In spite of a 2.8 percent fall in the price of the "black gold," shares from Kuwait to Muscat edged higher Thursday.

Oil prices (DME Oman crude futures) lost 2.9 percent to hit 104. 89 U.S. dollars as U.S. oil stocks surged to the highest level since 1990, the Energy Department revealed.

This did not prevent investors in the countries of the Gulf Co- operation Council to lift market indices the second day straight.

While the Kuwait Stock Exchange insignificantly higher at 6,817. 38 points, the FTSE NASDAQ Dubai United Arab Emirates (UAE) 20 Index closed up 0.87 percent at 2265.03. The gauge tracks 20 liquid stocks listed on the Dubai market DFM, the Abu Dhabi Securities Exchange ADX and the NASDAQ Dubai.

Shares of Dubai-based Emaar Properties, the Middle East's first developer by market value, advanced 0.20 percent, finishing at 5. 36 Dirham (1.46 dollars).

Earlier in the week, real estate services provider Asteco said in the first quarter apartment and villa sales prices in Dubai were up 12 percent and 5 percent, while rents climbing by 3 percent and 4 percent, respectively. "The Dubai residential market has experienced further increases on the back of rising demand from relocations as well as new tenants," said Asteco.

The Qatar Exchange 20 Index and the Omani MSM-30 Index gained 0. 10 percent and 0.90 percent, respectively. Earlier in the week, the minister of finance in Oman Darwish bin Ismail bin Ali Al- Balushi said he expects his country's economy to grow by 6 percent this year on the backdrop of an increase in government spending.

The Bahrain bourse failed to follow the pack, finishing off 0. 20 percent at 1,088.01 points. The Saudi Arabian Tadawul, which hit an 11-month high Wednesday, remained closed in the Thursday. Endi

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