Saudi Telecom Company leapt 5.3% and National Commercial Bank closed down 2.4%.
The kingdom plans to boost its oil exports to 10.6 million barrels per day from May because the country is burning less oil for power generation and there is also lower domestic consumption, a Saudi energy ministry official said on Monday. Outside the Gulf, Egypt's blue-chip index added 0.8% with most of its stocks in positive territory including which El Sewedy Electric, which rose 5.3%
Stock exchange data showed that Egyptian and Arab investors were net buyers of the stocks.