Qatar, U.A.E. Shares Gain as Oil Holds Above $70; Shuaa Soars

United Arab Emirates and Qatari shares advanced to their highest levels in almost three weeks as oil held above $70 a barrel and evidence builds that the global recession is ending.

Qatar’s DSM 20 Index climbed 2.4 percent to 7,088.17, the highest level since Aug. 11. The Dubai Financial Market General Index added 1.9 percent and Abu Dhabi’s measure gained 0.9 percent.

“The backdrop to international markets remains encouraging and the recent U.S. and European corporate results remain good as well,” Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd., wrote in an e-mail. “This is positive for commodities and commodity-based economies.”