Most Gulf markets track oil prices higher; #AbuDhabi flat | Reuters

Most Gulf markets track oil prices higher; Abu Dhabi flat | Reuters

Most major stock markets in the Gulf rose in early trade on Tuesday, tracking higher oil prices, although the Abu Dhabi index bucked the trend to trade flat.

Oil prices - a key catalyst for the Gulf's financial markets - rose for a fourth consecutive session as weak U.S. shale output spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.

Saudi Arabia's benchmark index (.TASI) gained 0.3%, and was on course to end two sessions of losses, helped by a 1.1% increase in petrochemical maker Saudi Basic Industries Corp (2010.SE) and a 0.4% rise in Al Rajhi Bank (1120.SE).

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil supply, saying international energy markets need light-handed regulation to limit volatility.

Oil giant Saudi Aramco (2222.SE) was up 0.3%.

Separately, the kingdom is in early talks with U.S. electric automaker Tesla (TSLA.O) to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.

Dubai's main share index (.DFMGI) added 0.3%, with top lender Emirates NBD (ENBD.DU) advancing 1.5% and blue-chip developer Emaar Properties (EMAR.DU) rising 0.6%.

In Qatar, the index (.QSI) rose 0.5%, as most of the stocks were in positive territory, including petrochemical firm Industries Qatar (IQCD.QA), which was up 1%.

The Abu Dhabi index (.FTFADGI), however bucked the trend to trade flat at 9,821.