Major stocks in the Gulf rise on gains in oil prices

Major Gulf stocks in the  climbed on Wednesday boosted by a jump in oil prices and as sentiment was helped by coronavirus-induced lockdowns easing in some parts of the world.

Oil prices gained on Wednesday as U.S. stockpiles rose less than expected and on expectations demand will improve as some European countries and some U.S. cities moved to ease restrictions.

Brent crude futures rose 4.1 percent, or 83 cents, to $21.29 a barrel at 0753 GMT, adding to a 2.3 percent gain on Tuesday.

Energy stocks added 0.5 percent boosted by gains in oil giant Saudi Aramco, up 0.8 percent.

That along with gains in Al Rajhi Bank, up 1.3 percent, helped Saudi Arabia’s benchmark index rise 1percent.

Investment firm Saudi Industrial Development increased 2 percent after its board proposed to use its statutory reserves to cover a part of accumulated losses.

In Dubai, the index gained 1%, with blue-chip developer Emaar Properties rising 1.9% and DAMAC Properties leaping 5.9%.

The Abu Dhabi index edged 0.2% higher as aquaculture firm International Holding rose 4.5% and Abu Dhabi Islamic Bank gained 0.6%.