Major stock markets in the Gulf rose in early trade, in response to a surge in oil prices in the previous session, with the Qatari index on track to end three sessions of losses.
Crude prices, a key catalyst for the Gulf’s financial markets, jumped nearly 4% the previous day after the energy minister of Saudi Arabia; the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC); flagged the possibility the group would cut supply to balance a market he described as “schizophrenic”.
Oil prices have dropped in recent weeks to around $95 per barrel from as high as $120 on fears of a Chinese economic slowdown and a recession in the West.
The benchmark index (. TASI) in the kingdom added 0.2%, led by a 0.8% increase in oil behemoth Saudi Aramco (2222.SE).
However, Saudi Arabian supermarket retailer BinDawood Holding (4161. SE) fell around 4% after it reported a fall in quarterly earnings.