Major Gulf stock markets eased in early trade on Wednesday, tracking oil prices lower, with the Dubai index on course to snap four sessions of gains.
Crude prices, a key catalyst for the Gulf's financial markets, turned negative and extended losses from the previous session.
On Tuesday, Brent fell by 1.7% and WTI by 3.1% to their lowest in two weeks on reports that U.S. President Joe Biden planned to release more barrels from the Strategic Petroleum Reserve (SPR).
Saudi Arabia's benchmark index (.TASI) fell 0.1%, hit by a 0.8% fall in Dr Sulaiman Al-Habib Medical Services (4013.SE).
Separately, Saudi Crown Prince Mohammed bin Salman on Tuesday launched the National Industrial Strategy, which aims to increase the industrial exports value to 557 billion riyals ($148.28 billion) by 2030, the country's state news agency, SPA, reported.
Dubai's main share index (.DFMGI) lost 0.2%, weighed by a 2.4% fall in utility firm Dubai Electricity and Water Authority (DEWAA.DU) as the stock went ex-dividend. In Abu Dhabi, the index (.FTFADGI) was flat in early trade, a day after posting its biggest intraday gain in over a year.
The United Arab Emirates is committed to increasing its oil production capacity, energy minister Suhail al-Mazrouei said on Tuesday.
State-owned Abu Dhabi National Oil Company (ADNOC) is aiming to produce the cleanest barrel on the planet, he told reporters.
The Qatari index (.QSI) dropped 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) losing 0.7%. Qatar Airways has withdrawn flights from 18 destinations to make space at Hamad International Airport for airlines carrying fans to next month's soccer World Cup, the company's CEO said on Tuesday.
