Major Gulf stocks were mixed in early trading Monday amid falling oil prices as hopes of a recovery in Chinese demand faded.

Crude oil prices, a key catalyst for Gulf financial markets, fell by more than $1 a barrel after Chinese officials reiterated their commitment to a strict COVID containment approach over the weekend and dashed hopes of improved demand at the world’s largest crude oil importer.

Saudi Arabia’s leading index fell 0.4%, hit by a 0.9% decline in the country’s largest index.