Mideast Stocks: Gulf bourses end higher on firmer oil prices; Saudi outperforms

Mideast Stocks: Gulf bourses end higher on firmer oil prices; Saudi outperforms

Most Gulf stock markets closed higher on Monday as oil prices rose ahead of the OPEC+ meet, with the Saudi index outperforming its peers in the region.

Crude prices, a key catalyst for the Gulf's financial market, jumped by about $4 as OPEC+ considered reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic.

Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand, while rising interest rates and a surging U.S. dollar weighed on global financial markets.

Saudi Arabia's benchmark index advanced 1.1%, boosted by a 3% rise in Retal Urban Development Co and a 3.5% leap in Dr Sulaiman Al-Habib Medical Services. The kingdom may raise prices for most crude grades it sells to Asia in November on expectations of demand recovery and higher output at Chinese refineries after the issuance of new product export quotas.

The benchmark index in Qatar, the largest natural gas producer in the Gulf Cooperation Council, finished 0.4% higher. The Qatari bourse continued to see some gains, while natural gas prices remained relatively stable, said Wael Makarem, Senior Market