Major stock markets in Gulf track oil prices higher | Reuters

Major stock markets in Gulf track oil prices higher | Reuters

Major stock markets in the Gulf rose in early trade on Monday, tracking oil prices higher with the Saudi index on course to snap two sessions of losses.

Oil prices - a catalyst for the Gulf's financial markets - edged up, recouping some of the losses suffered at the end of last week, as investors focused on a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored risk appetite.

OPEC+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four OPEC+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally.

Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Dr Sulaiman Al Habib Medical Services (4013.SE) rising 1.9% and Saudi National Bank (1180.SE) advancing 2.3%.

Dubai's main share index (.DFMGI) rose 0.3%, led by a 1.6% increase in blue-chip developer Emaar Properties (EMAR.DU) and a 0.9% gain in toll operator Salik Company (SALIK.DU).

In Abu Dhabi, the index (.FTFADGI) added 0.1%.

The Qatari index (.QSI) was up 0.5%, with petrochemical maker Industries Qatar (IQCD.QA) rising 1%.

Qatar reported a balance of payments surplus of 7.9 billion riyals ($2.17 billion) in the second quarter of 2023, the central bank said on Sunday.

It attributed the BoP surplus to "the elevated diversification of the Qatari economy" which achieved targets.