Most Gulf markets ease on soft oil prices

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Most major Gulf stock markets eased in early trade on Tuesday, weighed by lower crude prices as oversupply and sluggish demand concerns overcame heightened geopolitical tensions after the U.S. indicated it could sell seized Venezuelan oil.Oil prices - a catalyst for the Gulf's financial markets - slipped as traders weighed geopolitical risks against bearish fundamentals.Saudi Arabia's benchmark index TADAWUL:TASI edged 0.1% lower, hit by a 0.6% fall in oil behemoth Saudi Aramco TADAWUL:2222 and a 0.1% decrease in Al Rajhi Bank TADAWUL:1120.Dubai's main share index DFM:DFMGI declined 0.3%, with toll operator Salik Co DFM:SALIK losing 0.6% and a 0.5% drop in top lender Emirates NBD DFM:EMIRATESNBD.The Abu Dhabi index ADX:FADGI bucked the trend, rising 0.2%. Meanwhile, reports indicate that U.S. President Donald Trump may announce a new Federal Reserve chair as early as January.Trump stated last week that the next Fed Chair will be an individual strongly supportive of significantly lower interest rates.Markets are currently pricing in two interest rate cuts in the U.S. for the coming year on expectations of a shift toward more dovish monetary policy.Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.The Qatari index QSE:GNRI lost 0.2%, with Qatar Islamic Bank QSE:QIBK retreating 0.5%.

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